Clarity and Thrive
How Thryv prevents churn and improves net retention using involve.ai
Who is Thryv?
Thryv is a fully integrated, end-to-end customer experience platform for small businesses to reach more customers, stay organized, get paid faster, and generate more reviews. With Thryv's platform, small businesses can manage their customers anytime, anywhere, and on any device. Thryv supports more than 40,000 local businesses across the U.S.
The Lack of Clarity
The biggest obstacles for Thryv were visibility and growth opportunity. Although the company had been in acquisition mode in the past few years, the new contracts couldn’t make up for the revenue lost due to high churn. This happened because Thryv's customer data was disparate across Excel spreadsheets and Salesforce, while their process in getting insights was manual.
Vision to Thrive
After involve.ai unified all their scattered customer data, Thryv’s Customer Success and Renewals teams received complete churn and expansion profiles of their base, including insights, signals, and recommended next actions.
For example, Thryv was able to
-
Identify customers who are at high churn risk by using their personalized, AI-derived customer health scores.
-
Get customized, predictive & actionable insights based on their nuanced customers in order to create an early warning system.
-
Unify all of their unused data into a single dashboard to keep everyone on the same page and to truly understand their customer’s journey and prevent churn.
Understanding early warning signs for all customers, Thryv’s CSMs became proactive in preventing churn and capturing upsell with the suggested insights from involve.ai’s intelligence. This early interference has helped the CSMs save more at-risk accounts from leaving. As a result, the firm experienced a significant improvement in net retention rate.