How Customer Success-centricity Drives Revenue, Growth, and Valuations - RD Summit 2016
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On November 3, 2016, in Florianópolis, Brazil, at RD Summit 2016, Lincoln Murphy presented on Customer Success-driven Growth to an enthusiastic crowd eager to learn how to make their customers - and in turn - their companies, successful. Whether you have a subscription business or you sell one-off products or services and simply want to do business with your customer more than once, Customer Success should be your driving purpose. The Customer Success approach is invading the boardroom and impacting the way CEOs think about their business. Today, Customer Success is the hottest B2B movement since the advent of the subscription business model.
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How Customer Success-centricity Drives Revenue, Growth, and Valuations - RD Summit 2016
- 1. How Customer Success-centricity Drives Revenue, Growth, and Valuations Hello, my name is Lincoln Murphy I’m excited to be presenting at @LincolnMurphy
- 2. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 5. HOW will they make you powerful?
- 6. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 8. Revenue x Multiplier = Value Company Valuation Calculation
- 9. Revenue x Multiplier = Value o There’s more! Company Valuation Calculation
- 10. Revenue x Multiplier = Value o Customer Lifetime Value (LTV) o Customer Acquisition Cost (CAC) o Net Revenue Retention (NRR) o Total Addressable Market o Talent Acquisition o There’s more! @lincolnmurphy Company Valuation Calculation
- 11. How do you make your customers POWERFUL?
- 13. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 14. Customer Success is NOT… • Just a Department • Customer Support • Account Management • Happiness or Delight • Churn Mitigation • Saving Customers • “Checking in" with customers • Customer hand holding @lincolnmurphy
- 15. Customer Success is a GROWTH ENGINE
- 18. …their relationship with us should EVOLVE and GROW
- 19. Year 1 100% Customer Lifetime Value @lincolnmurphy
- 20. Year 1 Year 2 Year 3 Year 4 Year 5 80% 20% Customer Lifetime Value @lincolnmurphy
- 21. Year 1 Year 2 Year 3 Year 4 Year 5 > 95% < 5% Customer Lifetime Value @lincolnmurphy
- 22. Customer Lifetime Value Year 1 Year 2 Year 3 Year 4 Year 5 > 98% < 2% Year 6 @lincolnmurphy
- 23. Resource Allocation Year 1 Year 2 Year 3 Year 4 Year 5 < 2% > 98% Year 6 @lincolnmurphy
- 24. RENEWAL & EXPANSION are part of the Customer’s SUCCESS
- 25. Customer Success Management is the process of moving the customer toward their ever-evolving Desired Outcome. “ ” - Lincoln Murphy @lincolnmurphy
- 26. Customer Success Management is... • Segmentation • Orchestration • Intervention • Instrumentation • Operationalization • Enrichment
- 28. Grow BECAUSE of your effort, not IN SPITE of it
- 29. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 31. “The seeds ! of churn are ! planted early” ! – Lincoln Murphy! @lincolnmurphy!
- 34. Who Feels the ACUTE Pain of Bad-fit Customers? • Sales • Implementation • Product • Marketing • Support • Account Management • Customer Success Management • Your Customer! @lincolnmurphy
- 37. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 38. Required Outcome Appropriate Experience Desired Outcome WHAT your customer needs to achieve HOW they need to achieve it@lincolnmurphy
- 40. Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly
- 41. Need to work, no 9me to eat Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Assigned sea9ng, WiFi, Food service, leg room Business Traveler
- 42. Save money, enjoy des9na9on Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Cheap fares, snacks & drinks Family Going on Vaca9on
- 45. Inbound Marke9ng Desired Outcome – Inbound Marketing @lincolnmurphy More Quality Leads
- 46. DIY, no $$$, tech-first @lincolnmurphy More Quality Leads API, self-service, Slack support channel Early- stage Startup Desired Outcome – Inbound Marketing Inbound Marke9ng
- 47. Must work, has $$$, less- tech @lincolnmurphy More Quality Leads GUI, 24/7 Support, 3/yr contract F500 Dept Desired Outcome – Inbound Marketing Inbound Marke9ng
- 48. COVERAGE LEVELS and RESOURCES are determined by DESIRED OUTCOME
- 49. DESIRED OUTCOME is the key to SCALING Customer Success
- 50. @lincolnmurphy
- 51. Churn is the SYMPTOM of an Underlying Disease
- 52. Brasil-specific Learnings • Lack of Trust between Customers and Vendors • Relationships matter a lot • Failure to Logically Segment Customers hurts Scalability • Lack of deep CSM talent pool • Lack of Purpose-built CSM for Brazilian Market • Unique Financial Instruments (Boleto) @lincolnmurphy
- 53. Bring Learnings FROM Brasil to the WORLD
- 56. YOU Succeed!
- 58. Awesome! Thanks for your attention. Learn more about me at http://sixteenventures.com And contact me via lincoln@lincolnmurphy.com @LincolnMurphy How Customer Success-centricity Drives Revenue, Growth, and Valuations