On today's episode of Retention Talk I speak with Thibaud Clément, Co-Founder of Loomly. We discuss triaging customer feedback, term optimization, and locking out customers.
Listen now 🎧
Key points discussed in the episode
There is a minimal level of churn that at some point we cannot go beyond. Balancing that with the idea of, still, always trying to fight churn, that's where we have to walk this fine line.”
- Thibaud Clément
Triaging customer feedback
At Loomly they view retention as a tripod. The customer success team looks at data and helps to work with customers, the engineering team builds features and fixes bugs, and the management team works on growth and strategy. As they grow, the entire team is obsessed with scaling the feedback loop to make sure they stay in touch with customers and understand all concerns.
Loomly also makes sure to offer an annual subscription both at sign up and once a monthly user has been using the product for a few cycles. By checking customer behavior and how active they are, they can prompt them with the best value.
Locking out customers
Locking out a customer can be a last ditch effort to keep them around. By sending dunning emails and communicating the value that will be lost, hopefully you can avoid locking out a customer. But sometimes, it’s the only way to get their attention. Make sure to freeze the account without deleting valuable information in there. That way once you do recover the payment, your user won’t have to reset everything in their account. You don’t want your delinquent churn to turn into an active cancellation.
If you’d like more insight into your own retention—or even a free retention audit where we can benchmark you with actual relevant data—reach out to me at firstname.lastname@example.org.
Do us a favor?
Part of the way we measure success is by seeing if our content is shareable. If you got value from this episode and write up, we'd appreciate a share on Twitter or LinkedIn.
This is a ProfitWell Recur production—the first media network dedicated entirely to the SaaS and subscription space.