Introduction
In any business environment, identifying and mitigating risks while maintaining customer satisfaction is crucial. This guide provides a comprehensive, step-by-step process to effectively reduce risks and customer churn, allowing you to concentrate on growing your business.
Step 1: Establish Basic Risk Tracking with Playbooks
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Identify Common Risk Types: Define the most common types of risks your organization faces.
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Develop Playbooks: Create specific playbooks to address each identified risk type.
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Implement Risk CTAs: Ensure that identified risks are promptly addressed and monitored.
Step 2: Leverage Health Scores to Identify Risks
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Set Up Health Scores: Configure health score measures for different customer segments.
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Import Relevant Data: Identify key data points crucial for evaluating customer health.
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Design Dashboards: Create tailored dashboards for different user roles.
Step 3: Enhance Risk Resolution through Team Collaboration
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Automate and Assign CTAs: Trigger CTAs to identify common at-risk situations and assign ownership.
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Assign Viewer Licenses: Provide visibility into customer information to relevant team members.
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Create Journey Orchestrator Programs: Notify team members of at-risk customers and share reports.
Step 4: Implement a Strategic Red Accounts Process for Key Accounts
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Identify Top At-Risk Customers: Use Flagged Risk CTAs to identify key accounts.
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Configure Scorecard Measures: Visualize risk status within the Scorecard.
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Establish Status Update Process: Require regular updates and create risk dashboards.
Step 5: Manage Risk Across Your Portfolio with Consistent Processes
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Standardize Risk Management Processes: Establish consistent practices across your portfolio.
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Create Automation Rules: Set up rules to trigger CTAs for risk activities.
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Implement Risk CTAs: Track and prioritize risks effectively.
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Set Up Recurring Risk Review Meetings: Regularly review at-risk accounts and document action plans.
Step 6: Efficiently Manage and Centralize Renewals
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Centralize Renewal Operations: Configure the Renewal Center to centralize data.
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Manage Multiple Renewals at Scale: Use advanced tools to update multiple renewals efficiently.
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Maintain Visibility and Accuracy: Ensure accurate forecasts by sorting and filtering renewals effectively.
Step 7: Enhance Renewal Forecasting with Comprehensive Tracking and Customer Insights
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Log Communications: Use tools to log all renewal-related communications.
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Create Dashboards: Develop dashboards for a holistic view of the renewal pipeline.
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Survey Customers Ahead of Renewal: Gather insights from customers about their renewal intentions.
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Capture CSM Insights: Assess and record the customer’s likelihood to renew.
What’s next
By following this series, you'll gain a comprehensive understanding of how to identify and manage risks across your customer portfolio. Each article builds on the previous one, creating a cohesive learning path that equips you with the tools and knowledge needed to reduce churn and ensure long-term customer success.
Stay tuned as we dive deeper into each of these topics, providing you with actionable insights and practical guidance on leveraging the Gainsight platform to its fullest potential. Happy reading!
Further reading and inspiration
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Gainsight University: Courses on Identifying Risk and Preventing Churn