SaaStock East Coast 2019 - David Thompson, CMO, Freshworks
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Product Led Strategies to Build Customers for Life David Thompson, CMO, Freshworks SaaStock East Coast 2019
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SaaStock East Coast 2019 - David Thompson, CMO, Freshworks
- 1. David Thompson | June 2019 Creating Customers-for-life: The Saas X’s & O’s
- 2. Revenue Impact of Customer-for-Life Approach
- 3. 3 C’s of Relationships
- 4. Court
- 5. Close
- 6. Care
- 8. Marriage Counseling Predictors of Divorce ● Criticism ● Contempt ● Defensiveness ● Stonewalling
- 9. 3 C’s of Saas Funnel
- 11. Close (Sales)
- 13. 20 Years of Silo’d Apps and Data Sales Marketing Support Chat
- 14. Saas Predictors of Churn ● Usage-->Adoption ● Data uploads ● Integrations ● Satisfaction
- 15. Cut-off
- 16. How to Create Customers-for-Life: X’s & O’s Strategy Data
- 18. Customer-for-life companies rely on 4 key engagement strategies Collaborative engagement Contextual engagement Predictive engagement Anywhere engagement
- 19. Source: Freshworks Anywhere engagement Meet customers wherever they are, on their terms 67% of customers used at least 3 different channels to engage with firms*
- 20. Anywhere Engagement ● Phone ● Chat ● Email ● Twitter ● Facebook ● Facebook Messenger ● WhatsApp ● SMS ● Apple Business Communication
- 21. Source: Microsoft Contextual Engagement Anticipate customer needs with a full 360° view across marketing, sales, and support 76% of customers expect agents to know their history but only 31% of customers feel that agents have the right context
- 22. Contextual Engagement Features ● Master customer record ● Cross-touchpoint integration ● Product usage monitoring ● Web Session replay
- 23. Predictive Engagement Leverage AI/ML to detect warning signals of dissatisfaction and take proative measure
- 24. Predictive Engagement Features ● Proactive support ● Support bots ● Agent- assist bots ● Social signals ● Likelhood to churn
- 25. Collaborative Engagement Pull teammates directly into a ticket for deep collaboration that solves customer problems
- 26. Collaborative Engagement Features ● Easy “pit-stop” collaboration ● Shared Ownership ● Parent-child feature ● Linked tickets ● Traffic-cop
- 27. Saas Data X’s and O’s ● X-Data=Experience Data In-product In-social media In-web site In-survey (e.g. NPS, Customer-sat, likelihood for next purchase) ● O-Data=Operational Data CustID, order size, tenure, average order value, products ordered, etc)
- 28. Data Model for Saas Xs & Os
- 29. Old Way vs. New Way Traditional CRM Customer-for-Life Reactive Proactive Transactional (Deal) Holitistic (Adoption) Cost Center Revenue Center
- 30. Old Way vs. New Way Each one percentage point improvement in net revenue retention yields a one percentage point improvement in annual growth.
- 31. Traditional CRM Customer-for-Life Scored on Email Click-throughs Scored on “Useful Usage” Made Trial Short: 14 Days Made Trial Longer: 30 Days 10% Conversion rate SQL-->Deal 75% SQL-->Deal
- 32. Traditional CRM Customer-for-Life Typically sold on “fear-based”, i.e. “something bad’s going to happen” stop phishing attacks and protect the brand Consulting-based engagement Made Trial Longer: 30-90 Days Automated engagement 10% Conversion rate SQL-->Deal 75% SQL-->Deal
- 33. Traditional CRM Customer-for-Life Partial and disconnected sources of customer data, time consuming research. Comprehensive view of customer data from across the business. ‘Relationship health’ based on last interaction, quickly out of date. ‘Customer health’ continuously evaluated based on up-to-date usage and KPIs. Intuition-driven, reacting to trailing indicators --> unpredictable churn. Data-driven, monitoring leading indicators, - -> 24% reduction in churn rate.
Notas del editor
- Thanks for having us in today. In this presentation we’d like to get to know your needs better, and also we’ll introduce Freshworks as a company and how to build a customer-for-life company. There are three main sections to our slides today. First, we’ll talk about the challenge companies like your’s face today. Second, we’ll talk about the importance of customer engagement. And third, we’ll show you a examples of customer-for-life companies.
