How Macrobond reduced churn by 20% with better customer data

7 min read

Macrobond is a SaaS firm that delivers the world´s most comprehensive source of economic intelligence for financial professionals.

It provides them with a platform that helps them quickly find, analyze, visualize and then share relevant data with colleagues and customers.

Their ultimate goal is to bring productivity and workflow gains to the financial market. Their users should not spend their time wrangling with data. Instead, they should spend their time thinking about the data, writing about the data, visualizing the data, providing insights about data.

Their users are mainly within banks, asset managers, asset owners, government institutions, and large corporations that have in common that they need to look at data from a top-down perspective.

If Macrobond can help these financial players understand the data quicker, they are giving them back time - time that they can use to add value to their own business.

Macrobond’s success has been built on three things: great data, market-leading technology, and fantastic customer support.

| The Challenges

  • Fast growth made it increasingly difficult to onboard new customers.

  • Need to increase understanding of usage to create more value for customers.

  • Difficulty prioritizing team members' time and focus without useful customer insights.

Macrobond's business consists of three different pillars. Firstly, they have the most extensive and cleanest database of financial time-series data globally. So if you are looking for a top-down view of the financial space, they are your tool.

Secondly, Macrobond has built a graphical interface on top of this database. It allows their users to turn numbers into charts and graphs in an easy, no-code-kind of way, which in the end saves plenty of time and increases productivity.

And finally, they enable their users to collaborate. This means that they can build insights on each other's work and share it between them. An increasingly popular function even before the pandemic, but even more so since we entered the work-from-home-era.

Combining these services has proven to create real value for their customers, and Macrobond has scaled fast, growing over 20% per year.

For Howard Rees, Chief Commercial Officer, this type of growth meant setting up processes to constantly onboard new colleagues and new customers:

"In Saas, onboarding is crucial. And when you are growing 20% per year, you need an efficient process because if you don´t onboard users properly, that is when you can lose customers. Macrobond has always had extremely low customer churn and I wanted to make sure we had the right systems in place to ensure that this positive trend continued.”

Another effect of constantly onboarding new clients is scaling the team. Or to help maximize the efficiency of the existing team by making sure they prioritize their time on the correct type of customers at the most relevant phase of their customer journey.

Besides the growing customer base and with that a growing team at Macrobond, there is also a constant will to evolve the existing offer with new products and data sets. This increased the demand for a deeper understanding of the software's actual usage.

“For example, in finance, everybody is interested in ESG-data, but only 20% of our users were accessing our unique top-down ESG-data. I wanted to find out who was using it and what for so I could alert our customers who weren’t using it about what they were missing. Macrobond has so much fantastic data - people just need to know about it.”

| The Solution

Planhat initiated a close collaboration during implementation to ensure a low Time To Value. The goal was to consolidate and organize Macrobonds customer data, drive increased product adoption, and identify expansion opportunities.

Macrobond has different use cases for different types of customers and different types of departments at each customer; therefore, the data had to be broken down on a more granular level.

“Today, I’m able to see how different types of users use our product. We can target new features and new data sets and help our users unlock more value by showing them how other, similar users do.” .

Since the team at Macrobond could start to identify what features were valued among certain customer profilers but not used by other customers within the same category, they could more proactively identify upsell opportunities.

““We have a feature-rich product, but that is only of value if people are aware of and using all the different features.”

The ability to act on these insights has directly impacted Macrobonds revenue.

"The usage of Macrobond has increased massively, and churn has decreased massively. Thanks to Planhat, we can finally unlock the value of Macrobond for everyone.”

As a customer-centric company, the use of Planhat is not restricted to the customer success department. It is also used by sales as well as by marketing.

“We had the data before, but with Planhat, it is more accessible. Someone wants to look at outliers that are not using certain features. Someone else wants an analysis of usage across a specific region. No problem, create as many reports as you like - it’s all there.”

Getting a granular view of the usage with visual workflows and health scores - like Planhats Bubble room - also helps whenever a customer’s behavior change.

“People tend to move, either to a new role within a company or to a completely different company. Previously, we would only realize that people were not still using Macrobond to its full potential when the contract came up for renewal. Now we see whenever the usage changes and how - it’s a great early warning tool for us and easy to act on.”

| The Results

  • More profound customer understanding results in 20% lower churn.

  • Company able to scale with speed when CSMs can focus their time better.

  • Providing teams with better tools have reduced staff turnover.

Macrobond is growing fast, so implementing a new system requires focus and speed in a fast-moving environment, ensuring that you can deliver high quality to existing customers and onboarding new customers with the same service.

In 2021 alone, the company added 140 new customers. And although they are growing as a company at an impressive speed, the customer success team is not scaling at a corresponding pace. Which, from an organizational cost perspective, is a good thing.

“Now, we can do more with less. My team can look after more customers and prioritize their time better with better data. I want them to spend their time with the customers that are not using us in the best way possible. And now, they know who those customers are.”

So while they have onboarded an impressive amount of new customers, the team at Macrobond has managed to provide an even better customer experience to their existing customers.

"We came in with a 20% lower churn than we had budgeted within the first years. Simply because we now understand our customers better."

And by using Planhat and giving his CSMs the best possible tool to work with, there is another, seldom talked about, type of churn that´s decreased.

"It is a competitive talent market today, but if you give people better tools to work with, they will stay. Planhat is reducing churn in our team.”

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