The foundational requirement for reducing churn is... - Deepstash
KANWAR SALUJA

The foundational requirement for reducing churn is ensuring you have a companywide cultural and behavioral mindset dedicated to customer success.

KANWAR SALUJA

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3. Teach business acumen

Business acumen is keenness and quickness in understanding and dealing with a "business situation" in a manner that is likely to lead to a good outcome.

Teaching business acumen to your hardworking folks will improve financial performance and leadership development and they'll know which questions to ask to your customers to truly add value to their relationship.

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4. Listen to your customer support team

Support is an incredibly valuable listening post to help mitigate churn because customer's issues are usually first escalated to them. They have the best and possibly the earliest gauge on customer temperature and likelihood of churn. 

Thus, your product and and customer success teams should treat the support team like one of your top customers. 

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1. Actively vet your leads

Marketing needs to be laser-focused on generating leads that fit your ideal customer profile in order to reduce churn. We do this because it is inevitable that some poor-fit leads will still be generate and passed on to the sales division. 

Questions to guide with vetting:

  • Is your sales team trained and actively encouraged to vet and quickly reject poor-fit leads?
  • Do you have a concrete feedback loop between Sales and Marketing to minimize the generation of poor-fit leads?

Success and support teams should regularly review the sales team's pre-sales qualification and requirements checklist.

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2. Balance product stability with new feature releases

The approach of "move fast and break things" no longer work. If you focus too much on releasing new features at the expense of stability will backfire on you and increase churn.

It is important to balance stability with new feature releases. Therefore, leaders must align on the priorities and acknowledge the consequences should they choose decisions on their own.

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During the last recession, companies that invested in their employees, in part by providing the training they needed to move forward in their careers, enjoyed profit gains of 26 percent, compared to losses of 14 percent at companies that were worst at this type of engagement.

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Land and Expand

In sales, “Land and Expand” is a strategy to land a customer with a small deal, and then sell into the organization to expand your footprint to more seats, additional departments or more products and services.

Land and expand plays out like this in a SaaS:

  1. An individual user signs up for a free trial
  2. Then converts to a paid user
  3. Then you get as many other users in that company as you can
  4. Finally, you convince key decision makers to adopt your product across the organization 

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Customer-Centric Marketing

Customer-centric marketing is an approach to marketing that prioritizes the wants and needs of the customer over any other factor in regards to their interests.

Although their goal is to grow their business, customer-centric marketing shows us that they will be able to grow while at the same time ensure that their product or service can improve some aspect of the customers' work or life.

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