fear the walking churn: a retention case study
TRANSCRIPT
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Hi, I’m Sean
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Our mission is to help people stay fully connected, master their contacts and be awesome with people.
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Contact data is scattered everywhere
for Consumers
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for Teams
Employees
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as a Platformfor Consumers for Teams
Single Version of Truth for Identity Complete, Accurate Contact Info. Synced Everywhere.
FullContact Cloud Address Book
Security
Transcription
Backups
Versioning
Cleansing & Correction Enrichment De-duplication & Merge Validation & Verification
Sync
Tagging Search
Sharing Storage
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Agenda
• Overview • Why Fight Churn? • Our Story • Best Practices • Q&A
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• Churn = User stops paying for Premium • Over 9% churn in 2014 • Lots of Credit Card Churn
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Old Customers (definitely dead)
Existing Customers (soon to be dead)
New Customers (exactly)
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Time for Darryl
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Step 1 - First Response Minimize the Bleeding
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Ask Why
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Stop Sending Receipts
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Implement Dunning Process
More Personal = Higher Response Rate
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Mobile Optimize Payment Pages
Only collect the minimum info you need
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Can you save the downgrade?
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Collect Data on Downgrade Reasons
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Start Collecting Data on Account Deletion
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Step 2 - Analysis Define the Real Problem
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Define what you’re solving
Churn Total number of Customers who Downgrade or Delete their Account
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Define what you’re solving
This means we track:
• New customer registration
• Customer upgrades to one of multiple premium account plans
• Customer downgrades their account
• Customer deletes their account
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Cohort Analysis
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Simple Event Tracking
Find out what people are doing (and not doing) in your app
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Daily Response Analysis
“Why are you deleting your account?” Percentage
Missing Features (General) 11.40%
Don’t Use 9.37%
Too Expensive 7.73%
Missing Features (Facebook) 7.34%
Technical Issues (General) 4.35%
Technical Issues (Messed Up Contacts) 3.57%
Usability 3.38%
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Step 3 - Form Conclusions (what’s the name of that method again?)
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Software sucks! “My contact list went crazy! Contacts got duplicated in crazy rate to the degree my
phone stopped working. Its unfortunate, as I really like your service, but still buggy! Good luck and will be waiting till you fix
these issues.”
“Nothing worked. I lost over 100 contacts by switching to this.”
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If you’re going to charge on a monthly basis, you need to show and prove value daily.
Day 1 Value Monthly Subscription =+
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uh-ohuh-oh
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Step 4 - Fix the Problem (thought I was going to trick you, huh?)
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Refactor Backend
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Refactor Frontend
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Improve Onboarding
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Deliver Daily Value
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Ship Clients
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Remind them of value
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Progress!
Progress!Progress!
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Cheat Sheet
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Systems You Should Use
• Payments: Stripe • Dunning: Stunning • Churn/Analytics: ProfitWell • Events: Indicative • User Journey: FullStory • Automation/Email: Zapier • Analytics: Redshift • Surveys: SurveyMonkey • NPS: Uservoice
“You can’t over invest in internal analytics”–Gail Goodman, CEO, Constant Contact
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Questions?