Summary of How to increase customer retention and prevent churn with Dan Steinman

00:00:00 - 00:50:00

The video discusses ways to increase customer retention and prevent churn. One way is to organize webinars on the Slack community. Dan Steinman also discusses how customer success relies on keeping track of customer health, and how to do this with sentiment scores.

• 00:00:00 Dan Steinman discusses the theory of customer success and how it is important to focus on understanding your customers and serving their needs, no matter how good your technology is.
• 00:05:00 The foundations of customer success are onboarding, lifecycle management, data-driven proactivity, and institutional knowledge. These concepts are important, but they are not easy to implement. Keep in mind that customer success is not just about meeting customer needs, it is also about understanding the customer and understanding their needs over time.
• 00:10:00 Dan Steinman discusses how to increase customer retention and prevent churn by segmenting customers based on their payment and opportunity to buy more from you.
• 00:15:00 Dan Steinman discusses how to increase customer retention and prevent churn with customer journey mapping. He notes that you need to map out date-driven events and data-driven events, and that the colors of the grid indicate the type of interaction. He recommends starting with the top segment and working down.
• 00:20:00 Dan Steinman explains how to increase customer retention and prevent churn with data-driven interactions. The key is to focus on high-value customers and to reduce the frequency of touch with lower-value customers. This approach can be used to create a headcount model and retention model.
• 00:25:00 Health scoring is a process of determining a customer's health by evaluating data such as support tickets, login activity, and usage. This information is then used to create a health score, which can be used to make decisions about customer care. This is an important process to ensure that customers are treated well and kept healthy.
• 00:30:00 The presenter recommends that companies focus on "lifetime value" when it comes to customer retention, and outlines five key principles for building customer centricity. He also emphasizes the importance of measuring outcomes in order to be proactive and ensure customer success. Finally, the presenter recommends having a loud voice in the company, as it represents the customers.
• 00:35:00 Dan Steinman discusses how to increase customer retention and prevent churn with crm systems and marketing automation. He suggests that the customer success team should own the health scoring process and that every person in the company should start thinking about customer success.
• 00:40:00 The presenter discusses the importance of customer retention and prevention of churn, and how health scores can be used to measure customer loyalty. He recommends that customer retention be a component of health scores, and that segmentation of customers be done using health scores rather than just individual customer data.
• 00:45:00 Dan Steinman discusses how customer success relies on keeping track of customer health, and how to do this with sentiment scores. He advises caution when relying on sentiment scores, as they can become biased over time.
• 00:50:00 The video discusses ways to increase customer retention and prevent churn. One way is to organize webinars on the Slack community.