Introduction
Red accounts represent high-value, strategic clients crucial for revenue generation and long-term partnerships. Unlike routine customer escalations, effectively managing red accounts requires a structured approach that goes beyond transactional resolutions. This article explores the significance of implementing a robust red account management process to proactively address challenges, ensure renewals, preserve customer relationships, and foster business growth.
Why does this matter?
A well-defined red accounts process offers several key benefits:
- Improved Stakeholder Awareness: Key stakeholders are promptly notified of risks associated with large customers, enabling proactive intervention.
- Standardized Communication: Establishing a standardized process ensures that stakeholders receive regular updates on progress and next steps, facilitating alignment and decision-making.
- Enhanced Collaboration: By providing clear direction and updates on at-risk accounts, teams can collaborate more effectively to develop mitigation strategies.
- Reduced Churn: Increased visibility into at-risk accounts allows for the development of proactive plans to address issues, ultimately reducing churn and enhancing customer retention.
How to get started?
- Identify Top At-Risk Customers: Utilize Flagged Risk CTAs in Gainsight to identify top at-risk customers. Customer Success Managers (CSMs) can create Risk CTAs in Cockpit, select appropriate reasons, and flag them for escalation.
- Configure Scorecard Measures: Create a "CX Risk Status" Scorecard Measure and configure rules to change the status to Red when a Risk CTA is flagged. This provides a visual indicator of at-risk accounts within the Scorecard.
- Establish Status Update Process: Require regular updates via Timeline updates or flagged CTAs, including status and next steps. This ensures that stakeholders remain informed about the progress and status of at-risk accounts.
- Create Risk Dashboard: Configure Reports to display trends, revenue, and status related to at-risk accounts, providing stakeholders with actionable insights.
- Implement Weekly Business Review (WBR) Process: Incorporate updates on at-risk accounts into the WBR process, leveraging Timeline updates and @mentions for collaboration.
The Gainsight features you’ll need
- Flagged Risk CTAs: Identify and flag at-risk customers for escalation.
- Scorecard Measures: Configure rules to visualize risk status within the Scorecard.
- Timeline Updates: Use Timeline updates for regular status updates and collaboration.
- Reports and Dashboards: Utilize Reports and Dashboards to track trends and monitor the status of at-risk accounts.
What’s Next?
Having set up a robust process for managing red accounts, the next step is to apply these strategies across your entire portfolio.
Next, read "Managing risk across your portfolio with consistent processes" to systematically segment and prioritize risks across your customer base.
Further reading and inspiration