Detecting and protecting at-risk customers is important even in the best of times, but it is especially critical during times of economic instability when your current customer base is your greatest (and perhaps only) source of dependable revenue growth.
When the stock market is down and interest rates are climbing, businesses are often faced with some tough decisions. This means that it’s more important than ever to keep a pulse on your customers (especially those who may be at-risk) and ensure you have a plan of action to protect your customer base.
To help make this process easier, Totango’s Detect Risk SuccessBLOC gives you instant visibility into customer signals and critical events, alerting you to proactively engage when needed. Let’s take a look at how this SuccessBLOC works and how it can help you risk-proof your business.
Leveraging the Detect Risk SuccessBLOC and Avoid Customer Churn
Customers grow more valuable over time, so it’s important to keep them satisfied and reminded of why they depend on your products and services. When dissatisfaction or other outside risk factors occur, however, you need to be aware and intervene quickly. The Detect Risk SuccessBLOC helps you to do this in a variety of ways, including:
- Helping you easily identify customers who may be at risk due to issues like low product adoption, poor financial standing and/or leadership changes.
- Enabling you to become more proactive and data-driven by creating a system that automatically alerts you to customers who need your attention.
- Helping you better manage your customer portfolio and move from a reactive engagement model to a proactive one.
- Increasing your executives’ visibility by providing regular reports to share the status of customer risks across the entire organization.
The Customer Experience Canvas
Each SuccessBLOC includes Totango’s Customer Experience Canvas, which is a no-code, shared visual workspace that enables organizations to design, build, run, measure and iterate on any customer journey in real time. While each Canvas can be customized to include the steps and features you need, the Detect Risk Canvas comes pre-built with key workflow templates, automations and campaigns that help you detect at-risk customers and proactively engage with them to prevent churn.
For example, the Detect Risk Canvas includes a pre-built track for financial risks, so if your customer misses a payment or if their payment method is about to expire, an email will automatically be sent out to the customer letting them know to update their payment method before their subscription is canceled. It will also trigger a workflow that alerts the customer’s Success Manager to reach out to the customer if they have not made a payment within 45 days of the due date. These simple steps help to prevent unnecessary churn and keep your customers engaged with your brand.
All SuccessBLOCs also include an editable Scorecard that gives you instant visibility and insights into how well your accounts are performing. The Detect Risk scorecard includes several pre-built metrics including:
- The number of accounts at risk
- At-risk customers by CSM
- Total revenue at risk
- Percent of revenue at risk
- Quarterly renewals at risk
- Average number of days to resolve risks
Prevent Churn and Risk-Proof Your Business
Customer risks are simply a part of doing business, but they don’t have to lead to churn or the end of a hard-won customer relationship. With the right tools in place, you can identify and act on risks, as well as opportunities within your customer base, and protect your business’ profitability. You can depend on Totango and our Detect Risk SuccessBLOC to help you ensure all at-risk customers are identified and that your team can take the appropriate actions to stop churn before it happens. Sign up for Totango today to start risk-proofing your business and protecting your valuable customer base.