A B2B enterprise can easily spend hundreds of thousands on tools like marketing automation and CRM for customer acquisition, nurturing, and conversion — but typically not a whole lot on customer retention.
Statistics from Bain, Gartner, and others indicate that retained customers deliver disproportionately larger revenues for lower costs compared with acquiring new ones. Yet most companies miss warning signs that those valuable, existing customers might leave.
Why is that?
“A company might have a lot of data about customers,” said Gainsight CEO Nick Mehta. “That might include billing, usage, history, transactions, surveys, etc. But most companies throw a lot of that data away and don’t have any way to act on it. As a result, they can miss clear warning signs of churn.”
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Gainsight calls itself a “Customer Success solution” that helps businesses reduce churn, increase upsell, and drive customer advocacy. Essentially, it’s a platform for post-purchase customer management.
Today the company is announcing CoPilot, which takes all your data about customer health to drive trigger-driven messages through your marketing automation platform (MAP) or an email service provider (ESP).
The company already provides a unified view of customer health, with scoring and predictive analytics, and can show which customer is likely to buy more or leave. For example, you might be alerted that a customer hasn’t used the product in first 90 days, or has had a bunch of support tickets open for a while.
Valuable as this insight is, acting on it has been a manual process. Until now.
Gainsight’s head of product marketing Puja Ramani said, “We want every customer to feel like they are an MVP, but companies like SurveyMonkey will have hundreds of thousands of customers. In the past, it’s been hard to scale personalized service.”
CoPilot addresses this challenge with automation capabilities. Now if a customer is 90 days into their contract but hasn’t been logging in, CoPilot can send an automated email that says “here’s a video to help get set up.”
All of this is tailored to the individual, rather than a mass message that everyone gets.
Marketers still need to be the pilots guiding the plane, but having a CoPilot can be valuable for staying on course.
Gainsight is used primarily by B2B tech companies with SaaS models, like BOX, Marketo, and SurveyMonkey, but also has other recurring revenue customers. The Redwood City, California-based company has 160 employees and has raised $54 million in funding from Battery Ventures, Bain Capital Ventures, and Salesforce Ventures, among several others.