How Social Intelligence Can Be Used to Reduce Churn and Improve RetentionPosted on 01 Sep
Most customers come to us with the hope that they can use LeadSift’s social intelligence to help them identify new leads, fill their pipelines, and engage prospects at all stages of the funnel. That’s all true, too. Our intelligence is an excellent tool for marketing and sales teams. But as we walk our customers through the different ways they can use our data to grow their revenue and business, they quickly learn that there is as much value in using the intelligence to reduce churn and improve retention.
Did you know that 67% of consumers list a bad customer experience as their primary reason for churning? Seeing what your customers have to say about your company and product across all social channels can be extremely informative. Being able to identify when they have a complaint (that they haven’t issued to your customer support team) or are weighing similar solutions and signaling their intent to leave can give you a huge leg up on repairing the relationship and keeping them as a client or customer.
Let’s deep dive into exactly how you can use LeadSift’s intelligence to reduce churn and keep more customers for longer periods of time:
Identify Customer Questions That Don’t Reach Support
Answering the questions that your customers have is a big part of effective customer satisfaction. It’s important that they understand your product, how it works, and how it will fit in with their current business processes. When there are serious disconnects in this area of their understanding, your chances of keeping them as a long term customer drop drastically.
Using our intelligence to watch for customers that are asking questions about your solution in public forums can be a great way to anticipate their needs and deliver content that helps to answer those questions. For high-value clients, it may even warrant a conference call to ensure that they have a full understanding.
Find Customers Who Are Weighing Other Solutions
According to a study from Esteban Kolsky, 11% of all churn could be eliminated if companies had simply reached out to their customers. If you see one of your current customers publicly weighing other options and asking questions about solutions in your market, that signals intent to move away from your company as a customer. Identifying these situations and using them as an opportunity to see where your product isn’t meeting their expectations is a great way to directly reduce churn.
While you wouldn’t want to engage with customers that are weighing other options in a public way, using that information to inform future interactions with them can be very valuable. You may be able to discern what features are important to them and identify key misunderstandings about your product.
Keep an Eye on the Buying Team as a Whole
When you secure a new deal, there is a good chance that your contacts at the company will shrink dramatically after the initial negotiation period. Many members of the buying team will not have direct contact with your organization following the closure of the sale. But their opinions and needs within the organization don’t magically disappear when the conversations about your product stop.
Keeping an eye on the decision-making team as a whole can give you insight into how that customer feels about your product. If they have sway within the organization and may push for another product or to head in another direction, that is critical information that you must know to retain them as a customer. Once a deal is done, buying teams don’t just disappear. They still have influence and you should always aim to satisfy all decision makers within high-value client organizations.
Identify Misconceptions and Work to Dispel Them
Our intelligence will help you to dispel common misconceptions about your product. If you are a SaaS company, even veteran users may not know all of the ins and outs of your product. To the contrary, they are likely to understand your product insofar as it applies to them and their operations.
You may find a customer describing your software to someone else on a public forum and misrepresenting your feature set. You might find that they are undervaluing one of your key features on social media. Using our social intelligence to not only identify these situations but use them to inform future communications with those customers will help you to ensure that they have a well-rounded view that your solution provides.
Sticking with the SaaS example — there is a very small chance that your customers are extracting all of the possible value out of your product. Even your biggest users will still have features and wrinkles that they aren’t making the most of. Our social intelligence will allow you to identify when your customers may be looking at adjacently related solutions and inform them about how your solution may be able to fit that role or bridge the gap.
Identify Opportunities for Education Through Content
Keeping a close eye on your customer’s social media postings (both as an organization and as individuals) will enlighten you as to what is important to their organization as a whole. Pairing our social intelligence with your content operations will not only help you to retain them, it will help you to develop a deeper relationship with their organization where you are seen as a valued partner and provider of information — and not just a vendor. Use LeadSift to keep an eye out for discussions and social media updates that you have relevant content for, and don’t be afraid to share it with them.
Use Public Feedback to Improve Your Product
Public feedback plays a critical role in your ability to build awareness with new audiences. In a study that interviewed churned customers 85% stated that they wanted to warn others against doing business with companies they have churned from. 95% of customers will share bad experiences with other people.
Often, customers are non-confrontational. They may like your product, but still have issues with it. In that case, they don’t want to send you a long list of issues that they have with your product. Even if you engage with them to learn more about what their issues might be, you’ll find it hard to receive an honest answer. However, monitoring the public statements that your customers make on social media and other platforms can be a great way to learn more about how they feel. Use LeadSift’s social intelligence to monitor public discussions about your product and identify areas of improvement for your product.
Intelligence Provides Insight on Customers
Keeping an eye on what your customers have to say about your product, industry, and company gives you the tools that you need to repair broken relationships and understand the perception of your product among your customers. Following the tips outlined in this article will help you to improve retention and reduce churn rates over time.