Summary:
Customer industry: Privacy management
Challenge: 30% churn rate, denting net dollar retention
Goal: Reduce churn to 10%
Solution: Customer churn profile created, identifying key churn indicators to monitor and trigger proactive outreach.
Result: TrustArc teams became more effective than ever, improved revenue retention, and saved 40% of at-risk revenue.
A New Retention: How involve.ai Helps TrustArc Turn At-risk Accounts Into Raving Fans!
Who is TrustArc?
TrustArc is a privacy compliance technology company based in San Francisco, California. The company provides software and services to help corporations update their privacy management processes to comply with government laws and best practices. TrustArc has a team of 30 members and over 1550 customers.
The Sinking Boat
Customer churn had a big impact on TrustArc’s potential growth. With high churn rates of 30%, the management found growing the company valuation extremely challenging.
One of their biggest concerns was the lack of actionable insights and effective processes to mitigate their ongoing churn risks. They sought a more informative, effective, and scalable solution to this core challenge. TrustArc hoped to increase Net Revenue Retention (NRR) and reduce total churn by at least 10%.
Plugin The Leak With True Customer Intelligence
After involve.ai unified all their dispersed customer data, TrustArc’s Customer Success and Renewals teams received complete churn and expansion profiles of their base, including insights, signals, and recommended next actions.
For example, TrustArc saw that
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Customers who submit less than 10 support tickets (Medium/Low priority) are 2x more likely to churn.
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Through emails and text communications:
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The majority of churn-ready customers mentions product training using keywords such as “guidance”, “walkthroughs”, and “demo”
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Active customers’ emails are often about finishing action items with phrases such as “I have finished”, “See attachment“, and “Here is ...”.
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NPS scores have little influence on either churn or retention of their customers.
With these discoveries, TrustArc’s Customer Success Managers and Renewals Managers became more effective than ever in their quarterly business reviews (QBR), one-on-ones, and customer relationship management sessions. TrustArc successfully deployed involve.ai to mitigate their churn risk, improve their NRR, automate manual processes, and improve the overall customer experience.