churn rate

Pawan Deshpande is a serial entrepreneur and angel investor, and a Head of Product & Growth at Linea. He has founded multiple successful companies, including Curata, a content marketing and analytics software company. Pawan has extensive experience in customer success and has implemented a critical care framework to improve customer retention and satisfaction.

Pawan shares his experience with customer success and introduces the concept of critical care, a proactive approach to customer support. He discusses the four distinct ways companies handle customer success: reactive support, onboarding, business reviews, and critical care. Pawan emphasizes the importance of a culture of ownership within the customer success team and the need for proactive monitoring of customer health. He also highlights the role of instrumentation and telemetry in detecting issues and setting appropriate thresholds. Pawan concludes by discussing the mindset shift required for effective customer success and the potential for upselling within the customer success role.

HERE ARE SOME KEY SECTIONS TO CHECK OUT
[00:05:11] Discussion of the challenges faced by Curata and the need for a culture change
[00:07:28] The importance of breaking down silos between customer success, sales, and product/engineering teams
[00:09:00] Creating collaboration between customer success and sales through pod structures
[00:10:36] Outcome-oriented goal setting for customer success teams
[00:11:01] Reactive support is like urgent care for customers
[00:16:58] Building instrumentation and telemetry into the product is important
[00:31:04] Importance of setting up thresholds for customer intervention
[00:38:21] Incentivizing customer success team through variable compensation
[00:41:42] Customer success is more important than sales for sustaining a business
[00:46:30] Client success should be involved in upsells, but may need partnership

ADDITIONAL RESOURCES

Learn more about Pawan Deshpande: https://www.linkedin.com/in/pawandeshpande/
How to Make QBRs Valuable for Your Customers: https://forc.mx/3s1Q3Jz
Become a Must-Have Solution for Customers in Any Economy: https://forc.mx/45ZRo1z

HIGHLIGHT QUOTES

[00:06:36] So what I did is I pulled my desk into the customer success room. And it was really eye-opening when I pulled up a desk in there and I would just work out of there and hear the conversations. What I really heard was a culture of futility. - Pawan Deshpande
[00:10:18] And that's like the impetus for critical care. That was one of the key instrumentations we had was detecting if someone hasn't used the product for 14 days, then we kind of swarmed the customer and tried to revive the account. - Pawan Deshpande
[00:22:37] And just on the usage, you know, that was particular to us and not all companies are like that. Our product is more like a gym membership. If you don't go to the gym every day, you're probably not going to show up ever again. - Pawan Deshpande

In this episode, you'll learn about: 

- Learn WHAT “Churn Rate” is and HOW to calculate it

- What is the REMARKABLE STANDARD for CHURN RATE? 

- Define the terms and conditions for each stage in your patient’s journey 

- Discover the 5 Criteria for making Patients INACTIVE 

- The MRR (Monthly Recurring Revenue Model) is the most profitable business model 

- If you want to grow your business, you have to know your business

 

Episode Highlights

05:11 - If you want to grow your practice, you have got to know your numbers, and your Churn Rate is crucial to know.

08:28 - The Churn Rate, or your turnover rate, is the number of patients that go inactive in a given time period, divided by the number of active patients that you have in that time period. 10:11 - A breakdown of the equation and the clear definition of inactive patients.

13:24 - When you have clarity in your KPIs, then your team can have ownership and accountability in its measurement.

16:29 - Uncover what makes up the definition of an active patient.

19:31 - Once you have your equation clear, you need to be monitoring your Churn Rate monthly, quarterly, and annually.

22:37 - An example of the churn rate in action and why it is much better than looking at hard numbers. 

25:11- Dr. Pete sits down with Success Partner, Dr. Matthew DiDuro of SoftWave Tissue Regeneration Technologies.  SoftWave TRT uses patented technology to reach an injured area at the cellular level to successfully turn on the body's natural healing process.  Listen as they discuss how SoftWave works in the healthcare of your patients at a cellular level, its use in the field of both chiropractic and sports medicine, and how it can be a profitable ancillary service in your practice. 

Resources Mentioned

To learn more about the REM CEO Program, please visit: www.theremarkablepractice.com/rem-ceo

For more information about SoftWave please visit: https://softwavetrt.com/

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

This episode of CS No BS features an interview with Shona Fenner, Sr. Customer Success Operations Manager at PetDesk. Designed with busy veterinary practices in mind, PetDesk streamlines client communication to keep staff happy, patients healthy, and practices profitable.

With more than seven years at PetDesk in a number of roles, Shona has developed a breadth of knowledge across the company. Prior to PetDesk, she garnered wide-ranging expertise in fields such as video production and editing, sales and service, and customer satisfaction. 

In this episode, Shona discusses shifting from an account management model to customer success, the importance of staying curious, and the secret sauce behind the customer success paradox. 

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Guest Quote:

“Immediately when moving from the everyone does everything account management model to customer success, whether it's giving someone like one article that's, you know, a thousand words to read or a giant 400 page book, no matter what it was, they could kind of get the idea pretty quickly when they realized that you still had all this ownership over the customer, but it was owning the moment more than owning the customer itself.” - Shona Fenner 

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Timestamp Topics:

*(04:36)  - Shona’s journey into Customer Success 

*(08:20) - Shona’s review of Farm Don’t Hunt 

*(11:18) - Biggest hurdles in Customer Success

*(16:36) - Maintaining healthy customers

*(22:58) - What’s next for CS Ops?

*(27:44) - Competing with big box retailers 

*(35:53) - Visibility through Totango 

*(41:13) - Advice from Shona

*(42:30) - Quick Hits 

*(46:03) - Biggest BS in CS 

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Sponsor:

This podcast was created by the team at Totango. Design and run best-in-class customer journeys with no-code, visual software that delivers immediate value, easy iteration and optimization, and predictable scale-up growth. Join over 5,000 customers from startups to fast-growing enterprises using the industry’s only Composable Customer Success Platform. Start for free at Totango.com.

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Links:

Connect with Jamie on LinkedIn

Connect with Shona on LinkedIn

Totango.com

In this episode, Guy Assedou, fmr Product Management explains SaaS, the three key activities of SaaS businesses and the key metrics. Guy concentrates on churn rate and what PMs can do impact monthly recurring revenue.