Learn how Sweet Fish Media reduced the churn rate by 12% in 12 months!

Written by Vanshitha M

Published on Nov 9, 2023

Introduction

Hola digital marketers! If you are on the quest to discover the latest tactics for killing your churn rate. I have the perfect podcast for you. Recently, A new podcast was released by Data Box, called “Metrics and Chill” ” a discussion between John Bonini and Logan Lyles (VP of customer experience at Sweet Fish Media). They talked about the remarkable feat performed by Sweet Fish Media to reduce their churn rate by a staggering 12% in 12 months.
Sweet Fish Media is a B2B Podcasting agency, that teaches and creates podcasts to help every brand correctly reach their audience.

What is the Churn Rate?

It is the rate at which customers discontinue or bid goodbye to a company’s product within a time period.

Why did I choose this Podcast:

Amongst the several podcasts present on the internet, this podcast made a difference to me due to its simplicity a staggering impact. Sweet Fish Media and DropBox curated a perfect podcast, simple, effective, and easy to understand. It moved with the progress on

Who is Sweet Fish Media?
Identifying the churn rate.
How they tracked it and delegated it by communicating properly.
Their success story and what key pointers they are taking forward to decrease the churn rate.

Identifying churn:

→ Sweet Fish Media had humble beginnings, They started off as a blogging agency and soon converted into a podcasting powerhouse.

→ Their CEO, James Carbary began building the company by voicing their services on LinkedIn, leading to an incredible surge of 60-70 customers. They tripled their revenue by having MRR (Monthly Recurring Revenue) of 3000-5000 per customer.

→ Their mission was to build a persona and create a genuine connection with their audience through the power of podcasts.

→ Podcasts were soon taking momentum and Sweet Fish Media rode the way, to help numerous brands sway with the momentum.

→ They soon observed a major hiccup on the horizon when their churn was huge. By the end of July, they lost 15% of monthly recurring revenue and identified the leaky bucket they held.

→ They lacked a dashboard or precise metrics to analyze their churn rate.

Getting back to the top:

→ Sweet Fish Media immediately took steps to address the problem.

→They leveraged Google Sheets to gain insights on customer count, and revenue percentage, despite being remote, they did a splendid job of communicating and solving their discrepancy.

→ After having a clear picture of their churn rate and its impact, they soon presented all the data and regular updates during monthly all-hands.

→ After communicating the problem to address it, they used engaging graphics to signify the urgency of reducing the churn rate and let everyone be on their toes to reduce the churn rate.

→ Every information they got was easy to observe and effectively communicated the pivotality of decreasing churn rate.

→ During their discussion, they introduced benchmarks to help everyone set specific goals for faster progress.

→ Reviews: They introduced the concept of Quaterly Podcast Review (QPR) to get both; internal and external reviews.
Internal: Reviews, and changes from employees. Anyone who gave better and more innovative ideas was given rewards as an extrinsic motivation.

External: Reviews, and changes from podcast guests/customers.

These reviews had 3 main components:

Where they were
Where are they?
Where do they see themselves?

To comprehend their stance and make changes accordingly.

→ They used metrics to calculate the number of podcast guests that turned into customers.

→ Reviewed stats of podcasts regularly.

→ Asked if any new prospects turned up for brands after the podcast and used the data

Achieving Success:

→ All the steps they took worked like a charm leading to a significant decline in churn rate to 4% in Quarter 4 or December and it continued to decline to 3%.

→ They received tons of positive feedback and customers were ready to invest more in Sweet Fish Media.

→ They stood by the motto, “The value provided or perceived should be higher than the amount customers are paying.”

Roadmap to success and pointers provided:

→ The guest from Sweet Fish Media acknowledged a few authors and gave the pointers like:

Customers want to know what the future with your brand holds for them.
When you are having a tough conversation with a pre-existing client, use the past to bring forth the nostalgic experience, the investment they made, and the biased block your brand already made in their mind.

Pointers they are incorporating:

→ Building a framework to help grade the podcasts to evaluate and improve accordingly.

→ A perfectly curated course on B2B podcasting to learn and help their brand.

Emerging as a top B2B podcasting agency, Sweet Fish Media regained 100 customers by tackling their churn rate head-on.

Why Retention10?

At Retention10, we’ve got the answers to your customer retention questions. With innovative metrics, tailor-made strategies, and flawless execution, we can help your brand achieve unparalleled customer retention. Don’t wait – schedule a call with Retention10 now!

My Point of View:

→ I believe Sweet Fish Media was proactive in ensuring employee and customer engagement. They constructively took every opinion and took steps to make their brand better. Motivation was their top priority to boost the morale of the employees. They created an easy step-by-step guide with complete transparency and communication to ensure no flaws were present.

→ Inculcating a positive workplace with both employees and customers, they have done an impeccable job in making each step simpler and easier by using graphics (With humor and quirkiness).

→ 3 things to learn from:

They didn’t blindside the problem but chose an accommodative approach to rectify it.
Sweet Fish Media owned their mistakes and clearly stated that they were failing the team and external stakeholders.
They didn’t lose their edge by panicking but instead used creativity and innovation with a master plan to help their brand reach the top again.

→ 3 failures:

Sweet Fish Media didn’t even have a dashboard or any sorta metric to pinpoint their churn rate leading to a delay in their plan.
Sweet Fish Media didn’t specify which metric will be used down the line to keep monitoring the churn rate.
Sweet Fish Media didn’t place a Customer Retention Management(CRM) like Retention10 in the first stage.

Conclusion:

Sweet Fish Media’s journey of identifying and reducing its churn rate is nothing short of inspiring. Every brand has its unique challenges, and we at Retention10 are here to guide you through your journey towards becoming the best in your field. Book a call with us today and let’s embark on this retention revolution together!

Book a FREE CRM AUDIT ! +918434376567

Thanks for reading.

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