Safeguarding your business from silent-churn

Last updated: 1st February, 2022

Churn is toxic to business-health.

It’s frustrating to spend time, effort and resources attracting prospects, negotiating contracts, onboarding new customers… only to see them move over to a competitor.

Yet churn can be just as silent as it is deadly.

We all know the oft-quoted stat from Bain and Co “It costs 6-7 times more to acquire a new customer than to retain an existing one.”

But a lesser-known (and scarier!) stat from a recent article from GetFeedback shows,

“Only 1 in 26 unhappy customers actually complain. The rest just churn.”

The rest just churn

That’s a whopping 96% of customers who won’t let you know anything is wrong. They’ll just quietly pack up and move over to a competitor.

But how do you know which of your Customers are at risk of leaving, if you don’t even know they’re unhappy in the first place?

💡 User-engagement 💡

A key measure of account-health is how frequently your customers are engaging with your product.

When Users stop logging into your platform for an extended period of time, it can be an early warning-sign for churn

But keeping tabs on this manually would be difficult…

However, with the GoSquared Contacts feature, you can track in real-time how often your clients are logging into their accounts.

As soon as you haven’t seen a client in a while, GoSquared will automatically pull this profile into an ‘At-risk’ Smart Group.

You can then go a step further, by reaching out automatically & proactively to these Users to offer Training sessions.

Training sessions give your Account Managers a chance to:

• Re-engage your clients.
  Remind them of your platform’s benefits and rediscover the enthusiasm they had when they first onboarded.
• Train up new-hires.
  Evangelise new employees who may be unfamiliar with, or hesitant about using your platform.
• Identify any sources of friction.
  Find out what product shortfalls are stopping your clients getting best-usage of your product, and prioritise these on your Roadmap.

Churn will always be part & parcel of running a business. But it’s the unexpected cancellations which hit hardest.

This mini-demo will show you how GoSquared can help safeguard against those nasty-surprises.