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Kicking Ass with Customer Success; The Ultimate Growth Hack for Startups

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Kicking Ass with Customer Success; The Ultimate Growth Hack for Startups. Presented at CASE2015 in Sao Paulo, Brazil November 3, 2015

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Kicking Ass with Customer Success; The Ultimate Growth Hack for Startups

  1. 1. KICKING ASS WITH CUSTOMER SUCCESS Lincoln Murphy, Founder, Sixteen Ventures The Ultimate Growth Hack for Startups Presented at:
  2. 2. Lincoln Murphy @lincolnmurphy
  3. 3. For a Deep-Dive on Customer Success http://sixteenventures.com/case2015
  4. 4. “The purpose of business is to create and keep a customer.”
  5. 5. “The purpose of business is to create and keep a customer.”
  6. 6. Startups are a Business The Product / Market Fit Fallacy Copyright © 2015 Sixteen Ventures. All rights reserved.
  7. 7. You’ve got 99 Problems… but Product / Market Fit isn’t One Copyright © 2015 Sixteen Ventures. All rights reserved. 99 PROBLEMS
  8. 8. Startups need Churn to Learn? No. This is a dangerous lie. Copyright © 2015 Sixteen Ventures. All rights reserved.
  9. 9. Customer Churn Kills! • Company Value • Total Addressable Market • Employee (and Founder) Morale • Time! Copyright © 2015 Sixteen Ventures. All rights reserved.
  10. 10. Customer Success is Hot • Now part of the SaaS Business Model • Driver of Customer Lifetime Value (LTV) • Customer Stays Longer • Customer Pays you More • Customer Brings in Other Customers Copyright © 2015 Sixteen Ventures. All rights reserved.
  11. 11. Customer Success is not Required •You will not FAIL without it •But you will not THRIVE Copyright © 2015 Sixteen Ventures. All rights reserved.
  12. 12. Without Customer Success you will end-up… AVERAGE!!!!! Copyright © 2015 Sixteen Ventures. All rights reserved. AVERAGE SUCKS!
  13. 13. What is Customer Success? Copyright © 2015 Sixteen Ventures. All rights reserved.
  14. 14. Customer Success is not Customer Support Copyright © 2015 Sixteen Ventures. All rights reserved.
  15. 15. Customer Success is when your customers achieve their Desired Outcome through their interactions with your company. Copyright © 2015 Sixteen Ventures. All rights reserved.
  16. 16. Customer Success Management is proactively managing the process of your customers achieving their Desired Outcome Copyright © 2015 Sixteen Ventures. All rights reserved.
  17. 17. Copyright © 2015 Sixteen Ventures. All rights reserved.
  18. 18. When to do Customer Success? Before you Launch (or Now)… whichever is sooner Copyright © 2015 Sixteen Ventures. All rights reserved.
  19. 19. Customer Development Process • Identify their Desired Outcome • Required Outcome • Appropriate Experience • Build your MVP around that • Give them what they need, not what they want Copyright © 2015 Sixteen Ventures. All rights reserved.
  20. 20. Why is Customer Success the Ultimate Growth Hack? Copyright © 2015 Sixteen Ventures. All rights reserved.
  21. 21. David Skok Matrix Partners http://www.forentrepreneurs.com/why-churn-is-critical-in-saas/ Customer Success Drives First-order Growth
  22. 22. Source: http://www.saastr.com/its-not-just-cltv-its-your-trgcltv-that-matters-total-all-in-revenue-generated-by-your-customer/ Customer Success Drives Second-order Growth
  23. 23. 0x 5x 15x 20x EV/RevenueMultiple Dollar Net Renewal Rate 60% 70% 80% 90% 100% 110% 120% Source: Altimeter and FactSet 10/2014 10x 7X 15X Customer Success Drives Third-order Value
  24. 24. All of this is too important to be left to chance. Copyright © 2015 Sixteen Ventures. All rights reserved.
  25. 25. Customer Success is Transformational 1. Acquire the Best Customers 2. Engage & Deliver Value Quickly 3. Expand Their Investment 4. Mobilize your Advocates 5. Retain & Renew Customers Copyright © 2015 Sixteen Ventures. All rights reserved.
  26. 26. 1. ACQUIRE THE RIGHT CUSTOMERS Copyright © 2015 Sixteen Ventures. All rights reserved.
  27. 27. Ready Willing Able Acquisition Efficiency Success Potential Expansion Potential Advocacy Potential Copyright © 2015 Sixteen Ventures. All rights reserved. Ideal Customer Profile
  28. 28. Ideal Customer Profile Ready Willing Able Acquisition Efficiency Success Potential Expansion Potential Advocacy Potential Copyright © 2015 Sixteen Ventures. All rights reserved.
  29. 29. Success Potential • Only Acquire Customers with Success Potential • Technical Fit • Functional Fit • Experience Fit • Support Fit Copyright © 2015 Sixteen Ventures. All rights reserved.
  30. 30. Use Customer Success to influence your Marketing and Sales Copyright © 2015 Sixteen Ventures. All rights reserved.
  31. 31. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier Copyright © 2015 Sixteen Ventures. All rights reserved.
  32. 32. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier, c1937 Copyright © 2015 Sixteen Ventures. All rights reserved.
  33. 33. Copyright © 2015 Sixteen Ventures. All rights reserved. Customer Success = Their Desired Outcome
  34. 34. Copyright © 2015 Sixteen Ventures. All rights reserved. Customer Success = Their Desired Outcome
  35. 35. 2. ENGAGE & DELIVER VALUE QUICKLY Copyright © 2015 Sixteen Ventures. All rights reserved.
  36. 36. The initial sale is critical, but it’s just the tip of the iceberg
  37. 37. Success Milestones are the steps required for a customer to achieve their Desired Outcome. Copyright © 2015 Sixteen Ventures. All rights reserved.
  38. 38. Copyright © 2015 Sixteen Ventures. All rights reserved.
  39. 39. 3. EXPAND THEIR INVESTMENT Copyright © 2015 Sixteen Ventures. All rights reserved.
  40. 40. Copyright © 2015 Sixteen Ventures. All rights reserved. “Customers that take an upsell offer stay longer” - McKinsey & Company
  41. 41. Copyright © 2015 Sixteen Ventures. All rights reserved.
  42. 42. Copyright © 2015 Sixteen Ventures. All rights reserved. Customer Lifetime Value is the Key Metric
  43. 43. 4. MOBILIZE YOUR ADVOCATES Copyright © 2015 Sixteen Ventures. All rights reserved.
  44. 44. Copyright © 2015 Sixteen Ventures. All rights reserved. “Customers that come in through advocacy stay longer and buy more.” - McKinsey & Company
  45. 45. Copyright © 2015 Sixteen Ventures. All rights reserved. “Customers that advocate for you become stronger customers themselves.” - Influitive
  46. 46. Copyright © 2015 Sixteen Ventures. All rights reserved.
  47. 47. 5. RETAIN & RENEW CUSTOMERS Copyright © 2015 Sixteen Ventures. All rights reserved.
  48. 48. Copyright © 2015 Sixteen Ventures. All rights reserved. When Customer Success is operationalized around Desired Outcome-based Success Milestones, renewals become a non-issue… renewals just happen.
  49. 49. WHAT ABOUT CHURN? Copyright © 2015 Sixteen Ventures. All rights reserved.
  50. 50. For a Deep-Dive on Customer Success http://sixteenventures.com/case2015
  51. 51. “The purpose of business is to create and keep a customer.”
  52. 52. Lincoln Murphy @lincolnmurphy
  53. 53. For a Deep-Dive on Customer Success http://sixteenventures.com/case2015

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