Strategies to Minimize Churn
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The document discusses issues a customer is having including being overpromised by sales, poor onboarding, not realizing value from the product, and needing more support. It states the customer is getting attention from competitors and may go out of business. It then provides recommendations around setting realistic expectations, understanding the customer journey, being proactive in monitoring customer behavior, identifying detractors, avoiding over-committing to customers, tracking churn correctly over time, and using negative churn to counter lost revenue and drive growth.
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3) Proactively Reducing Churn - Customer segmentation and defined engagement plans are in place for both healthy and at-risk customers. Account health scores are monitored.
4) Driving Value - Proactive engagement aims to drive growth and innovation. Processes are optimized using data to renew accounts and drive additional sales. Best practices and insightsCustomer Success Management ( CSM ) Org Structures by Gainsight
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ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docxdaniahendric
油
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS
Himabindu Aratikatla
University of the Cumberland's
March 22, 2020
Introduction
Yore Blends (YB) is a fictional online company dedicated to selling subscription-based traditional spice blends coupled with additional complementary products.
Yore Blends (YB) aspire to growing through mergers and acquisitions.
To do this, they need a strong customer base and steady revenue.
Yore Blends is concerned with the rate of customer churn. 油
Companys Problem
Yore Blends has been in existence for years.
Nonetheless, the company is considering to expand through mergers and acquisition.
However, they are experiencing customer churn.
A considerable percentage of its clients dont purchase their goods anymore.
As a result, the company needs to reduce customer attrition by at least 16%.
Causes for Customer Churn
Poor customer care service:
The company minimized rather than maximizing client cost
Bad onboarding:
Yore Blends clients failed to get value for the purchased products.
Clients might have lost interest in the companys products.
Many companies think of customer service as a cost to be minimized, rather than an investment to be maximized. Heres the issue with that: if you think of support as a cost center, then it油will be. That is, if you dont prioritize support and work to deliver excellent service to your customers, then its only going to cost you moneyand customers. A disproportionate amount of your customer churn will take place between (1) and (2).
Thats where customers abandon your product because they get lost, dont understand something, dont get value from the product, or simply lose interest.
Bad onboarding油 the process by which you help a customer go from (1) to (2)油 can crush your retention rate, and undo all of that hard work you did to get your customers to convert in the first place.
4
Causes for Customer Churn (Cont.)
Limited customer success:
Lack of updates regarding new products
Extended absence of the company-client communication
Natural Causes:
Customers may have grown out of the products.
May have resulted due to Vendor switches might
While onboarding gets your customer to their油initial油success, your job isnt done there. Hundreds of variables油 including changing needs, confusion about new features and product updates, extended absences from the product and competitor marketing油 could lead your customers away. If your customers stop hearing from you, and you stop helping them get value from your product throughout their entire lifecycle, then you risk making that lifecycle much, much shorter. Furthermore, Not every customer that abandons you does so because you failed. Sometimes, customers go out of business. Sometimes, operational or staff changes lead to vendor switches. Sometimes, they simply outgrow your product or service. (Salloum, 2016)
5
REASONS TO ANALYZE CUSTOMER CHURN
The company will be in a position to understand c ...ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docxgreg1eden90113
油
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS
Himabindu Aratikatla
University of the Cumberland's
March 22, 2020
Introduction
Yore Blends (YB) is a fictional online company dedicated to selling subscription-based traditional spice blends coupled with additional complementary products.
Yore Blends (YB) aspire to growing through mergers and acquisitions.
To do this, they need a strong customer base and steady revenue.
Yore Blends is concerned with the rate of customer churn. 油
Companys Problem
Yore Blends has been in existence for years.
Nonetheless, the company is considering to expand through mergers and acquisition.
However, they are experiencing customer churn.
A considerable percentage of its clients dont purchase their goods anymore.
As a result, the company needs to reduce customer attrition by at least 16%.
Causes for Customer Churn
Poor customer care service:
The company minimized rather than maximizing client cost
Bad onboarding:
Yore Blends clients failed to get value for the purchased products.
Clients might have lost interest in the companys products.
Many companies think of customer service as a cost to be minimized, rather than an investment to be maximized. Heres the issue with that: if you think of support as a cost center, then it油will be. That is, if you dont prioritize support and work to deliver excellent service to your customers, then its only going to cost you moneyand customers. A disproportionate amount of your customer churn will take place between (1) and (2).
Thats where customers abandon your product because they get lost, dont understand something, dont get value from the product, or simply lose interest.
Bad onboarding油 the process by which you help a customer go from (1) to (2)油 can crush your retention rate, and undo all of that hard work you did to get your customers to convert in the first place.
4
Causes for Customer Churn (Cont.)
Limited customer success:
Lack of updates regarding new products
Extended absence of the company-client communication
Natural Causes:
Customers may have grown out of the products.
May have resulted due to Vendor switches might
While onboarding gets your customer to their油initial油success, your job isnt done there. Hundreds of variables油 including changing needs, confusion about new features and product updates, extended absences from the product and competitor marketing油 could lead your customers away. If your customers stop hearing from you, and you stop helping them get value from your product throughout their entire lifecycle, then you risk making that lifecycle much, much shorter. Furthermore, Not every customer that abandons you does so because you failed. Sometimes, customers go out of business. Sometimes, operational or staff changes lead to vendor switches. Sometimes, they simply outgrow your product or service. (Salloum, 2016)
5
REASONS TO ANALYZE CUSTOMER CHURN
The company will be in a position to understand c.Strategies to Minimize Churn
- 2. Customer was overpromised by sales team Customer onboarding was not done well Customer is not realizing value Customer needs more support in using the product Customer is getting a lot of attention from competitors
- 3. Customer goes out of business A new stakeholder has a different product preference Customer needs custom features that are not in the product roadmap An unreasonable customer
- 4. Setting realistic expectations in the sales process Understanding the entire customer journey with your product Being proactive & monitoring customer behavior as they interact with your product NPS Identify passives & detractors
- 5. A Positive Force Negative Churn: Expansion in revenue from your existing customer base to counteract loss of revenue from churn There will be some attrition from early-type customers Medium & enterprise customers $MORE REVENUE NEGATIVE CHURN! Tracking both logo churn & revenue churn is important
- 6. Tracking churn critical to overall success Need to calculate it correctly, track it correctly over the same time periods & benchmark against parallel sources Avoid over-committing to customers, track customer journeys Negative churn The ultimate tool for positive growth