I was recently working with a SaaS Academy client who had a serious churn problem.
So serious that he was letting 18% of his accounts disappear without a fight.
Couple that with skyhigh acquisition costs and flatlining expansion revenue… and let’s just say that this company was playing with some serious fire.
“Scale” wasn’t a word you could use with a straight face.
Make no mistake…
This was a survival game.
In this week’s video I breakdown the 5 key initiatives we took to get this company off of life support, shrink churn down to 4%, and achieve net negative churn – aka the holy grail of any SaaS company with serious plans to scale.
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At a high level, here’s what it takes to activate your customers and keep’em around for the long haul:
- Build an onramp
- Create a support network
- Project a future
- Monitor for lows
- Flip the cancellation
That last step tends to get a lot of pushback from my coaching clients… until they implement it and see how powerful it is for keeping customers in the fold and turning potential ship jumpers into raving flag bearers.
It involves NOT letting a customer cancel through a single click on your website…
But bringing the cancellation to a call where you can dive deeper into the reasons, see where your product failed to deliver, and in more cases than not, win back the account by vowing to fix things fast.
At the very least, you’ll get the rich feedback that in the long term is worth 100x more than the account you lost.
Watch the full episode to get the complete list of “activators”, and then drop a comment letting us know what you’ve implemented in your own biz to activate users and keep them around for the long haul.