Introduction
To effectively manage customer risks, it’s crucial to track risk trends and continuously refine your strategies. Monitoring how risks evolve across your portfolio allows you to adjust your playbooks and engagement strategies in real time. This article will guide you through monitoring risk trends and refining your risk playbooks based on real-world outcomes.
Step 1: Track Risk Trends via Dashboards
Use Gainsight Dashboards to monitor risk trends across your customer base and identify which risks are most prevalent:
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Monitor Risk Alerts: Track the frequency of risk alerts and their severity using Dashboards. For example, you can monitor how many accounts have been flagged for low adoption or stakeholder loss.
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Segment Risks by Category: Customize your dashboard to segment risks by type (e.g., Adoption Risk, Product Risk, Sentiment Risk) to see which categories are most common. This helps you prioritize which types of risks need more attention.
By monitoring risk trends, you gain visibility into the most pressing issues affecting your customers, allowing for more proactive risk management.
Step 2: Analyze the Effectiveness of Risk Playbooks
Next, assess how well your current playbooks are performing in mitigating risks:
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Track Playbook Outcomes: Use Reports to track the effectiveness of each playbook. For example, monitor whether the Low Adoption Playbook is leading to increased product usage, or whether the Stakeholder Loss Playbook is helping to re-engage new decision-makers.
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Compare Success Rates: Compare the success rates of different playbooks to see which ones are driving the best outcomes. Refine playbooks that show lower success rates to improve their effectiveness.
Analyzing playbook performance allows you to ensure that your team’s responses to risks are as effective as possible.
Step 3: Refine Playbooks Based on Feedback and Trends
Once you’ve analyzed the trends and playbook effectiveness, refine your risk management strategies to ensure they remain relevant:
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Gather Feedback from CSMs: Collect feedback from your CSMs about which playbook steps are working and which need adjustment. This can be done through team meetings or structured feedback forms. Adjust playbook steps based on their frontline experience.
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Refine Risk Playbooks: Based on the trends and feedback, adjust the steps within your playbooks. For instance, if the Product Risk Playbook isn’t effectively resolving recurring issues, consider adding new steps like escalating to the product team or offering additional training to customers.
Refining your playbooks ensures they evolve alongside your customer’s needs and your team’s experiences, making risk management more effective.
Step 4: Continuously Improve Risk Monitoring and Engagement Strategies
Risk trends can shift over time, so it’s important to continuously improve how you monitor and engage with risks:
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Expand Monitoring: As new risks emerge, expand your monitoring capabilities. For instance, if customers are starting to disengage with certain product features, create new dashboards to monitor these behaviors.
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Update Playbooks Regularly: Ensure that playbooks are updated to reflect new risks or changes in customer behavior. Use Scorecards and Rules Engine to automate playbook updates based on new risk thresholds.
By continuously improving how you monitor risks and refine playbooks, you can stay proactive and adaptive to customer needs.
Next Steps for Success
With continuous monitoring and playbook refinement:
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Monitor risk trends consistently: Use dashboards to stay updated on the most common and pressing risks in your customer base.
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Refine playbooks regularly: Ensure that your playbooks are evolving based on CSM feedback and real-world risk outcomes, so your team can respond more effectively to customer needs.
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