- But first, a quick introduction. We’ve been in business since 2010 and growing rapidly. Today we have more than 30,000 paying customers and we’re a leader in the customer engagement category. Optional: We’ve been in the Gartner Magic Quadrant since 2016 We’re a Google-backed unicorn worth $1.5B
- But first, a quick introduction. We’ve been in business since 2010 and growing rapidly. Today we have more than 30,000 paying customers and we’re a leader in the customer engagement category. Optional: We’ve been in the Gartner Magic Quadrant since 2016 We’re a Google-backed unicorn worth $1.5B
- The winners provide an easier and better experience. It’s easier to hail a ride, watch all the shows I want without me having to go to the theater, and Amazon brings me the whole marketplace right to my phone and delivers the goods to my house, and Apple’s experience is so seamless that I can get instantaneous support at my fingertips. But look at companies that build customers-for-life, like Netflix or Amazon. Can you imagine ever leaving Amazon? Or Netflix? They ensure that every moment of engagement is consistent across channels and effortless for the customer with 4 different types of engagement -- what we call collaborative engagement, contextual engagement, predictive engagement - and anywhere engagement.
- Customer-for-life companies deliver right-time, right-place engagement. They deliver an effortless experience using 4 key engagement strategies: Collaborative Engagement Contextual Engagement Predictive Engagement Anywhere Engagement As we saw with G’s story, customers can rally or ruin a brand with a simple tweet. Apple brings the power of collaboration to their retail experience at the Genius Bar, where a customer’s omnichannel experience with the product comes to life. Netflix has a 360 degree picture of your viewing habits and knows what you like to watch, so much so that they create original programming targeted at micro-audiences. And Amazon has a picture of your wants and needs and suggests items you might like - making the prime shopping experience irresistible to more than 100 million people. DRAFT: They collaborate internally to work as one team for the customer. Because they have full context on their customer’s needs, they can predict the customer’s wants and proactively serve them. And they serve them anywhere, on the customer’s terms in the most effortless say possible. DRAFT: The Freshworks platform was designed from the ground-up to make things effortless for customers. An effortless experience builds customers-for-life. And making things easy equals delivering a WOW experience for the customer. Anywhere Engagement Collaborative Engagement Contextual Engagement (who are you?) Predictive Engagement (what would make you happier?) Optional: Increases customer spend and retention and helps spread positive word-of-mouth about your brand.
- Customers are all over the place in today’s digital world, from web to mobile to email to social media, they are ranting or raving about your brand.
- Make your customers lives easier by giving agents full context through a unified customer record. Empowered agents : Leading service teams are empowered not only with the right technology and tools at their disposal — they’re set up for success with training and a single view of the customer. 79% of service teams agree that a shared, single view of the customer empowers agents to provide consistency and continuity in every customer interaction. 76% agree it empowers interdepartmental collaboration every time they interact with a customer. Source: Salesforce.
- Make your customers lives easier by giving agents full context through a unified customer record. Empowered agents : Leading service teams are empowered not only with the right technology and tools at their disposal — they’re set up for success with training and a single view of the customer. 79% of service teams agree that a shared, single view of the customer empowers agents to provide consistency and continuity in every customer interaction. 76% agree it empowers interdepartmental collaboration every time they interact with a customer. Source: Salesforce.
- Make your customers lives easier by giving agents full context through a unified customer record. Empowered agents : Leading service teams are empowered not only with the right technology and tools at their disposal — they’re set up for success with training and a single view of the customer. 79% of service teams agree that a shared, single view of the customer empowers agents to provide consistency and continuity in every customer interaction. 76% agree it empowers interdepartmental collaboration every time they interact with a customer. Source: Salesforce.
- AI fuels effortlessness for customers with automatic FAQs, conversational AI, and chatbots that meet their needs. Agents get Agent-assist intelligence that anticipates customer need and walks them through best resolution.
- Helps predict the answer you need to your questions (if customer) What agent can do next to help the customer (if agent) Predicts sentiment (are they happy or not) Tell me next answer I need to give customer to create a customer-for-life (Freddy Support Bot) What is the likelihood to churn What is the mood of my customer so I can tailor my engagement with them