The #1 killer of growth for SaaS company is churn. For a SaaS business of almost any scale, the valuation impact of better retention is in the tens of millions over time. The problem is that only 44% of companies focus more closely on customer acquisition, while only 18% cited retention as a higher concern (source). In this episode, we have Kristen DeCosta, Growth Lead at ChurnBuster.io. Kristen shares some proven and simple strategies to reduce SaaS churn that kill growth.
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You can also tweet out some quotes from this episode:What's the point of hustling in all these new leads if we don't know how to keep them in the long run? – @kristendecosta Click To Tweet
What You’ll Learn in This Episode
- How marketing can reduce churn without involving the dev team
- Kristen’s step-by-step process for diagnosing and debugging churn problems
- 8 types of emails to send to improve customer retention (based on this webinar that Kristen did)
My Takeaways from This Episode
- What your team celebrates matter. If you celebrate getting more customers only, then it sends a signal to your team that that’s what matters. The whole company needs to do a better job of celebrating improving customer retention and churn
- To build a long-term customer relationship, treat it like a long-term relationship. This is not a set it and forget it process. This means, from onboarding all the way to becoming a loyal customer, you need to continue to give value to your customers – whether that’s making their job easier or helping them achieve their goals.
- Create a persona for your best customer and your worst customer. You can’t be everything to everyone. Focus is one of the best “growth hacks.” This will help you focus on really providing value to your best-fit customers and ignoring the ones that are worst.
Tweet Some Quotes from This EpisodeOne of the reasons why most companies don't focus on retention as much is that it's not incentivized and celebrated as much as acquisition. – @kristendecosta Click To Tweet To improve your customer retention, you need to see your customers as real human beings and celebrating them doing great things with our product. – @kristendecosta Click To Tweet An engaged customer is a long-term customer in the making. – @kristendecosta Click To Tweet 'Customer retention is about becoming more than your product. Look at what else can you do to keep them falling in love with you as a brand. – @kristendecosta Click To Tweet
About Kristen DeCosta
Kristen DeCosta is the Growth Lead at ChurnBuster.io. Kristen is an inbound marketer and content marketing specialist turning casual browsers into loyal customers.
Kristen’s career journey
What is churn and why should marketers care about it
Why companies focus on acquisition more than retention
Who should own churn as a metric
Companies need to celebrate reducing churn as much as acquiring new customers
Ways to improve customer retention without involving the dev team
8 types of emails to send to improve customer retention
Kristen’s step-by-step process to reduce churn
Tools to help track and measure user engagement and churn
Tools to automate the process
What is churnbuster.io? Who are their biggest customers?
Kristen’s tips for marketers
Where can you find Kristen and Churnbuster online
Music By The Passion HiFi www.thepassionhifi.com.