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Jonathan Kim - How to Keep Customers For Life

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The importance of retention and strategies for keeping customers happy and on your platform for life are discussed by Jonathan Kim of Appcues in this presentation from SaaSFest 2017.

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Jonathan Kim - How to Keep Customers For Life

  1. 1. How to Keep Customers
 For Life
  2. 2. SaaS Sales Has Evolved Success with new business models OLD
 Field sales — 36% ARR growth rate NOW
 Inside sales — 38% ARR growth rate FUTURE
 Self-service — 41 % ARR growth rate
  3. 3. Retention Hasn’t OLD
 Field and channel sales — 8% annual churn NOW
 Inside sales — 13% annual churn FUTURE
 Self-service — 25% annual churn
  4. 4. Some Winners You can too 155% revenue retention 123% revenue retention 117% revenue retention
  5. 5. Jonathan Kim CEO of Appcues
  6. 6. #hustle #growth Product Metrics Business Metrics
  7. 7. Onboarding Collection
  8. 8. Platform for product adoption Activation and retention Built for non-technical, non- designers AdRoll, Indiegogo, Amplitude, Toast, Atlassian
  9. 9. Our Data 40M people through our system last month Unique view into hundreds of SaaS businesses and millions of users Track and report on immediate engagement and downstream activity (goal tracking) “Behind the lyrics” with our customers
  10. 10. What We’ve Seen
  11. 11. 1. Rise of Consumer-Grade • Big shift to free-trial and consumer • Not just startups
 18 of Fortune 25 offer a free or free trial software product. • Users expect / demand a “consumer-grade” product
  12. 12. 2. Outdated Churn Tactics • Common methods are still phone calls and emails • State-of-the art is predicting when churn will happen but still leads to a phone call • Core concepts are still relevant, but delivery is not • Channels are dying (phone) or saturated (email)
  13. 13. 3. Product-Led Winners • Productizing the best concepts from sales, customer success and support • Broad definition of “product” that includes docs, communication channels, etc. • Solving problems with product, not people
  14. 14. Evolution of Retention • Reactive
 Respond to unhappy customers • Proactive
 Predict when customers will churn • Preventive
 Eliminate causes and make success easy
  15. 15. – Gail Goodman “Turns out the number one way to get them to stay is to get them successful early.”
  16. 16. Churn risk
  17. 17. Lifetime customer
  18. 18. Retention Framework Credit to Brian Balfour & Dan Wolchonuk
  19. 19. Short-Term Retention • User onboarding • Give them a reason to come back a second time • Metrics: activation rate + week-1 retention
  20. 20. Mid-Term Retention • Adopting core features and habits • Set them up for long-term value • Metrics: core feature adoption rate + week-4 retention
  21. 21. Long-Term Retention • Repeatedly surfacing value • Getting in and out of their way at the right times • Metrics • Contract length, retention after months/quarters/years • Friction: contact ratio (support tickets per customer), customer satisfaction
  22. 22. Meet Yotpo • Platform for collecting customer reviews • 300 employees, venture-backed startup Yoav Aziz Omer Linhard
  23. 23. Yotpo: Then • Targeting mid-market B2B • 3-6 month sales process • Week-over-week growth was flat • Good, not great • Massive opportunity in SMB, but not feasible with current business model
  24. 24. Yotpo: Today • Dominating SMB and enterprise • Massive increase in customers • Many buy in the first week • No significant impact on support • Raised a new $51M round from great VCs
  25. 25. What They Did 1. Created a “learn by doing” user onboarding flow 2. Methodically drove user adoption/action 3. “Productized” services so customers could self-serve
  26. 26. Short-term: Learn By Doing • Onboarding goal: creation • Ghost — personalization their “wow” moment by 10x • Key: properly define your activation moment
  27. 27. Mid-term: Driving Adoption • Adoption goal: installation • HelloFresh’s 1+1 Strategy • Common secondary actions • Inviting new users • Turning on an integration • Tweaking core settings
  28. 28. Long-term: Surfacing Value • Delivered core value (reviews) to customers via email • Value goal: friction-free • Simplified messaging everywhere • Refreshed help center • Equipped support with guided tutorials
  29. 29. Out-of-Band Tactics • Re-engagement email campaigns • Recouped delinquent credit cards
  30. 30. Immediate Results • Short-term retention: • 50% increase in D7 retention • 60% increase in D14 retention • Out-of-band: • 68% of users immediately pay their overdue bill
  31. 31. Success Drivers • Mid-term retention: • Installation of Star Ratings: 17% to 42% • Installation of Reviews: 12% to 36% • Long-term retention: • Unique users generating reviews up 40%
  32. 32. – Yoav Aziz, Head of Growth @ Yotpo “Since we made all those changes, our active user base is in a pace of 92% YoY growth (we were flat during the last year!)”
  33. 33. Lessons Learned • Still huge opportunities to empower customers without human intervention (see • Make your product(s) an extension of your team • Neither reactive or proactive, but preventive
  34. 34. Tactical Ways to be Preventive
  35. 35. Yes, Onboarding • Single biggest point of leverage for mature SaaS companies • Best tactics are often the simplest • Your services team is the MVP
  36. 36. Mixpanel Retention Report
  37. 37. Ask, Then Deliver • Ask what success looks like • Probably the closest thing to a “growth hack” I’ve seen • CSMs = all the time, products = rarely • Suggest features and activities based on their goals
  38. 38. Feature Adoption Awareness • Most adoption problems are actually awareness problems • Robust products like Toast and HubSpot really struggle with this • Common channels (email, blog) are saturated • Support and customer success take the brunt
  39. 39. A Self-Supported Product • Inline help • Explains things that could otherwise be in a doc • Zendesk contextual support • Brings relevant documentation into the product • Uber’s decision tree • Allows customers to self-correct (future)
  40. 40. What’s Next • “Mainly we are listening to our customers now, understanding their small pain- points and fixing them.” • After easy wins, you have to dig long and hard for insights • Unsolved: how do you make retention sexy?
  41. 41. Recap • SaaS is changing and your retention strategy should too • Identify your short-, mid- and long-term retention goals • The product is an extension of your people • No silver bullets, but many small wins add up