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Improve your Retention with this One Change - David Cancel, CEO at Drift

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Improve your Retention with this One Change - David Cancel, CEO at Drift

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David Cancel, CEO at Drift presented "Improve your Retention with this One Change" on the Operator Stage at SaaStock 2016 in Dublin on September 22nd 2016

Watch the Video here: https://www.saastock.com/blog/view/improve-your-retention-with-this-one-change-david-cancel-ceo-at-drift

David Cancel, CEO at Drift presented "Improve your Retention with this One Change" on the Operator Stage at SaaStock 2016 in Dublin on September 22nd 2016

Watch the Video here: https://www.saastock.com/blog/view/improve-your-retention-with-this-one-change-david-cancel-ceo-at-drift

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Improve your Retention with this One Change - David Cancel, CEO at Drift

  1. 1. Improve Your Retention With This One Change David Cancel SaaStock 2016
  2. 2. About David Cancel • 5x Founder / 2x CEO • CEO/Co-Founder, Drift • Chief Product Officer, HubSpot IPO: HUBS • CEO/Co-Founder, Performable acquired by HubSpot • Owner/Founder, Ghostery acquired by Evidon • CTO/Co-Founder, Compete acquired by WPP • Investor/Advisor/Director to Various Companies and VC Funds
  3. 3. One change can improve retention.
  4. 4. Really?
  5. 5. Align incentives.
  6. 6. The most important rule in management, ‘Get the incentives right.’ -Charlie Munger “
  7. 7. Simple, not easy
  8. 8. But …
  9. 9. Which incentives?
  10. 10. Two categories of incentives:
  11. 11. 1. External
  12. 12. Align your pricing, product, and promotions with your customers.
  13. 13. 2. Internal
  14. 14. Align your teams and departments to promote customer retention.
  15. 15. There are lots of talks about #1.
  16. 16. We’re here to talk about #2.
  17. 17. Not what you’re thinking…
  18. 18. So…
  19. 19. How do we align the incentives of our departments?
  20. 20. The best way to change behavior …
  21. 21. … is to leverage cognitive bias.
  22. 22. There’s only one bias in this case.
  23. 23. But ideally you should study all 25 cognitive biases.
  24. 24. (as described by Charlie Munger)
  25. 25. “The Psychology of Human Misjudgment”
  26. 26. http://cancel.im/25-biases
  27. 27. Today we are discussing bias #1.
  28. 28. Reward & Punishment Super-Response Tendency
  29. 29. If you would persuade, appeal to interest and not to reason. -Benjamin Franklin “
  30. 30. Incentives and disincentives …
  31. 31. … rule everything around me.
  32. 32. Few businesses get this right.
  33. 33. How do you align your teams today?
  34. 34. You are what you measure.
  35. 35. But remember …
  36. 36. … there is a dark side to metrics.
  37. 37. Are your metrics aligned with your customers?
  38. 38. (Most team metrics aren’t.)
  39. 39. Sales?
  40. 40. Marketing?
  41. 41. Product?
  42. 42. Solution:
  43. 43. Customer-Driven
  44. 44. Design every teams’ metrics to incentivize customer retention.
  45. 45. Examples:
  46. 46. Establish baselines.
  47. 47. NPS
  48. 48. eNPS
  49. 49. 1. Sales
  50. 50. Territories
  51. 51. Upgrades
  52. 52. 2. Marketing
  53. 53. Leads + Customer NPS
  54. 54. SDRs
  55. 55. 3. Engineering + Product
  56. 56. Customer Service
  57. 57. Internal customers
  58. 58. Product’s Internal Customers Sales Support Success Engineer Tech Lead Engineer Marketing
  59. 59. No product roadmaps
  60. 60. Product adoption
  61. 61. Usage frequency
  62. 62. Shipping to customers daily
  63. 63. Monthly science fairs
  64. 64. One change can improve retention.
  65. 65. Need help making that change?
  66. 66. Check out what I’m up to at Drift.com

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