Had a blast talking about how B2B SaaS businesses can start attacking customer retention issues with Josh Stephens, the CTO of Elsewhere Partners, on his podcast the other day. We covered a lot of ground, so I took the most actionable points and put them here in the show notes below. At some point, I hope to cover all these individual points with individual posts of their own, so stay tuned to the blog for further updates!
Enjoy the show!
Steps to Attacking Customer Retention:
- Validate you have a problem
- Certify your measurements are correct, that they are what you think you’re measuring. Are your stakeholders speaking the same language?
- Verify you’re not just dealing with statistical noise.
- Check that you’re measuring both customer and revenue retention.
- Ensure that your “retention problem” isn’t just a “all my cohorts go to 0 in <30 days” problem.
- Gather the hypotheses “in the building” from all your customer-facing personnel.
- Collect and analyze data to support (or refute) those hypotheses.
- Establish a Customer Success organization.
- Segment your customers by behavior.
- Apply appropriate Customer Success approach to each customer segment.
- Measure and optimize customer Time to Value (TTV) to get to maximize customer onboarding success.
- Help customers fully operationalize your product in their environments.
- Give me a call.