Hi everyone, In order to develop a strategy/plan for customer retention for a SaaS prodcut before launch, I wanted to use a MECE framework (hypothesis tree) to strategize and present, is the following one ok? or any better suggestions?
Objective: Keep churn at minimal when we launch (i've tried to use a customer journey like framework with the assumption that more engagement can reduce retention)
1) Account Sign-up
- how many steps to complete signup? How can we keep it as short as possible?
- What info do we need?
- How can we onbard the customer? quick tour? live traning?
- How long should the onboarding be ? how many steps & what to cover?
3) Post- Onboarding:
a) User proactive use: Open the app --> Loading time of the app--> type of info on first screen [how can we ensure a smooth process as mentioned], [ what are the regular features that a user would want to enage with? do we have any other non-core features that can encourage enangement]
b) Reactive use: To ensure more enagement can we send proactive updates of data & other info?
- How can we monitor technical issues to ensure worry free experience?
- Can we create algorithms to flag low enagemeng customer who could churn?
Please give feedback & thoguths if this is ok or bad and your suggestions would be appreciated.
Ok. Churn metric is 1-2% - 90 days from signup. This is for a NEW product so in this case there is no"issues" but more of hypothesis. So does the "After" activation (post onboarding) framework that I mentioned look good?
I'm surprised this a low churn for a new product. Anyway, the most important here is to bring value to the right customer and being able to reiterate that. Therefore a possible Framework could be 1) User (Do we attract the right user) 2) Value proposition (Do we manage to provide value as quickly as possible) 3) Engagement (Do we manage to reiterate this value over a long period)
Ok thanks for the feedback, the churn rate is more of an intended churn rate rather than an actual one.