You can gain more practical value from tracking churn rate if you do a follow-up churn analysis to identify why you’re losing customers. Factors that promote customer decisions to leave may emerge at any stage of your customer’s journey with your brand, including:
Systematically charting your customer’s journey by creating a customer journey map can provide you with a basis for analyzing potential causes of churn. A churn analysis checklist looks for trends in your data to answer questions such as:
You can ask these types of questions with respect to your customers as a whole, segments of your customer base or individual customers. Analyzing trends in your churn data and other customer data with these types of questions in mind can lend you insight into issues that are costing you customers, empowering you to take corrective measures.
The first evidence of possible churn that emerges through the early-warning alerts you have set up based on customer success metrics or events should trigger immediate action.
You should be ready to deploy a series of previously prepared, enterprise-wide next steps that reinvigorate product interest and incentivize engagement.
Winback campaigns are a great way to do this, however, there might be a unique situation that requires a more personal customer offer.
Setting tasks for your CSM to meet with their boss to strategize on next steps might be the most appropriate way to handle those specific situations.
There are several practices you can pursue to effectively win back customers and reduce churn:
Depending on the cause of the potential churn, you may need to implement more than one of these solutions.
The right customer success solution can not only help you predict customer churn, but also prompt your CS team to take practical and immediate action to prevent it.