A fast-growing company in the financial technology space was facing two critical challenges: understanding their customer churn, and assessing their staffing needs. The decision was made to develop an independent view of both factors, to accelerate progress toward a solution without adding to the workload of the current staff. A very experienced consulting firm was engaged to begin researching the key factors and to design and implement a solution that would address the churn and optimize the staffing of the Customer Success group.
The Beginning
The consultant’s team conducted an intensive, week-long onsite engagement, collaborating closely with the VP of Customer Success, CS Manager, Services Manager, and Support Manager to develop actionable insights and strategic solutions.
Throughout the engagement, the consulting team focused on building key assets to support the client’s goals for the next year, including customer segmentation, customer journey maps, staffing models, and a comprehensive budget that incorporated variable compensation plans. The analysis revealed a key insight: the majority of the company’s churn was coming from a small segment of customers who had joined early in the company’s life but no longer aligned with its ideal client profile. This discovery provided the CEO with valuable context to explain churn trends to the board and investors and led to strategic adjustments with the sales team to refine the company’s ideal client profile.
The consulting team’s work on customer journey mapping and staffing models highlighted specific gaps within the Customer Success team that were affecting the customer experience. A new customer journey was designed that took into account the company’s staffing constraints, incorporating automation and optimized touchpoints to deliver an excellent experience without overextending resources.
The Outcome
As the new journey map rolled out, the company saw a marked improvement in proactive customer engagement, leading to reduced churn across the customer segments they were focused on retaining.
Through this project, the consulting firm enabled the financial technology company to address immediate customer retention challenges while building a scalable, efficient customer success strategy for the future.
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The Company: A fast-growing firm in the financial technology sector
The Challenge: Identify and reduce churn, and optimize the Customer Success staffing
The Consultant: Kristen Hayer – The Success League
The Outcome: Accelerated solutions to both issues and more!
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The Success League
The Success League is a consulting firm that works with executives who want to unlock the retention and revenue a top performing customer success team will bring to their business. We transform support into success by building the metrics, goals, processes and training that enable customer success teams to perform at their peak.
+ Planning & Metrics – be clear about what you want to build and measure.
+ Process Design – develop playbooks and tools to create an exceptional customer experience.
+ Training & Development – make sure your team knows how to build client relationships that drive retention and revenue.
