Got Downtime During Covid-19? Take a Deep Dive Into Your Data With a Churn Analysis
There’s no way around it: COVID-19 has changed how we live, work, and interact with others. It has also changed how many companies do business, requiring executives to re-examine strategies across the board and forcing teams to adapt to remote work quickly.
The question then becomes: “How can we best use this time to improve and hit the ground running when things recover?”
There are a few things you can do now to support financial operations that will ultimately set your business up for success after COVID-19 restrictions ease. If you’re ready to stop putting off those Financial Operations or “FinOps” tasks and start preparing for post-pandemic business, here’s what you need to do — straight from FinOps University.
Take a deep dive into your data, specifically customer churn analysis.
In B2B SaaS, any two customers are rarely alike. There’s so much to be learned from segmenting your customer data and creating churn profiles. Go back into the history of your data and segment your churned customers to identify and capture their behavior. You’ll find out when, where, and why customers churn.
This is the type of exercise that takes a lot of time — which is why many businesses don’t do it regularly. By doing this churn analysis and getting the segmentation right during your downtime, you’ll be ahead of the curve coming out of COVID-19. You’ll have a much better reference point on the churn you’ve experienced and can therefore plan how to prevent it going forward.
In truth, it’s an excellent time to implement any data-heavy projects that you’ve been putting off, but creating churn profiles can unlock a lot of operational insight for your company. That’s not to say that focusing on new bookings isn’t still important because it certainly is. But keeping track of current customers and unlocking their data gives you a greater measure of control over retaining business over time.
If you’re a current SaaSOptics customer, a great place to start your churn analysis is in Cohort Reports. Cohorts represent a group of customers that share a common characteristic. Our Cohort Reports let you slice and dice your data in hundreds of ways in just a few seconds. Additionally, you can color-code by threshold and drop reports into role-based dashboards, or export them into a spreadsheet for more in-depth churn analysis by cohort.
Now that you know how to set your SaaS business up for success, let’s get to work on customer churn analysis.
By taking advantage of any downtime you might have, you can set your business up for success by diving into your customer churn data. No doubt, COVID-19 has turned our world upside down, but with a little planning and diligence, we can hit the ground running in due time.
If you need help implementing these changes or getting started with SaaSOptics, we’re here to help. We know how hard it is to navigate this new reality, because, well, we’re doing it, too. You can request a demo here, or contact us directly for general inquiries.