Steve Shannon is the SVP of Sales and Marketing at Critical Mention, the leading global media monitoring platform, and they had plans for a big‐growth year. During the year‐end planning, he and his team placed a sharp focus on their retention efforts. With a large customer base, Steve understood the power of retention and that every point of renewal improvement would take the pressure off the entire company to meet aggressive growth goals.
He invested in ChurnZero and worked with his team to take steps to fight churn.
The Critical Mention customer success / account management team had the following challenges:
- A talented but young staff that needed direction, data and processes.
- Slow visibility into customer engagement.
- An approach to servicing customers that was too reactive.
- Mistaking “happy” for “healthy”. Customers may be happy with the CSM and the company but may not be getting the value they seek from the product.
What Critical Mention Did
Critical Mention partnered with ChurnZero for its customer success platform and did the following:
- Established more defined processes: more regular Business Reviews with the customers and monthly internal account reviews.
- Created finer segmentation that lead to targeted strategies. There was a specific focus on Year 1 customers and customers with larger deal size. The Year 1 customer focus has led to significant improvement and will have a large and lasting impact.
- Defined health scores and engagement metrics and made them required reading / reporting, which led to more productive and informed conversations with clients.
- Established regular internal account review and add objective metrics (such as health scores) to the conversation.
- Used targeted communication and automation to drive feature adoption.
The impact has been impressive; in only nine months, Critical Mention has seen:
- 5% improvement in overall retention rate
- An even bigger improvement with Year 1 customers
- A ROI (return on investment) at 20x; their out‐of‐pocket investments include content updates and ChurnZero.
How You Can Start, According to Steve Shannon…
- Set a strong goal, like a 2‐5% improvement in retention rates.
- Don’t expect magic: take simple, straightforward and incremental steps and that will lead to impact.
- Involve the whole team to determine what’s important and achieve buy‐in on tech implementation and use.
- Look to help both the reps and the managers.
- Automate the repetitive: from communication to the clients to alerts for the team.