Secrets to Driving Customer Retention

Welcome back to the Success Stories Newsletter! We’ll be sharing real success stories from our customers and how you can share in the success, too! You can learn more about Totango and what we do here.

How do you keep customers happy and drive growth? Using Schneider Electric’s real-world journey, Raymond Xie, Customer Success Operations Manager at Schneider Electric, and Mike Sturm, Sr. Enterprise CSM from Totango, shared some of their Secrets to Driving Customer Retention and more in our recent webinar.

To truly deliver customer success, you need to shift from a siloed, acquisition-driven model into a value-driven model that focuses on the customer journey and delivering outcomes to aid retention. That shift requires some organizational commitment to realize sustained, shared value.?

At Totango, we offer Composable Customer Success, which provides a modular platform with embedded intelligence that’s simple to get started and quick to see outcomes.?

Composable Customer Success has 6 principles:

1. Modular building blocks: Enable you to mix and match CS programs to create modern experiences and workflows
2. Unified design & run: Get the ability to design, build, run, and measure your entire customer journey lifestyle, all in one system
3. Multidimensional customer view: Get unified visibility into each customer with a schema-less data model that only serves up the data you need to answer any questions about your customer
4. Outcome-first design: Just get started without all the answers, then iterate and recalibrate at will to achieve results on Day 1 and long-term wins
5. Embedded best practices: Enjoy built-in CS best practices, an experience marketplace, and community contributions that get smarter every day
6. Friction-free orchestration: Empower shared participation across your organization, breaking down silos so everyone is able to deliver better customer outcomes

Raymond put these practices in place at Schneider Electric, and the results have followed.?

Schneider Electric had three main components for their big digital service dream:

1. Mobility: Smartphone app
2. Monitoring: Remote experts 24/7
3. Analysis reports: Insights and recommendations

Raymond knew that to achieve these goals, they’d need a 360° customer success platform that could manage account data, contract data, product usage data, support data, customer touchpoints, and marketing campaigns. That’s where Totango came in. In just a few weeks, most of the integration was done thanks to Totango’s capabilities, and product usage data was integrated in only 3-6 months in line with the additional production development required.

Raymond recommends applying your analytics to all customer success lifecycles, including land, adopt, expand, and renewal. You want to have this data readily available at all times, which Totango enables for onboarding, adoption, expansion, feedback, churn control, and renewal through SuccessBLOCs.

This was a huge undertaking for Schneider Electric, and there’s always a little bit of turbulence during transitions. This readily-available data allowed them to monitor challenges and adapt as they progressed toward their goals.?

Here are just a few of the challenges Schneider Electric faced and solved with Totango

Schneider Electric wanted to reduce the onboarding process to 30 minutes, including sign up, downloading software, connecting, and adding devices. That goal was ambitious, and the actual onboarding time was long. But by leveraging the product instrumentation APIs that monitored all customer activities, they resolved software issues and stabilized onboarding in a few months.?

They also were noticing high dropoff rates, as only about half of customers could connect due to strict firewall policies from finance and banking industries. These studies helped them realign resources toward the sweet spot verticals that they could more readily serve: education, healthcare, retail, and manufacturing markets.?

What’s more, Schneider Electric learned that over half of their paid customers weren’t using the latest version of their software, so they developed an automatic update capability. They noticed that their asset growth rate became flat, so they looked into diagnostic analytics to identify their top ten best customers to see who they should focus on acquiring.?

By monitoring both account renewal and revenue renewal rate, they saw their account renewal rate was very low. Realizing that it was mostly caused by prolonged renewal processes, they had the information they needed to boost renewals.

Totango allows Schneider Electric to send out regular surveys when a customer finishes a task such as onboarding or software purchase. This allows them to resolve issues, identify product promoters, and achieve greater customer satisfaction.?

Additionally, Totango allowed Schneider Electric to not only track the number of users, but also the number of active users. They launched a key feature campaign to increase active users by encouraging adoption of features that haven’t been used, which led to an increase of 80% subscription utilization.?

Through these developments and more, Schneider Electric was able to grow their revenue from $0 to $3M in 3 years, thanks to the data, analytics, and Composable Customer Success Platform from Totango.

Final takeaways:

1. Ensure your health score is a good predictive indicator and audit your health score on an ongoing basis
2. You don’t need to start from scratch! Visit the Customer Journey Marketplace to get pre-built SuccessBLOCs that match your core journey stages
3. Act on what your system and data tell you to implement, and use them to process changes based on your findings

Want to learn the latest CS industry trends??

See where we stand as an industry with the 2022 Customer Success Industry & Salary Report.

Check out our upcoming webinar, The Future of Success: Totango Innovation Showcase

OCTOBER 13 @ 9 AM PST | 12 PM EST.

Our SuccessBLOC bundle can provide you with all of the information you need to drive customer growth. Ready to take the next step in retaining your customer base? Use our Invest in CS SuccessBLOC bundle to engage customers, detect risk, and analyze customer health.

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