The data analytics tool provides SaaS Customer Success teams with predictive intelligence to increase customer value and net revenue retention
ChurnZero, a leading Customer Success software platform, introduced Success Insights, a unique data analytics tool that arms business-to-business (B2B) SaaS organizations with detailed intelligence on how customers are using their software and exactly which features within the software increase customer retention. With this data-driven intelligence, Customer Success teams can accurately forecast which customers are at risk of churn—and why. Customer retention is a key indicator of the health of a subscription-based company.
AÂ 2021 survey by SaaS Capital found that “the correlation between growth and net revenue retention is intuitive as net retention includes what are essentially new ‘sales’ in the form of price increases, upgrades, upsells, and cross-sells, which help grow revenue year-over-year. Growth above 40% is associated with 100+% net revenue retention.” It is widely accepted that lowering customer churn rate by 5% can increase profitability by anywhere from 25% to 125%.
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Through pattern recognition, Success Insights leverages existing customer data to uncover unique user behaviors—specific to a B2B organizations’ software—that correlate with churn. This data shows organizations how customers are using their software, which features correlate to the most customer value, and how often and when the software is being used. Unlike other tools that look at all customer data, or data sets and churn scores that have been created internally and can be manipulated, Success Insights focuses exclusively on customer adoption data.
Customers are then categorized by churn risk. Customer Success teams can review the reasons why and create personalized experiences at scale to address potential issues sooner.
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“For SaaS companies, net revenue retention is the qualifying metric for determining the health of an organization,” said Abby Hammer, chief customer officer and head of product, ChurnZero. “Customer Success is a business-level imperative centered around growing revenue by delivering greater value for the customer. With Success Insights, SaaS companies can learn which customers may churn and why based on unique user behaviors, so they can improve satisfaction and retain revenue before it’s too late.”
Success Insights is available now for ChurnZero customers with an enterprise account.
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