#8: From reducing churn to feature adoption
In this edition of #NewThingsInCustomerEducation, we talk about a few things you might be missing when looking to reduce churn and how one should look at feature adoption to improve retention.
Best Reads of the week
⌗1. Are You Doing Everything You Can to Reduce Churn? (Source: UserIQ Blog)
What is it about: The blog talks about three things specifically:
revamping the onboarding process
measuring the right metrics
Incorporating insights from the CS team
What we learned after reading the piece: Take advantage of every opportunity to improve onboarding like adding on-demand guided tours, customized user experiences and data-driven engagement strategies.
Measuring metrics and subsequesnt fluctuations like Monthly active users (MAU),Customer life-time value (CLV) and Average subscription length should give more context than just churn rate.
CSMs’ first-hand interactions will tell us a lot about how our customers feel. When we pair that with solid data, we have all the insights we need to push customer satisfaction and retention to new heights.
Our thoughts: Even though we try to do everything, there’s always something we can do better. Churn can even be preempted by looking at signs like user activity or impact of your service for the customer in that quarter. The only way to retain them is by making them fierce loyalists by enabling them and empowering them. (Hint: Customer Education)
What is it about: The piece sheds light on
what is feature adoption: When a user is introduced to a product feature and decides to use it.
why you need to track it: The more features people use, the more value they get from the product, the more likely they are to stick with you.
how you can track them: Use the feature adoption funnel (exposed, activated, used, and used again).
what you can do to improve them: Promote features, take surveys, track usage and then push new updates.
What we learned after reading the piece: Users stick around if you have a great product they can’t live without, but a great product is only as strong as its features. Also it’s not safe to assume that once a feature is successful, it’ll stay that way forever. As people’s needs and wants shift, the way they interact with your product will, too. Your feature adoption rate will constantly change, so it’s important to monitor and act on it consistently.
Our thoughts: While feature adoption is more clinical than product adoption, no one wants to hear how awesome your feature is. Even though it may woo them the actual ‘AHA‘ moment only comes about when they realise your potential to their own use case. So give them knowledge to their use case. No one wants a drill, everyone wants to hang their frames on the walls. So give the specs of the drill to that context.
Hope you enjoyed reading this edition of #NewThingsInCustomerEducation
Until next time,