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.