I'm wondering if anyone has made changes to the CHI/CHS to add or remove risk factors because of the pandemic? If you did or are thinking about it, I'd love to find out more.
Thanks!
So glad you reached out on LinkedIn. Looking forward to chatting and finding out more. :-)
Just pinged you on LI to chat through all your questions offline! To answer your questions posed here:
Talk soon!
Got it. Are you 'normal' churn rates about the same or have they dropped because of 'covid' churn?
Gurdev -- Wow! I have so many questions I don't even know which to ask first. lolWhen did you start tracking COVID specifically as a reason for churn?Is the churn data collected with a cancellation survey or are CSMs reaching out personally? Thanks so much for this! Wow (again!)
Thanks for sharing this. I'm curious (as are most people, I think) to see how all the covid-related activities will play out with the next big wave of the pandemic.
We've started tracking COVID-19 specifically as a churn reason - this is funneled up to our leadership/exec team as we look at the health of our business.
We use it has a distinguisher to identify churn churn because of Covid vs. other factors. We have seen an uptick in "covid" specific churn which is typical given the global landscape of today.
@Anita Toth They were specific to the COVID risk factor - nothing overly complex, but actions to ensure we were providing the level of engagement and help and support each customer and stakeholder needed, relevant to their specific local situation.
@Jason Noble This is great to hear Jason. Were the specific actions you're taking created just for the COVID risk factor or are they used elsewhere too?
@Anita Toth We used a similar approach to @Jeremy Donaldson and added a specific COVID-19 risk factor with a small weighting to the overall score, and calling it out as a specific risk. Plus a number of specific actions to determine the level of risk for a customer.
Love this @Jeremy Donaldson. It's a new world.
@Jeremy Donaldson Oh wow! Are you finding that added factor is impacting churn rates?
@David L Ellin I kinda figured that playing with the CHI/S wasn't really a priority right now. And with a huge unknown of a possible second wave, making such a big change with so much impending uncertainty isn't worth the effort right now.
Appreciate the confirmation. :-)
From what I'm hearing, many companies have not made major changes to health score composition. I would suggest that folks consider lowering the percentage used for "engagement", if that's a component of your health score.
Many customers are distracted with just keeping their businesses afloat and are focusing on building a new normal inside their companies. It may take some time for the level of engagement to bounce back to what we'd expect to be normal.
@Matt Myszkowski Thanks so much for sharing. I'm guessing that most people have a fairly robust system but, like anything, sometimes they need adjusting or tweaking.
Hi @Anita Toth - We did add a "covid-19 risk" indicator to our health score. It only accounts for a small percentage of the overall score, but it now allows us to report at a marco-level which customers are at higher risk to churn because of the pandemic.
Hi @Anita Toth - we have not changed it as our key data points reflect the risks well enough (reduction in Business Reviews taking place, customer's company financial performance, CSM sentiment, outcome management seeing less value realised, etc.).
