In the next few weeks, we'll be rolling out three new products:
- Customer Health: understand the churn propensity of your customer base, see how much of your MRR is at risk, and how sentiment has been trending.
- Reactivations: automatically win back a portion of customers who have cancelled.
- Precision Payment Retries: behind-the-scenes card retries that outperform traditional retries by nearly 400%.
That's a lot! Since these are huge changes to Churnkey, we want to give you a preview of all these new capabilities.
Preview: Customer Health
What if you could plan for potential churn by knowing how much monthly revenue was at risk? Better yet, what if you could automate personalized experiences based on a customers' happiness?
Truth be told, we've been wondering the same thing ever since we started Churnkey. Drawing inspiration from financial momentum indicators and hospital mortality tables (yes, really), the goal of our new Customer Health release is to:
- identify customers most prone to churning
- and, on the contrary, help you to identify customers most open to expansion revenue opportunities
- help you forecast where to spend time, money, and resources
To power this, we've developed infrastructure that analyzes your revenue operations data and product usage to assess whether, according to the general population, this person is behaving like someone who has or has not churned in the past.
Practical, Tactical Applications
This could easily slip into a technical discussion—which we'd love to have with you—but I want to outline just how significantly this intelligence can be used:
- Cancel Flow personalization: imagine the power here. Forget about accounting for specific price points, plans, lifetime value, etc. Just use customer health to break cancel flow experiences into Low, Medium, and High Risk segments, then create offers that align to each health profile.
- Customer Success prioritization: customer success platforms have become a game of "whack-a-mole," just with less personality. We want to simplify the jobs of teams whose purpose it is to stay on top of customer happiness. Now, you'll be able to sift through Low, Medium, and High Risk customer lists and let that inform everything from support to proactive engagement.
- Campaign targeting: if you want to conduct sentiment-driven marketing campaigns, you can export your Customer Health lists and target Low, Medium, and High Risk customers with different messages, offers, plans, etc.
AI-Assessed Customer Base Sentiment Trends
What if you could know how your customer base felt, in general? Were they unhappy or reluctant or apologetic when they left? Have you done something to anger them en masse? On the flip side, maybe recent product or messaging changes have been incredibly beneficial.
But how would you know that?
That's what we wanted to change. So we did. Using qualitative feedback analysis from our Insights AI, you can see sentiment changes over time. Better yet, we'll track sentiment trends and compare you to a relevant baseline.
Trace Individual Customer Health Trends
We've also improved individual customer profiles. You'll be able to see how a customer's health ranks now and in the past, alongside relevant stats like LTV, account age, revenue operations timelines, and more.
One of our biggest product requests from the past year+, Reactivations is a powerful new addition to Churnkey. It's a new way for your business to boost revenue but it can be a delicate dance to get there.
Built on the assumption that there is a certain portion of your customer base you can "win back," Reactivations enables you to create, track, and, well, reactivate customers in an automated and personalized way. This is another form of customer retention, and it's incredibly valuable. It costs five to six times more to acquire brand new customers versus retaining existing or past customers in some form. So not only will Reactivations help boost revenue, it'll help reduce your marketing spend, too.
For some operators, this might seem counterintuitive: if a customer cancels willingly, why would you want them back? That's because we've seen that 5-10% of your past customers will return after they've left. Just because they leave doesn't mean they don't need, want, or hate you.
No One-Size for All
Everyone's business is different, and that's why you have the ability to determine who gets what Reactivation campaign. Better yet, Reactivations takes advantage of your data across the Churnkey platform. This unlocks capabilities like:
- Targeting Cancel Reason: did someone cancel because you didn't have a certain feature at a specific time? Released something buggy? Charged too much for too little? Get as specific as you want in your campaigns.
- Personalizing based on Customer Health score or sentiment: this is my personal favorite new capability. How successful could your reactivation efforts be if you targeted former customers who were classified as Low Risk and had positive sentiment?
- Speaking to customers who left within a certain date range: sometimes you screw up and it has immediate consequences. Maybe you had a security breach, maybe you botched a product release. Maybe this triggered a swath of cancellations at a certain time. Speak to this directly.
One-Click Subscription Reactivations
Everything is designed to be as frictionless as possible while avoiding any sense of surprise. The last thing we'd want to do is ruin a positive moment for both you and your customer.
We'll get into the full details of what Reactivations can do when we go live.
Preview: Precision Retries
This is the only product for which I don't have an image, but that doesn't mean it's any less exciting.
A big theme of these product updates is that all businesses are unique. There are, of course, commonalities we can use to assume certain realities, but every business is more successful when they can tune and personalize revenue operations to the realities of their customer base.
Enter Precision Retries. We're seeing card failures up across the board. So we thought: what if we could optimize retry tactics and schedules for every customer? We'd improve recovery rates without relying on customer action.
Precision Retries optimize bespoke retry schedules for every customer. And it works beautifully. Precision Retries outperform traditional retry attempts by nearly 400%, and showed at 22% improvement in recovery rates for our pilot customers in the first month alone.
So even if your business has low payment failure rates, Precision Retries can still recover significant amounts of revenue for you.
Lots More on the Way
We've been cooking these new releases for a while, and can't wait to get them into your hands. If you want to be a part of this new phase of Churnkey and introduce these new products into your workflow, we'd love to chat.