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Greg Daines
Apr 21, 2023

Are early customer tickets risky?

This week:

 

ANOTHER BIG MISTAKE: "Customers who quickly run into problems are at a high risk for churn."

❌ Wrong. I've previously published research that shows customers who submit trouble tickets have a much higher retention rate than those who don't. ► BUT → is this just because customers who stay longer eventually run into problems? The answer is definitively NO, and we know this because we see the retention effect immediately after customers start. 📈 In a study we recently conducted for a client, we compared customers who submitted tickets during onboarding to those that didn't. The results are very clear: 👉 Customers who submitted tickets during onboarding renewed at DOUBLE the rate of customers who didn't. 👈 ❓WHY? Remember that the fundamental reason customers stay is because they achieve and perceive RESULTS. ⦿ Tickets are a very clear signal that customers are trying to use the solution, which indicates they are more likely to achieve results. ⦿ Rather than looking at these early problems as risks, it's much more accurate to see them as signals of future success. ⦿ The customers who are most likely to fail and churn are those who don't run into problems because they aren't engaging enough.



 

ONLINE PANEL: Where will the pendulum stop for CS?


I was a panelist this week in an online event hosted by Planhat. The topic was interesting as it related to the recent signs of a shift for Customer Success closer to the revenue side of the house. The discussion was fascinating and I highly recommend taking a listen here.


From the event page:

"After years of growing as a practice and department we are seeing Customer Success (CS) being asked to prove it’s connection to value and revenue generation. Some companies are able to show this, while others are being forced to restructure their CS departments and approach in light of the current market.

Our main question is, with these changes occurring, where will the pendulum stop for CS? Will CS move away from being a core business function? Or will it soon swing back and prove that it is vital to increase customer revenue in both the good and the bad times? Watch Greg Daines, founder and CEO of ChurnRX, Shanta Bodhan, Director of Customer Success at ArborXR, and Seth Johnson VP of Customer Experience at LearnUpon as they discuss:

  1. How can CS leaders demonstrate their value throughout the business?

  2. Will we see the return of Account Management instead of Customer Success?

  3. What is the ‘right’ version of CS, now and in the future?

  4. And much more…"

 

WEBINAR: Is your customer onboarding helping or hurting your retention?


This week I hosted 👋Peter Ord (Founder and CEO of GUIDEcx) to discuss why customer onboarding is so vital, what its purpose is in retaining customers, and how to ensure it is setting your customers up for success.


The full video of the event is here: https://www.youtube.com/watch?v=9WOza1rXS8I&t=172s


 

Quote of the week...


 


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