5 Secrets of Growth by Lincoln Murphy
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5 Secrets of Growth by Lincoln Murphy
- 2. 5 SECRETS OF GROWTH Lincoln Murphy, Founder Sixteen Ventures Presented to: June 3, 2015
- 3. 5 SECRETS TO GROWTH Lincoln Murphy, Founder Sixteen Ventures Presented to: June 3, 2015 THE ONE SECRET OF
- 5. 100% of the time, the biggest barrier to progress - traction, growth, etc. - is NOT being DELIBERATE.
- 6. Deliberate = “done consciously and intentionally”
- 7. Customer Success Desired Outcome Eliminate FOMO Ideal Customer Deliberate Growth Framework Get Deliberate
- 8. Deliberate Growth Framework Customer Success Desired Outcome Eliminate FOMO Ideal Customer Get Deliberate
- 9. Why Get Deliberate? • Throwing a bunch of stuff at the wall and seeing what sticks is for amateurs • It wastes time, resources, energy, money, etc. Deliberate Growth Framework
- 10. Question! How many of you believe that, given enough time, money, and resources, anything is possible? Deliberate Growth Framework
- 12. Why Get Deliberate? • Grow because of – not in-spite - of your efforts • No More Sloppy Progress! Deliberate Growth Framework
- 13. Sloppy Progress • Accepting any growth as good growth • Focusing on Vanity Metrics • Seeds of Churn are Planted Early Deliberate Growth Framework
- 14. Deliberate Growth Framework Churn = Bad
- 15. Deliberate Growth Framework Customer Success Desired Outcome Eliminate FOMO Ideal Customer Get Deliberate
- 16. Question! How many of you had heard of Customer Success before today? Deliberate Growth Framework
- 17. Question! How many of you have implemented Customer Success in your business? Deliberate Growth Framework
- 18. customer success = “Your customer achieving their Desired Outcome through their interactions with your company.” Deliberate Growth Framework
- 19. Customer Success Management = “Proactively managing the process of your customers achieving their Desired Outcome” Deliberate Growth Framework
- 20. Customer Success is Hot Deliberate Growth Framework • Part of the SaaS Business Model now • Driver of Customer Lifetime Value (LTV) • Longer Lifetime • More Revenue • Second Order Revenue
- 21. When to do Customer Success? Deliberate Growth Framework • Before you Launch (or Now) • Churn Kills • Company Value • Morale • Total Addressable Market
- 22. When to do Customer Success? Deliberate Growth Framework • Only Acquire Customers with Success Potential • Technical Fit • Functional Fit • Experience Fit • Support Fit
- 23. Deliberate Growth Framework Customer Success Desired Outcome Eliminate FOMO Ideal Customer Get Deliberate
- 24. What is Desired Outcome? Deliberate Growth Framework • What they want to achieve through their interactions with your company • Required Outcome + Appropriate Experience
- 25. The Success Gap Deliberate Growth Framework • Their Desired Outcome may only be achieved outside of your product • The best companies understand & bridge this gap
- 26. Question! How many of you have – or had - an MVP? Deliberate Growth Framework
- 27. Question! How many of you feel your MVP is/was successful? Deliberate Growth Framework
- 29. MarCom-Specific Deliberate Growth Framework Your customers don’t want to send an email, distribute a press release, or inject themselves into conversations on the web
- 30. MarCom-Specific Deliberate Growth Framework • Your customers want more users, more customers, more revenue, etc. • If they fail to achieve that they will blame you (so… bridge the Success Gap)
- 31. Protip: How to use Desired Outcome in your Marketing Deliberate Growth Framework
- 32. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier Deliberate Growth Framework
- 33. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier, c1937 Deliberate Growth Framework
- 34. Success = Their Desired Outcome
- 35. The topic of the conversation in their mind Success = Their Desired Outcome
- 36. Deliberate Growth Framework Customer Success Desired Outcome Eliminate FOMO Ideal Customer Get Deliberate
- 37. Question! How many of you know what FOMO means? Deliberate Growth Framework
- 38. What is FOMO? Deliberate Growth Framework • Fear of Missing Out • “… we must sign that customer no matter what” • “… ‘go wide’ … don’t narrow your focus” • “… take that custom dev …”
- 39. Question! How many of you have experience FOMO before? Deliberate Growth Framework
- 41. The Reality of FOMO Deliberate Growth Framework • You ARE missing out by not focusing • Real, Actionable Insights • It’s better to not sign a customer who’s a bad fit now and possibly sign them later when they are a good fit
- 42. Deliberate Growth Framework Customer Success Desired Outcome Eliminate FOMO Ideal Customer Get Deliberate
- 43. Question! How many of you have developed an Ideal Customer profile? Deliberate Growth Framework
- 44. What is an Ideal Customer? Deliberate Growth Framework The customer type that – over a strictly- defined time frame - you will dedicate Sales and Marketing Resources to acquire.
- 45. Ideal Customer Profile Framework Goal + Time + Maturity = Situation
- 46. Deliberate Growth Framework Ideal Customer Profile Ready Willing Able Success Potential Acquisition Efficiency Expansion Potential Advocacy Potential
- 47. Ideal Customer Profile Framework Ideal Customer Profile Ready Willing Able Success Potential Acquisition Efficiency Expansion Potential Advocacy Potential Situation
- 48. Ideal Customer Profile Framework Situation DETERMINES Success How are you doing 30-days in? On your way to the 90-day goal?
- 49. Is this just Persona Mapping? Deliberate Growth Framework • No. • Persona mapping comes AFTER you’ve identified your Ideal Customer • Personas are different depending on customer type
- 50. Ideal Customer Profile is Powerful Deliberate Growth Framework • Deliberate Customer Acquisition! • Generally you can only test tactics; this allows you to test customers • Kills FOMO because it’s temporary