Introduction
Once you’ve set up automated risk alerts, the next step is to ensure that risks are properly categorized and prioritized for intervention. By developing a risk categorization framework, you can focus on the most critical risks first, ensuring your team addresses high-priority accounts quickly. This article will guide you through how to categorize and prioritize risks based on severity, type, and customer impact using Gainsight’s tools.
Step 1: Develop a Risk Categorization Framework
To begin, create a framework that categorizes risks based on their type and severity:
-
Adoption Risk: Customers who are not using key product features or are lagging in adoption can be flagged through Product Analytics.
-
Sentiment Risk: Monitor customer sentiment using feedback from NPS Surveys or support ticket escalations.
-
Product Risk: Track customers who are reporting recurring product issues or bugs via Support Ticket Volume.
-
Product Risk: Track customers who are reporting recurring product issues or bugs by creating a custom report or dashboard that tracks ticket trends and escalation patterns. This helps identify recurring product issues or dissatisfaction. Use Dashboards to monitor and visualize support ticket data.
By categorizing risks this way, you ensure that each type of risk is addressed according to its nature and impact.
Step 2: Use Severity Calculators to Prioritize High-Severity Risks
After categorizing risks, prioritize them by severity to ensure that high-risk customers receive immediate attention:
-
Assign Severity Scores: Use Severity Calculators in Scorecards to assign a score to each risk based on factors like ARR, contract timeline, or renewal stage.
-
Automate Priority Alerts: Set up Rules Engine to automate the creation of CTAs for high-severity risks, ensuring that these customers are flagged for immediate intervention.
Prioritizing risks ensures that your team focuses on the accounts with the greatest potential impact on revenue and customer satisfaction.
Step 3: Automate Playbook Deployment Based on Risk Priority
For each category and severity level, ensure that your team has clear steps for addressing the risk through Playbooks:
-
Trigger Playbooks for High-Severity Risks: Automatically trigger Gainsight Playbooks when CTAs are created for high-severity risks. Playbooks can guide CSMs through key steps such as escalation to leadership or scheduling an urgent meeting with the customer.
Playbooks help ensure that each risk is addressed consistently and effectively, reducing the chance of customer churn.
Step 4: Refine Risk Categories Based on Feedback
Regularly refine your risk categories based on real-world feedback from your team and customer outcomes:
-
Review Effectiveness: Track the effectiveness of your risk categorization and prioritization system using Dashboards. Identify which risk categories are leading to churn and which need further refinement.
-
Update Severity Scores: Based on feedback from CSMs and customers, adjust the severity scores or add new risk categories to ensure your framework remains accurate and predictive.
By refining your risk categories regularly, you can ensure that your team remains focused on the most important customer issues.
Next Steps for Success
With a risk categorization and prioritization framework in place:
-
Monitor risk trends: Use dashboards to continuously monitor risk categories and prioritize high-severity risks.
-
Automate Playbooks: Use Playbooks to ensure that your team responds consistently to high-severity risks, ensuring faster intervention.
Explore More: