Squark for Customer Success
Finally, a forward-looking tool for the Customer Success tech stack
During these turbulent times, customer success teams have not only had to adapt to changing customer needs, but anticipate and predict account changes to maintain a satisfactory customer health. Some companies have shifted their mindset and allocated budget from a large customer acquisition focus to customer health and retention. This has changed the dynamic in the customer success industry, increasing visibility and pressure. Conversations around customer retention, customer health, and Customer Lifetime Value (CLV) have never been more important.
Do you really know who your company’s best customers are right now based on actual data and not a gut feeling? Can you easily find the answer in minutes? And can you anticipate their needs and recommend the right information, product or service before they approach you and ask for it? Do you know how to prioritize the team’s time and resources on which accounts WILL become at risk before they do? Is the team using data to be proactive to increase retention, create promoters from detractors, and taking that information to support customers in expanding their relationship with you?
Today, tools that focus on customer insights, can predict what each customer or account’s behavior will be in the future based upon your historical customer data. These tools leverage both AI and automated-machine learning. They can not only help you predict your customers’ behavior but also tell you what influences it the most, both negatively and positively. With Squark, this predictive power is no code technology and can be achieved in just four steps without help from a programmer or data scientist.
Keep reading for a few examples of how Customer Success leaders use predictive customer insights to improve their customers' value.
Predict and Forecast Your Customer Health
You likely already have the tools that report on your Customers' Health as it stands today, but do you have a tool that takes your historical data and predicts future customer health? Today, you have to be proactive and anticipate customer needs, and relying upon only their historical data you may be missing red flags or not taking advantage of areas to further service and sell because as a human, it’s hard to calculate.
Predictive customer insights can take your scoring model to the next level by uncovering what drives customer satisfaction and even forecasting future satisfaction. Would you be more successful having knowledge of what is impacting your customers’ health, both positively and negatively? With insights like these, you can make informed plans about where to focus your team’s efforts to keep scores high with satisfied customers, course correct to raise lower scores, and effectively guide new customers from the start.
Predict Churn Risk & Increase Retention
Traditionally, customer retention hasn't been a proactive strategy but rather a reactive approach because there was no forward-looking data to use. Teams didn't understand how to identify early indicators that a customer was at risk.
Using your historical data predictive customers insights can tell you which accounts/customers are likely to churn and includes the specific probably for each. In addition to that information, Squark also breaks down the key drivers behind each prediction.
Knowing who may be at risk and why will allow you to prioritize and focus your strategies around the elements that more heavily affect the outcome, ultimately improving customer value. Identifying a path to increase retention rates has never been easier.
Know What Product to Recommend & When
Your customers look to their Customer Success team to make recommendations that will empower them to get the most value from the money they spent with the company. Internally your company is looking to Customer Success to drive higher NRR.
By using your historical data of the success and failure of previous recommendations, you can determine which customers are likely to convert with your specific offering with predictive customer insights.
With the predicted results, you can segment and approach customers with relevant communications and offers to significantly improve response, results, and overall outcomes. The best part is you no longer have to rely on messaging every customer about every upsell/cross-sell opportunity, you will have guided focus.
Predictively Create New Promoters from Your Detractors
If you aren’t using your historical NPS data to predict future results, then you are at risk of falling behind.
NPS scores are calculated and used for a variety of different purposes. Regardless of how your team uses them, Squark can identify the unique patterns. Hundreds of models are run against your data, and the strongest one, the one best correlated with your historical data, is used to predict future behaviors. Included in your results is a ranking of the data points that most influenced the predicted future behaviors.
By identifying the factors most correlated to a high NPS score -- and ruling out the ones that are not -- you can make an action plan of what to do going forward to create more promoters and convert your current detractors to green.