You can gain practical value from tracking churn rate by doing a follow-up churn analysis to identify why you’re losing customers.
You should be ready to deploy a series of prepared, enterprise-wide next steps that reinvigorate product interest and drive product adoption.
Win-back campaigns are a great way to do this. However, there might be a unique situation that requires a more personalized customer offer. Setting tasks for your CSM to meet with customer stakeholders on the next steps might be the appropriate way to handle those specific situations.
Win back customers and reduce churn
There are several practices you can pursue to win back customers and reduce churn:
- Offer upgrade/downgrade options that better align your product with customer use.
- Consider financially repackaging your service to drive greater ROI.
- Provide additional, free seminars and webinars that promote product features.
- Acknowledge any issues and offer solutions.
- Introduce product and service improvements.
- Re-onboard customers or provide additional training on product use.
- Build relationships within multiple levels of the organization.
The right customer success solution can not only help predict customer churn, but also prompt your CS team to take practical and immediate action to prevent it.