Evaluating the right customer success tools

For every business, there are two main concerns when it comes to growth; gaining new customers and maintaining your existing customer base.
Without fully focusing on both of these aspects of a business, the chances of failure are drastically increased. Many new businesses tend to focus on growing their customer base, without gaining feedback from their current customers. This can be very detrimental to the overall growth of a business, as the churn rate (the percentage of customers who stop using the service) remains high. Essentially this would mean that whilst a business is gaining new customers, it’s also losing current customers — either at the same rate or even a higher rate in some situations.
This scenario means that both time and money are wasted in the process; any marketing budget used on gaining new customer is lost as soon as those customers stop using the product or service that the business provides. When you’re running a business, time is limited; so when the marketing team spends hours perfecting their approach to attracting new customers, this time is lost due to the low retention rate of the product or service.
However, there are various different tools that can be used to prevent and drastically reduce the number of customers who decide to discontinue using your business’s product or service. These tools are most commonly known as customer success tools — allowing you to analyse exactly why your existing customers are leaving.
The exact reasons why a customer may leave can vary dramatically, however by using customer success tools, a business is able to prevent their existing customer base from leaving before it happens; thus maximizing the business’s ability to grow.
It can cost as much as five times more money to acquire a new customer, than to retain an existing customer. This fact alone should be enough to demonstrate the benefits of using customer success tools to find out exactly why your current customers are leaving, and resolve any issue which arises.
If you’re running a subscription based software business, then there may be a wide range of reasons as to why your customers leave depending on the nature of your software. However; customer success tools such as Churnly are designed to show you exactly why your customers are leaving, based on enterprise level statistics and AI (artificial intelligence). A business is therefore able to know in advance which customers are likely to leave and why, which in turn will save the business money and time, as well as maximising overall growth in the long term.
