Customer churn is the fire-breathing dragon of SaaS companies. The cost of new customer acquisition, combined with long conversion timelines, makes customer retention essential to sustained growth. It’s why Customer Success teams work tirelessly to slay the churn dragon by ensuring their customers’ success.
Our client, a leading SaaS company, needed to proactively respond to signs of stagnation and customer churn. However, their churn prediction model was primarily reactive in that it was not providing visibility into the root causes of customer churn. The customer success team needed to know when and why a customer was at risk of leaving in order to preempt it.
Escalent conducted an extensive audit of the client’s existing churn prediction model. We realized it was:
Overall, not a great prediction model. We really needed to know what types of events, actions, or inactions are early indicators of churn. So we asked multiple account executives using a crowd-sourced insights approach. Next, we partnered with the client’s Data Science team to substantially expand the list of data variables to feed into a new churn ‘event’ prediction model. We also did an exploratory analysis to identify the most critical variables and helped source external data providers for any variables that didn’t exist on the client’s internal systems.
Working with the client, we overhauled their prediction model, replacing it with a new, churn event prediction model that was:
Need help slaying your churn dragon? Talk to us about building a prediction model that works.
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