Coming soon: Churn dashboards in Freshsuccess
Churn is the biggest threat to growth for B2B businesses having recurring revenue models. Therefore, measuring churn is critical to sustained revenue growth, as boosting customer retention rate by just 5% can lead to a profit increase of 25% to 95%1. Customer churn analysis helps such businesses to identify the cause of the churn and implement effective strategies for retention.
While Freshsuccess has a world-class analytics module that lets you explore and get a comprehensive understanding of why accounts churn, setting up the charts and reports by applying the necessary filters, choosing the right dimensions and metrics is time-consuming and might even be too detailed.
Customer success (CS) professionals, especially in the management and board of directors want key churn metrics and KPIs available quickly and in a few clicks. They neither have the time nor the need to go into the deepest level of data. They need a way to quickly access the topline stats and relevant data for any follow up questions.
The all-new churn dashboard releasing soon in Freshsuccess reports makes powerful analysis accessible to anyone. It provides a quick way for the management to visualize and understand churn that has already happened, forecast future churn, and compare churn within the portfolio.
Churn reports in Freshsuccess
Churn reports in Freshsuccess make it easier for customer success leaders such as the Chief Customer Officer (CCO) to report, analyze and forecast churn. Freshsuccess transforms customer churn data into comprehensive, easy-to-consume dashboards providing a templatized and streamlined view for CS teams with the ability to drill down into the data and take action where needed.
In short, churn reports add value to customer success teams by providing:
- A concise churn summary – CS Executives get a consolidated report of the key churn metrics in one place with ability to filter by product, regions, plans, stage and tier.
- Fast, actionable insights – CS leaders can understand churn trends by drilling into individual customer segments and comparing them with the past over a user-defined time scale and period.
- Better churn forecast – Executive management can plan better for future churn with easy-to-consume summaries of total churn forecast, confirmed churn reason breakdown, projected churned accounts, and projected churned revenue
How can Customer Success (CS) leaders use churn reports?
Churn data can help CS leaders in more than just reporting to the management. Here are some scenarios:
- CS leaders can conduct efficient one-on-one meetings with their customer success managers and team members by understanding churn reasons by region, segment or product line to plan better engagement.
- A spike in certain product related churn reason such as lack of feature or insufficient training material can be communicated to product teams to act on and can serve as a great source of market research for product roadmap.
- Churn data can also indicate if there is a specific industry or geography that churns more than others thereby helping the organization take corrective measures.
- Is a particular segment cancelling more than others? That could be a great indicator to identify the perfect product-market fit.
These are just a few examples that validate the fact that getting the right customer data in the hands of decision-makers is even more important than just creating reports.
The Freshsuccess churn dashboard has has three reports as below:
- Churn summary – gives an overview of current churn
- Churn forecast – helps to understand how much churn is expected to happen
- Churn trends – compares churn over a time period to analyze trend
Benefits of churn reports
With churn reporting, customer success teams can:
- Drill deeper into churn data and break it down by various filters
- Understand reasons why customers cancel or downgrade
- Calculate lost revenue across various segments, regions or products
- Compare current churn with the past to identify trends
Learn more about churn reports here or contact your CSM!
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