As you're well aware, anytime a user becomes inactive, it can make you question why. Why did this happen? Did I do enough? Is the issue my product?
Whatever questions might pop into your head, it's vital to remember even if all seems lost. There's still a chance you can still revive this dead-end relationship. And don't worry; you're in luck. You don't have to do it alone!
Gainsight PX is your secret weapon for increasing customer retention. Our platform is packed with tools such as our Retention Analysis and Feature Adoption reports to help you build a strategy to re-engage with inactive customers.
RETENTION ANALYSIS
Our Retention Analysis report lets you analyze your best and worst cohort groups. In addition, it allows you to measure the stickiness of your product over a given period. For example, your ideal user retention graph should look like a smile (curves back up) as customers increase their usage over time.
Pro Tip: The SaaS benchmark for retention is 30%. You should aim for this baseline or higher. Anything below this rate signifies you have a leaky bucket.
So, how do you increase your customer retention?
The first step to increasing your retention is understanding the users with the best retention rate and what they are doing in your product.
To Do This: Analyze your data to know these three key factors:
- The features they are using
- Do they have common characteristics (demo/firmographic)
- The users' signup source
FEATURE ADOPTION
Now that you understand why specific cohort groups are thriving within your product. Let's move onto the Feature Adoption report and use it to discover the features that impact revenue and customer lifetime value.
To Get Started: Examine your data to understand:
- Your adoption success rate with a given cohort
- Different trends across customer segments
- Your key golden features
→ Simply select Grouped by Features to view your top feature usage trends.
Head over to PX to start analyzing your data!