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What are some best practices incentivizing customers back on SAAS post churn?

Industry standard I have observed are automated 30-60-90 email touches. Anyone found success with other strategies?

Answers

  • CarlosAlves
    CarlosAlves Sr. Product Manager TSIA Administrator, Moderator, Founding Member | admin

    I used the "D+21 days" approach, to get in touch with churned customers, and talk about new features or services. I try to keep the conversation not as a new sale at first, but considering that I've lost because of our failures, and trying to listen to more churn reasons. If I found something that my company is truly good at, that's the sweet spot to pursue.

    Lowering price promotions or special offers can be tricky since you'd be bringing solution value down. Particularly I do not like this approach.

  • EdlyVillanueva
    EdlyVillanueva Principal Member Success Manager Moderator | mod

    Hi @Jack Johnson pulling you into the discussion for industry insights on this question. Thank you!

  • Jack Johnson
    Jack Johnson VP Research, Service Revenue Generation Member | Guru ✭✭✭✭✭

    Carlos is correct. Additionally - build a specific playbook for "winbacks". This is not a casual process as possible, but a formal part of the retention strategy. Have clear definition for winback vs when it is up for a net new event. Reducing price and giving discount is a terrible way to reset the relationship. Forgive re-instatement fees or penalties . Roll the lost subscription in to other subscriptions if possible to build volume discounts if possible. This is a more sophisticated sale and requires higher level skills. At the end of the day, you must understand your value proposition very well and understand what the customer is giving up as they cancel. Re-energize that value proposition and recast the subscription with new energy. If you caused the customer to leave for some poor experience, understand what happened and let the customer know you are correcting the condition