3 best retention software tools
Retention is not easy, but to help improve the process, the ProfitWell team suggests investing in a platform that will put retention center stage when growing your SaaS company. As mentioned before, without a good retention system in place, you will not grow.
ProfitWell Retain helps you stop churn at the source, making delinquent churn a thing of the past. Credit card failures are your largest single bucket of churn, but you're barely recovering any of these customers, because you're ignoring the size of the payment failure problem. And you only recover three out of 10 customers whose payments fail.
Retain combines world-class subscription expertise with algorithms (constantly evolving) that leverage millions of data points to win back your customers automatically using the industry's highest recovery rate. ProfitWell Retain is the only product on the market that's managed for you, allowing us to leverage data and expertise to constantly improve recovery rates.
Our pricing is 100% performance based. We charge you a commission based on the amount of revenue we’re able to recover for you in a given month. To show effectiveness in recovering past-due users, we will first establish a baseline, track its performance daily, and compare month-over-month.
Baseline performance: There’s a three-month average before Retain is activated to set a baseline recovery rate. This will serve as a benchmark when gauging Retain’s performance.
Recovery rate: This is based on the average of all months after Retain is activated. Retain will take credit for all users that see an in-app notification or recovery email.
Monthly performance: This is your recovery in the last 30 days with Retain visualized as a ratio compared to your baseline performance prior to retain.
Zendesk holds the highest rank when it comes to help desk software. They pride themselves on the simplicity of their retention platform claiming that it’s “not another roadblock to improving existing customer loyalty.”
The platform is very good at helping you segment your customers based on behavior or profile. It helps the user define audiences through behaviors, actions, and attributes to create a personal touch. It’s focused on continuing the strong relationship with the customer rather than salvaging it.
However, the platform works best when it is bundled together with the other features and tools. Known as Zendesk Suite, a bundle of four products in one package includes: Support, Guide, Chat and Talk. It’s certainly great to have a cohesive unit of products, but does getting one product silo your retention efforts?
Zendesk’s strategy for retention is all about messaging and connecting with the customer. Being able to intercept a customer before they churn is always a priority, but their platform comes off a bit reactionary rather than proactive when it comes to retaining a customer. The human element to the messaging is fantastic, but is it too late?
Zendesk prices their offerings based on the number of users an organization will message each month. They want you to pay for only the people you actively reach out to, so the baseline price factors in at 2000 monthly message users at $153.
The platform is a great vehicle for communicating with your customers, but Zendesk does not provide a course of action once you make contact. You’re paying for messages to customers, not actual results. With ProfitWell Retain you only pay for the results you want to see.
Gainsight offers a suite of products all dedicated to growing, delighting and improving your customer base. They are certainly a customer-centric platform claiming that customers have more power than they’ve ever had before. They not only have the power to select which tools to use, but they also have influence and will advocate for you if you deliver for them.
Gainsight approaches customer retention through their customer success platform, Gainsight CS. The platform aggregates data, such as product usage and support tickets, to create a customer health score that will alert account owners if there is a risk of churning.
Unlike Zendesk, Gainsight relies heavily on data to decipher customer health and happiness. Using data is always a great way to gain better insight into a customer. Through proactive customer checkups and candid conversations aided by relevant data, customer success teams can drive better results just by adding that human touch.
Gainsight doesn’t offer pricing for it’s customer success tool on it’s website, but instead prompts the customer to reach out to the sales team. Gainsight’s aim here is to get to know their potential customers, understand their pain and problems, and see if their solution can help.
They approach the customer in a consultative manner and rely heavily on data to help with retention. It certainly is a great combination of the human touch paired with the power of numbers. They’re approach is a lot like our approach with Retain, the human and data elements coexisting.
Check out how to improve your retention with one change