Customer Success is Your Success: 5 Ways to Boost Retention
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The SaaS model has turned business on its head. Revenue from existing customers, through renewals and upsells, is the key to growth. Watch this webinar to learn 5 strategies that companies like Optimizely, Zendesk and Autodesk use to increase retention and revenue with customer success software. For more examples, insights & tips, watch the on-demand recording of the event: http://www.totango.com/resources/5-strategies-to-boost-retention/?utm_medium=social_media
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Customer Success is Your Success: 5 Ways to Boost Retention
- 1. Customer Success is Your Success: 5 Ways to Boost Retention Guy Nirpaz | CEO & Co-Founder | Totango
- 2. Retention in the Subscription Economy
- 3. #1 Manage your customer's journey (not the renewal event)
- 4. In the early days of SaaS, most companies’ sales and renewal structures looked something like this: Salesperson closes a customer Account manager onboards the customer Renewal sales rep attempts to retain…the customer before the customer’s contract expires. The old model
- 5. What does your company do in between? Acquisition Renewal
- 6. The role of customer success
- 7. DECREASE VALUE DECREASE VALUE CHURN CHURN GROW VALUE FIRST VALUE START INCREASE USERS INCREASE USAGE EXPAND FUNCTIONALITY CHURN ONGOING VALUE Onboarding Adoption Renewal & Upsell Drive recurring value across the customer journey
- 8. #2 Improve product engagement (across all users)
- 9. 90% of churn is preceded by poor product usage
- 10. Product engagement varies across job levels (frontline, management, execs) Creating passionate users is key to preventing churn Best-in-class companies focus on creating value for every user Increase product usage at all levels
- 11. Define your Power Users
- 12. Define your Power Users
- 13. More power users = customer advocacy
- 14. #3 Create a health score you can finally trust
- 15. Net Promoter Scores don’t give an accurate picture of customer happiness Forrester analyst Richard Evensen NPS is being positioned as a cure to all business ills and a way to understand everything you need to know about your customers . . . with just one question. It feels like selling snake oil and is likely one of the drivers for the view that researchers hate this metric.
- 16. Monitor each customer’s individualized health score Based on facts, not opinions and anecdotes Predictive Adaptive Accurately gauge your customers’ happiness
- 17. User Engagement Usage Frequency Time Online Active Users Adding comments Viewing reports … Business Outcomes Campaigns Launched Emails Sent Lead Database Size Landing Pages Created Responses Collected Service Utilization % Seats Active Modules in Use Quota Consumed … Operational Status Support Tickets Outstanding Invoices Executive Sponsorship Training CUSTOMER ACTIONS: THE PRIMARY VITAL SIGNS OF CUSTOMER HEALTH What should a “true” health score include?
- 18. Create multiple health profiles - By customer segment - By customer journey stage Define which accounts fit each profile Totango will automatically adapt the right scorecard for each customer
- 19. Define scorecard using any metric: - Engagement Level of use of application - Utilization % of license in use - Usage rates & milestones Reaching expected value - Support, Relationship, Billing, anything else!
- 20. #4 Engage with customers – in a smart, relevant way
- 21. Smart customer interactions pay off 81% of consumers are willing to pay more for a better customer experience
- 22. You proactively engage You contact them at the right moment You send intelligent messages that align with the customer’s current needs You deliver reliable, consistent experiences What is smart customer engagement?
- 23. Rethink customer engagement We pursue continual transformation (in customer engagement) to stay ahead… and catch up.
- 24. #5 Empower all customer-facing teams with the right data
- 25. Research by Aberdeen Group shows that companies which built a centralized customer intelligence database and incorporated customer insights into customer facing actions achieved:
- 26. Sales • Initial sale • Renewals • Upsells Customer Success • Onboarding • Adoption • Customer engagement • Renewal and upsell Finance & Operations • Contracts • Entitlements • Revenue management Marketing • Customer acquisition • Customer marketing • Customer advocacy Products • Product experience • Product intelligence Service • Customer service • Technical support The siloed approach to customer data Your App
- 27. The integrated customer success approach – access to the right data in every team Sales Customer Success Finance & Operations MarketingProducts Service Applications Connectors Real Time Usage Streams Business Connectors Demographics, Contracts, Billing, Tickets app usage, saas interaction, social media, online behavior Customer Intelligence Database CRM, helpdesk, contracts, billing Your App
- 28. Make “customer success” a part of every team
- 29. About Totango
- 30. Leader in Customer Success for SaaS and subscription businesses 2 million accounts | 20 million users
- 31. The complete answer for Customer Success Customer Success Solution Methodology and Best Practices Data Science Customer journey mapping Customer segmentation Customer Success execution models Customer Success plays Machine learning Buy and churn signal analysis Data science service Customer monitoring Predictive health modeling Customer engagement and health scoring CSM action framework
- 32. Q&A
- 34. Thank You
Notas del editor
- According to the Database Marketing Institute, every $1 paid toward customer retention increases profits more than every $5 spent on new customer acquisition. https://secure.healthplan.com/user-docs/007117_LIMRA_article_by_Jay_McLauchlin.pdf
- Use lifecycle marketing Enjoy the successes with your customers Share best practices Say thank you Measure and drive recurring value
- Need image Product usage varies thruout journey, by job levels,
- Source Right way to write it
- Need image Product usage varies thruout journey, by job levels,
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- Need image Product usage varies thruout journey, by job levels,
- Secondly, it’s pretty clear – there is a lot of data out there and your health score needs to be Comprehensive in that regard The entire premis of Totango is that you need to focus on the actions customers take more than anything. And we divide that roughly into three buckets: User engagement: how frequently users login, the time they spend with your application, specific actions they take while using your product Business results: which looks at what results they’ve been able to achieve with your product. If they purchased an email automation platform, how many campaigns have they launched, how many emails did they send and so forth And finalize what we call utilization. Which looks at what the customer has purchased and compares that to what they have done. If the customer has liceses for 10 seats, how many are they actually using? Are they above or below the quota they purchased and so forth. Finally you want to also include secondary operational parameters like outstanding support tickets or invoices which also can factor into the customer’s overall health. But then, when we look at the reality of a online web-business, we see just how clever health score algorithm needs to be to provide its true value. Secondly, it’s pretty clear – there is a lot of data to consider if you want a health score to do a good job at measuring customer-health. Metrics on user-engagement: how frequently users login, what parts of the product do they use and for how long, Metrics on business results: how many emails were sent, how many campaigns launched, new users acquired, Utilization levels: how many seats are in use? How much of the allocated budget ? Customer relationships: Do we have executive sponsorship? Public endorsements & advocaty? Operational status: Are we having support issues? Outstanding invoices? There is a lot to consider and you want a solution that can look deeply into usage-patterns as granular as an the individual actions of end-users and turn that into true insights. Totango is not afraid of data, we live it and breath it and love it.
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- What you need: ____ How Totango helps
- 23-24-25 Great slides
- Before Salesforce, our customers all had a common problem. When their customers wanted customer service and an answer to their question, they don’t want to pick up the phone today. Instead, they jump onto Google and type in their question. Or they go to Twitter to reach out to the community for an answer. They are looking for faster ways than sitting on hold on the phone with someone that may not have the right answer. Unfortunately, yestersday’s call centers don’t work with Google, Twitter, Facebook or community sites. Companies are struggling with how to bridge the gap between their existing call center technology and The Cloud, where their customers are today.
- Guy email