Customer Nurture: Your New Growth Engine
Lincoln Murphy has worked with 300+ SaaS and so ware vendors to accelerate growth through Customer Success. He is currently Customer Success Evangelist at Gainsight and is responsible for driving the company’s thought-leadership in the areas of Customer Success, retention, churn mitigation, and expansion revenue. Your Existing Customers are a Major Source of New Revenue Introducing Customer Nurture 1 Marketing / Sales Funnel Fallacy We need a better analogy… Introducing Customer Nurture Nurture is the process of caring for and encouraging the growth or development of someone or something. (According to Google) Introducing Customer Nurture • Everybody knows about Lead Nurturing • But once the sale is complete, “nurturing” stops • In Subscription businesses (but *any* business, actually) everything is Pre-Sales • Renewal • Upsell • Add-On • Next Transaction Customer Nurture is Also Known As… Introducing Customer Nurture • Customer Marketing • Lifecycle Messaging • Marketing for Loyalty • Demand Generation w/ a Captive Audience• Customer Nurture is important because it accelerates all aspects of the customer lifecycle • Activation / Adoption / Engagement • Retention - Churn Reduction / Renewals • Expansion - LTV Growth • Advocacy - Virality Segmenting Your Customers 2 How Should you Segment your Customers? • Most segment based on ARR • Consider Segmenting on Other Things • Advocacy Potential - Referencability • Industry • Complexity • Brand Identify Success Milestones 3 Desired Outcome Identify Success Milestones Success Milestones on the way to Desired Outcome Identify Success Milestones Activation, Onboarding, Oh My! Identify Success Milestones • First Value Delivered = Activation • Time to First Value (TTFV) = Time to "Activation" • Adoption = Breadth and Depth of use • What Adoption NEEDs to look like though is congruent with Desired Outcome • If value is being delivered - if the Desired Outcome is being achieved - then Adoption is where needs to be. Why Thinking in “Success Milestones” is best for all parties Identify Success Milestones • Your Customers • Structure • Expectations • Alignment • Understanding • To You: • All of the Above... • No more “boil the ocean” requests Orchestrate Interactions 4 Who will you Interact With? Orchestrate Interactions • Customers • Users • Personas • Admins • Power Users • Champions • Advocates • Triggered vs. Timed • Tied to Success Milestones; tries to get you to take the next one • Core is Triggered • Have a Timed Track, too • Frequency • Email • SMS • Content • In-App Messaging • Social • Customer Summits • User Groups • Phone Calls • Communities • Webinars Operationalize Engagement 5 Who Owns Customer Nurture? Operationalize Engagement • Content Creation • Customer Segmentation • Renewal or Upsell • Organizationally • Sales • Marketing • Customer Success Management
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Customer Nurture: Your New Growth Engine
- 1. Lincoln Murphy Customer Nurture: Your New Growth Engine January 2015 Presentation
- 2. @LincolnMurphy#KISSwebinar Join the conversation on Twi er
- 3. Sean Work - KISSmetrics - @seanvwork Sean Work runs the blog at KISSmetrics.com. He’s been with the team since 2010. He loves working from Southern California where he can surf, snowboard and camp under the bright starts with no blankies. Lincoln Murphy – Gainsight & Sixteen Ventures - @lincolnmurphy Lincoln Murphy has worked with 300+ SaaS and so ware vendors to accelerate growth through Customer Success. He is currently Customer Success Evangelist at Gainsight and is responsible for driving the company’s thought-leadership in the areas of Customer Success, retention, churn mitigation, and expansion revenue.
- 4. Your Existing Customers are a Major Source of New Revenue
- 5. 1 Introducing Customer Nurture 2 Segmenting Your Customers 3 Identify Success Milestones Table of Contents 4 Orchestrate Interactions 5 Operationalize Engagement
- 6. WATCH WEBINAR RECORDING NOW
- 9. Marketing / Sales Funnel Fallacy We need a be er analogy… Introducing Customer Nurture
- 10. Marketing / Sales Funnel Fallacy We need a be er analogy… Introducing Customer Nurture
- 11. Nurture is the process of caring for and encouraging the growth or development of someone or something. (According to Google)
- 12. Customer Nurture is… Introducing Customer Nurture • Everybody knows about Lead Nurturing • But once the sale is complete, “nurturing” stops • In Subscription businesses (but *any* business, actually) everything is Pre-Sales • Renewal • Upsell • Add-On • Next Transaction
- 13. Customer Nurture is Also Known As… Introducing Customer Nurture • Customer Marketing • Lifecycle Messaging • Marketing for Loyalty • Demand Generation w/ a Captive Audience
- 14. Customer Nurture is Important because… Introducing Customer Nurture • Customer Nurture is important because it accelerates all aspects of the customer lifecycle • Activation / Adoption / Engagement • Retention - Churn Reduction / Renewals • Expansion - LTV Growth • Advocacy - Virality
- 15. It’s an AARRR accelerator… Introducing Customer Nurture
- 16. LOG IN WITH GOOGLE Start Your Free KISSmetrics Trial
- 18. Why Should You Segment your Customers? Segmenting Your Customer
- 19. How Should you Segment your Customers? Segmenting Your Customers • Most segment based on ARR • Consider Segmenting on Other Things • Advocacy Potential - Referencability • Industry • Complexity • Brand
- 21. Desired Outcome Identify Success Milestones
- 22. Success Milestones on the way to Desired Outcome Identify Success Milestones
- 23. Activation, Onboarding, Oh My! Identify Success Milestones • First Value Delivered = Activation • Time to First Value (TTFV) = Time to "Activation" • Adoption = Breadth and Depth of use • What Adoption NEEDs to look like though is congruent with Desired Outcome • If value is being delivered - if the Desired Outcome is being achieved - then Adoption is where needs to be.
- 24. Why Thinking in “Success Milestones” is best for all parties Identify Success Milestones • Your Customers • Structure • Expectations • Alignment • Understanding • To You: • All of the Above... • No more “boil the ocean” requests
- 26. Who will you Interact With? Orchestrate Interactions • Customers • Users • Personas • Admins • Power Users • Champions • Advocates
- 27. When Will you Interact With Them? Orchestrate Interactions • Triggered vs. Timed • Tied to Success Milestones; tries to get you to take the next one • Core is Triggered • Have a Timed Track, too • Frequency
- 28. How Will you Interact With Them? Orchestrate Interactions • Email • SMS • Content • In-App Messaging • Social • Customer Summits • User Groups • Phone Calls • Communities • Webinars
- 30. Who Owns Customer Nurture? Operationalize Engagement • Content Creation • Customer Segmentation • Renewal or Upsell • Organizationally • Sales • Marketing • Customer Success Management
- 31. Orchestrating the Workflow Operationalize Engagement • Automation • Playbooks • Determining the Right Mix for you
- 32. Questions? Lincoln Murphy Gainsight & Sixteen Ventures @lincolnmurphy lincoln@lincolnmurphy.com Sean Work Inbound Marketing Director KISSmetrics @seanvwork