Introduction
Effectively managing risk and retention requires continuous monitoring and refinement to ensure your team’s efforts are targeted, timely, and impactful. By regularly analyzing the effectiveness of your risk triggers, prioritization criteria, and escalation paths, you can adapt your strategies to meet evolving customer needs and improve outcomes. This article will guide you through setting up a comprehensive monitoring framework to track, analyze, and optimize your risk and retention strategies using Gainsight’s tools.
Step 1: Track Key Risk and Retention Metrics
The first step to refining risk management and retention strategies is to define and monitor key metrics that reveal the effectiveness of your interventions.
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CTA Completion and Resolution Rates: Track how often CTAs are completed and whether the interventions lead to resolution of identified risks. Use Dashboards to monitor completion rates and assess the effectiveness of each intervention, helping your team identify any bottlenecks.
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Health Score Trends for At-Risk Accounts: Analyze changes in health scores for accounts flagged as at-risk. Improved health scores can indicate successful interventions, while continued declines suggest a need for further support. Use Scorecards to track health score trends and assess the impact of risk management efforts.
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Time-to-Resolution for High-Severity Risks: Monitor the average time taken to resolve escalated risks, focusing on high-priority accounts. Faster resolution times suggest efficient escalation paths, while delays may indicate areas for improvement. Track time-to-resolution metrics in Timeline to ensure that critical accounts receive timely support.
Step 2: Analyze Outcomes and Identify Improvement Areas
Data-driven insights into your risk and retention strategies allow you to identify trends and adjust approaches based on real results.
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Evaluate CTA Outcomes by Risk Type: Assess which types of CTAs (e.g., low adoption, declining health score) are most effective in re-engaging customers. Use Rules Engine to automate tracking of CTA outcomes, allowing you to pinpoint which strategies work best for each risk type.
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Review Escalation Success for High-Severity Accounts: For escalated accounts, evaluate the impact of each intervention on customer satisfaction and retention. Analyze escalation effectiveness by reviewing post-escalation health scores and engagement levels, identifying opportunities to streamline escalation paths.
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Segment Analysis for Retention Rates: Break down retention rates by segments such as ARR, industry, or product usage to understand which customer groups may require additional support. Use Data Designer to create custom datasets that reveal retention patterns and trends across different customer segments.
Step 3: Refine Risk and Retention Strategies Based on Insights
Based on the insights gathered from tracking and analysis, refine your strategies to continuously improve risk management and retention outcomes.
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Adjust Thresholds and Trigger Criteria: If certain health score thresholds or usage patterns consistently predict risk, adjust these criteria to capture warning signs earlier. Scorecards and Rules Engine allow you to refine trigger points, ensuring timely interventions for at-risk accounts.
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Optimize Playbooks for Higher Effectiveness: Update playbooks for risk scenarios based on feedback and performance data. If specific playbook steps consistently lead to positive outcomes, make them standard practice across similar accounts. Use Playbooks to structure and refine these steps, ensuring a consistent approach to at-risk customer management.
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Iterate on Escalation Paths and Response Times: If escalated issues are resolved too slowly, refine escalation paths to ensure faster response times. Adjust resource allocation for high-severity accounts, ensuring key stakeholders are engaged when necessary. Utilize Timeline to log and review each escalation, keeping a clear record of actions and outcomes.
Next Steps for Success
With a robust monitoring and refinement process in place, your team can adapt to changing customer needs and optimize risk and retention strategies for better outcomes. Regularly review metrics and feedback to keep strategies aligned with customer expectations and company goals.
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