Sometimes customers churn, and when they do the most important thing is to learn from the churn.
By logging and storing churn reasons you can look for patterns to help identify improvement areas.
To create churn reasons, hover over your avatar and select "Fields" (it should be shown towards the top of the list) > Churn, and select "reasons". Common reasons include:
Lack of value realization
Poor onboarding
Change in decision maker
No executive sponsor
Misaligned expectations
Be careful not to use 'budget' as a reason. Companies always have budget, so a customer telling you they are churning due to budget means they have not seen real value. The real reason lies in why they have not seen value.
🚀 Quick tip: Adding secondary and tertiary reasons for churn can be done by adding fields to the churn data model. This article explains how to add fields.
Checking the box next to “set any open status license to lost” will make sure that the status of the customer is reflected as lost if the license was still open so you are able to see it in the churn module.
If you don't check this box, the license will remain open as if it is still active and the customer won't appear as "lost." This is in case the customer did not completely churn, but maybe there was just one license (say one product out of the several offered) that they decided to cancel.
Visualising your Churn Data
Now that you know how to log churn effectively in Planhat, I've created an example below to demonstrate one of the many ways you can visualise your churn data 😄.
