This blog is originally posted on Churnfree Blogs
This guide will help you choose the best churn management software in 2024 + list down top 4 churn management tools of this year.
50% of the success of any business depends on generating leads and customer satisfaction. With millions, if not billions, of companies struggling to keep their existing customers around while putting efforts into reducing churn rate seems like a big undertaking.
A State of Customer Churn in 2024 report by Staircase AI comes to underscore the fact that the question of customer churn remains so challenging for B2B businesses. The report provided an analysis of over 100,000 data points of reasons customers walk out, emphasizing that designing a good customer retention strategy means attending to different types of customers.
What is Churn Management Software?
Churn management software is a tool that helps businesses keep track of customer churn or the rate at which customers are leaving. Churn prediction software helps identify trends and patterns in customer behavior and predict future churn rates. Churn management tool can also help businesses take action to reduce customer churn, such as by offering incentives to customers who are at risk of leaving.
Related Read: Benefits of MRR
How to choose a good churn management software—a complete checklist.
The best time to buy good churn customer churn management software was yesterday. As with each passing moment, you are missing valuable opportunities to understand why people decide to churn and how you can win their hearts back. Also, retaining older customers is 7X cheaper than pitching a new customer. It means you are missing a good opportunity to generate real revenue if you don’t decide to buy churn prediction software on time. Take a checklist of all the requirements you need for customer churn software. Prepare a detailed questionnaire if you think you need guidance on all technical aspects to run the software.
Does your churn management software integrate with the cramped system?
Knowing how easily you can integrate churn management software into your existing system is very important. Integration of churn management software into your existing billing platform or CRM will help your teams gain 360 views on the customers’ reasons why they decided to leave and help you build a strategy to win back their trust.
Does it compile the data for a comprehensive view?
Algorithms of churn management software gather an abundance of information. As a Saas-based company, data is very useful for your business. But collecting data, segmenting it, and organizing it is pretty time-consuming and effort-prone. Therefore, you need software that drills down the valuable information and discards the rest of the bulk. Compiling up data for a comprehensive view and making it accessible and transparent for your teams to take proper action is very important.
Does it come with pre-build templates and start sprinting?
Due to advanced technology, things are moving fast, and the customer wants faster results. Having a pre-build basis to begin from is very much essential to bring back all the angry customers. Running up late on integrating and getting started with your churn management software is not advisable. Therefore, you need to look for software that comes with pre-built templates and start doing its job immediately. Look for software with pre-built components that can mix and match your existing system, helping you know the reasons for higher churn and how you can take quick action.
Does it integrate and prioritize with your product roadmap?
As a Saas-based company, you need to move fast. Therefore, you require software that runs along with you with the needed agility. You should know that the chosen software helps the team stay focused on their goals and evolve by understanding your ever-changing customer preferences. That kind of software can help you build confidence and help you set up a robust strategy to achieve the best results.
Does it have an automation-based system?
AI-powered and automation-based tools possess intelligent algorithms that help you drill down the right information, saving you time and effort while allowing you to focus on the right thing: customer retention strategy.
Does it offer a segmentation?
When building a customer retention strategy, you need segment-based information to understand how long they have been your subscriber, their usage habits, what affected them to cancel out on your product and knowing the ultimate factors to win back their trust.
Can your teams easily manage it?
There are greater chances that your sales teams and developers are busy on other stuff and wouldn’t have extra time to invest in making customer churn software updates. Therefore it is advised to look for software that comes with pre-built templates and does not require extra time from your team to manage the software.
Can it conduct A/B testing?
One of the big mistakes marketers and business leaders make is hunch-based decisions in driving customer retention strategies. You cannot leave the fate of your business to a hunch. Therefore, the chosen churn management software should have the power to conduct A/B tests that are not hypothetical, give you the correct data about the audience segment, and help you make the right business decisions.
Can it conduct performance-based measurements?
One real-time capability of churn management software is its results’ accuracy. If your software cannot acquire the correct information and the right calculation on churn reduction rate, then you won’t be able to make a customer retention strategy.
Churn data can provide valuable insights into a business’s products, services, and marketing efforts. This information can help businesses make better decisions about allocating resources. You can also explore Illumeo courses to unlock insights from churn data for better decision-making, and optimizing resource allocation in business.
Best Churn Management Software for Subscription Based Businesses in 2024
1. Churnfree
Churnfree is highly suitable for small and medium businesses that consider the problem of customers’ churn as an important issue and look for a cheap solution for it. It lastly suits ideally for the subscription based models, to minimize the churn at the shot end. Churnfree’s customer Subtitlebee claims to lose upto 40% churn with Churnfree. It stands out in providing data on why customers may be churning, which is quite helpful in enhancing overall customer loyalty. The basic plan starts at 49$ which is optimal for one website project.
Features:
- Personalized Cancellation Flows
- Customizebale offers
- Customer Feedback
- Analytics Dashboard
- Automated Pause Subscription service
2. Churnkey
ChurnKey is an all-in-one churn management software which is used to minimize churn rate and create customer loyalty for subscription-based organizations. This platform is more advantageous for the SaaS companies that struggled with the voluntary or involuntary churn. The full platform price begins with $650.
Features:
- Cancel flow
- Payment recovery
- A/B testing
3. Totango
Totango is an application for customer success which includes tools for analyzing and decreasing churn rate. Customers using Totango can develop customer success strategies intended for the achievement of high customer retention rates and the overall maximization of the Customer Lifetime Value.
Totango has custom pricing.
Features:
- Automated workflows
- Health scoring
- Engagement tracking
4. Userpilot
Userpilot is a multi-faceted churn management software that can be used by various types of businesses, especially SaaS, to combat churn and ensure better customer satisfaction.
Features:
- User behavior analytics
- NPS and CSAT Surveys
- User journey mapping
Bottom line:
I hope this blog helps you choose the best churn management software for your business.
I’m sharing some guides that you might want to take a look at:
📖 What is a good churn rate for SaaS
📖 Average Churn rate of subscription services
📖 What is the most direct cause of customer loyalty
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