Customer Success Resolution #1: Find your Cool Factor! (Know the Secret Sauce of your Product)
A new year, a new start! Wish your company could make improvements to your customer success program in 2016? We have 7 New Year’s Resolutions that will change your Customer Success world for the better! We are kicking it off with Resolution #1 – Find your Cool Factor. Stay tuned over the next few weeks for proven methods achieved by real Totango customers that will make your life easier, your customers happier, and the revenue growing!
Resolution #1 – Find your Cool Factor! (Know the Secret Sauce of your Product)
Why you need this Resolution: Knowing which specific features of your product are “sticky” helps reduce churn. And we’re not talking about the features that the product team geeks out on, or that marketing promotes, but the features your customers are actually using like 10x, 20x, 100x a day. Identifying the “secret sauce” that gets customers to use your product will help your Customer Success team drive adoption in the areas that lead to retention.
Holy Moly! Proven results: Two growing subscription companies, Central Desktop and Innography, tackled this goal.
In a recent case study with Central Desktop, Mark Fordham, VP of Services, describes how they had no visibility into how their customers were using their product, and more concerningly, why they were churning. After implementing Totango, they uncovered 5 key features that indicated customer “stickiness” and retention (aka their COOL FACTOR). Successful and healthy accounts have high utilization in at least two of these key features, with engagement in two features equating to a 40% higher retention rate. This type of data has led them to promote relevant product capabilities to their customers — accelerating the retention rate by educating their customer base with contextual and actionable content.
Director of Client Success, Ernie Fontes, explains how Innography uses Totango to monitor their product’s overall “stickiness,” especially during the onboarding stage. Are their new customers using the product every day? Are they engaged? Are they adopting more features? The analytics from Totango made a huge impact and helped them reduce their onboarding cycle down to 4-6 weeks.
Getting Started: Do you know all of your different product features? Take inventory of how users engage with your product (this is where a technology solution like Totango would help). Then check to see if your churned customers were ever using the most popular features. You might start seeing some trends. Having these insights will probably change your approach to driving adoption, influence the product roadmap, and even improve your market positioning.