How To Reduce Churn At Various Stages Of Customer Journey With Videos?
A few years back, businesses were product-centric, but today, things are way different. A new revolution has taken place in the Customer Journey. The revolution that places ‘The Customer’ at the center of a business. The Customer Success revolution!
Everything we do today boils down to one word — ‘Customer’. Don’t you agree? Why are we talking so much about “Customer Success” when this term was not even in existence a decade ago?
The journey from Product-centric business to Customer-centric business? Why did this paradigm shift happen in the first place? The answer is SaaS.
A decade ago, people bought licensed products where they committed to pay an annual service fee. Once the product was sold, it was all support. The Customer was responsible for his own success. The business was transactional and it was all about selling the Product or Service.
Today, products are sold as subscription-based models. Each time a customer is faced with renewing a subscription, they are left to wonder — “Should I really be paying for this product?”. Which indirectly means, “Should I be continuing my relationship with this product?”. Also, positive and negative feedback about the product flow much more freely and quickly to the customer, accelerating both churn and purchasing decisions.
We’ve evolved from selling a product to selling a relationship. A salesperson now carries out product renewal conversations with the customers with much greater frequency than ever before. As a result, taking care of customers has necessarily become the top priority.
The machinations of the post-SaaS era are obviously clear by now. If not, I reiterate. In the post-SaaS era, your product success depends not only on new customers but also on retaining your existing ones. Churn is a killer. Build a long-term relationship with your customers in the customer journey, if you aspire to succeed.
“Videos can play a vital role in building a long-term relationship with your customers”
VIDEOS AT DIFFERENT STAGES IN CUSTOMER SUCCESS MANAGEMENT
Making a good, first impression is the key to building a long-term relationship. The same principle goes here. The importance of well-executed onboarding goes a long way in fighting churn. Firstly, it communicates the value of the product more clearly. Once a customer realizes the full potential of the product, he is more inclined to adopt the product for a long-term and succeed with it.
A Forrester research suggests that “A minute of video is worth 1.8 million words.” A smarter onboarding with videos can lead to excitement and eagerness for your users and thereby prevent churn.
A Website with video grabs attention, evokes emotion and delivers better value to the visitor. Similarly, using videos in your day to day support activities gives your customers a better understanding of the product and helps them connect with the product during their customer journey.
One of the biggest challenges a support team can face is resolving customer’s issues as fast as they can. It happens in every company across the globe.
Resolving customer issues through emails can be annoying at times. It can even lead to misinterpretation. Adding to this, scheduling one on one calls for every issue reported wouldn’t be possible.
How about making use of videos here? You could capture issues through videos, resolve them through videos and do it all from inside your helpdesk using Hippo Video. This could save precious time and deliver a positive customer experience.
Customer engagement is key to customer success management. How? Research shows that customers who get an engaging and a positive customer experience are more likely to stay with the product. It increases the probability to mitigate churn, increase retention and upsell opportunities. The obvious question is how do you keep your customers engaged during the customer journey?
Mark Zuckerberg has got it right,
“We now live in this new golden age of videos online”
Products that do not make use of this golden opportunity are failing to engage their customers and losing them with every passing day.
The way your consumers interact with your brand or product is evolving. If you are serious about engaging your customers with the product, video tops the list. Using videos is a sure fire way to win over your customers at every stage of their customer journey.
RENEW AND UPSELL
When faced with renewal, one question pops up in the mind of every customer, “Should I continue to use this product?” To continue winning customers at every subscription renewal, try building a long-lasting relationship. Well-communicated videos have never missed doing that. Incorporating video into your customer success strategy, also lets the customer realize the true potential of the product.
Realising product potential helps improve product adoption. Increased product adoption will set the customer on a successful path and thereby push the customer towards an upgrade. Once the customer has attained this stage, you no longer have to force upselling. The product upsells itself during the course of the customer journey.
With Hippo Video, companies can deliver personalized and relevant content through videos. Hippo Video helps you with rapid video creation and knowledge sharing through videos and screen-capture. This can help win a customer at renewal or help resolve a customer issue without any complexity.
Why wait? Be a part of Customer Success revolution!
Unless you have 100% Customer Satisfaction, you must improve — Horst Schulze
P.S This blog was originally published on Hippo Video Blogs