Greg Daines

Keep Your Customers | Churn Doctor | I help companies solve customer churn

[Greg Daines @dainesgreg]

Want to improve retention?
Charge for onboarding, not for the revenue but because customers won’t take it seriously unless you do.

When customers take it seriously, they change their behavior to take advantage of your solution and get better results. Results→Retention

[Greg Daines @dainesgreg]

@MaxCRoser This chart is fantastic! I'm trying to work on a similar analysis. But, the ONS only seems to have data from 1981 and later. Where did you get the prior data? Thanks for any help!

[Planhat @Planhat]

Where will the pendulum stop for CS?

Join @dainesgreg (@ChurnRx), @BodhanShanta (@ArborXR) and Seth Johnson (@LearnUpon) as they discuss how CS leaders can demonstrate their value throughout the business.

Register now ⏩ https://t.co/aplLGNGmNp

[Dave Christison @dave_christison]

Who better than our friend @dainesgreg of ChurnRX to help kick things off!

In this episode we dive into:

- How churn isn't linear (most happens right after the sale)
- How NPS/CSAT score don't correlate with retention
- How discounting correlates with faster churn

[Greg Daines @dainesgreg]

https://t.co/ctjCUAeN6y

[Greg Daines @dainesgreg]

The majority of the market does not want customization, the majority wants solutions that are pre-built in a way to ensure their success. #SaaS

[Greg Daines @dainesgreg]

YOU CAN'T PREVENT CHURN IF YOU CAN'T PREDICT IT!

It takes time to solve the causes of churn and get customers back on track. And it takes their willingness to make key behavior changes.

So the best time to solve it is BEFORE they know they are failing!

#startups #retention

[Greg Daines @dainesgreg]

② LAGGING FACTORS OF CHURN.These are factors that do correlate with churn but only reveal the problem when it's TOO LATE to save the vast majority of customers.

The result is that health scores are can't PREDICT CHURN accurately or far enough in advance to prevent it.

[Greg Daines @dainesgreg]

The problem is that most health scores are a combination of 2 kinds of factors that don't work...

① FACTORS THAT HAVE NOTHING TO DO WITH CHURN.A good example is customer satisfaction which we have demonstrated has no relationship to retention.
https://t.co/Kr4IuvxRUz #SaaS

[Greg Daines @dainesgreg]

Customers retain because they succeed, they succeed because they changed how they work.

Saas companies must be able to change customer behavior at scale to improve retention. #saas #retention

[Greg Daines @dainesgreg]

@dave_christison That's a great term "opt-in complexity", that allows you to have the customization available for those advanced customers. And what do we know about those advanced customers? They are less likely to churn. The default settings solve for those customers most likely to fail.

[Greg Daines @dainesgreg]

Want to improve retention?
Stop making your product as customizable as possible.
Instead, bake expertise right into the default product setup. The more the product is already set up to produce results the more likely your customers are to achieve results. #product #saas

[Greg Daines @dainesgreg]

Your expertise about how customers achieve measurable results is your company’s most valuable product. #saas #CustomerSuccess #startups

[Greg Daines @dainesgreg]

@builtORDtough Exactly! Skin in the game ensures everyone is putting in the effort necessary to get real results from the solution.

[Greg Daines @dainesgreg]

Want to improve retention?
Charge for onboarding, not for the revenue but because customers won’t take it seriously unless you do.

When customers take it seriously, they change their behavior to take advantage of your solution and get better results. Results→Retention

[Greg Daines @dainesgreg]

@OnlyCFO In SaaS, when looking at PLG or SLG, the other big question is which strategy retains your customers better. SaaS companies only win when customers STAY, not when they BUY. I have seen companies with high-converting PLG strategies but with unsustainable churn.

[Greg Daines @dainesgreg]

Discounting is a major driver of customer churn. Our data show that discounted customers have HALF the average lifespan of those that paid full price!

👉And it gets a lot worse with deeper discounts.

It's not about what it COSTS, it's about what it's WORTH. #saas #Sales

[Greg Daines @dainesgreg]

HERE'S HOW TO ENSURE YOUR NEXT RENEWAL USING AN EXPANSION MINDSET:

1) Don't focus on what you accomplished!

2) Show the value to them of WHAT'S NEXT and the real results they should be looking forward to.

3) And give them options to BUY MORE RESULTS.

[Greg Daines @dainesgreg]

Our data shows that by far the biggest driver of churn for customers - after their first year - is the lack of expansion.

We just completed a huge study (156k customers) that reveals how astonishingly huge this factor really is https://t.co/hIJVCJsqzP

[Greg Daines @dainesgreg]

@dave_christison Love it, many at-risk customers struggle to know how to measure the cost of not solving the problem. In those cases, it is an opportunity for us to use our expertise from working with other successful customers to create value from day one by showing them how to measure success.

[Greg Daines @dainesgreg]

Everything changes when you ask the customer this one powerful question: "How will you know that this has been successful?" #saas #startups