Pulse 2016: Managing Sponsor Change
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Session Overview: When your customer buyer or key decision-maker leaves, you should freak out, just enough to take action. Indeed a change in the guard will always create both risk and opportunity. Both elements must be attacked with urgency and purpose. Take away some very specific strategies and actions from the group of panel speakers that you can easily implement for your own organization no matter the level of maturity or technologies in place. This is some back-to-the-basics but super important learnings that can have a direct impact on your retention rates.
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Pulse 2016: Managing Sponsor Change
- 1. ©2015 Gainsight. All Rights Reserved. Managing Sponsor Change: How To Navigate with a New Champion MATT HENSLER Allbound BETH YEHASKEL Spredfast KELLY PAYNE Glassdoor SANDY MIRANDA Power DMS
- 2. ©2015 Gainsight. All Rights Reserved. Managing Sponsor Change: Moderator – Matt Hensler Director, Customer Success • 14 months in customer success • Marketing and Brand Strategist • @matthensler How To Navigate With A New Champion.
- 3. ©2015 Gainsight. All Rights Reserved. Session Focus… FREAK OUT, but don’t panic
- 4. ©2015 Gainsight. All Rights Reserved. Understand The Risk And Opportunity Session Focus…
- 5. ©2015 Gainsight. All Rights Reserved. Deploy Strategies With Urgency And Purpose Session Focus…
- 6. ©2015 Gainsight. All Rights Reserved. Meet Your Panelists Kelly Payne Director, Customer Success Sandy Miranda VP, Customer Success Beth Yehaskel VP, Customer Success • 6+ years in customer success • Publication Editor and Writer • Doctor • @kelly_payne22 • 4+ years in customer success • 15+ years in customer service & support • News Anchor • @smiranda_DMS • 8 years in customer success • Marketer and Technical Writer • Archaeologist • @byehaskel
- 7. ©2015 Gainsight. All Rights Reserved. Why are sponsor change strategies critical for customer success teams? Explain what is at risk.
- 8. ©2015 Gainsight. All Rights Reserved. Relationship Advocacy ARR The Importance of Sponsor Change Strategies
- 9. ©2015 Gainsight. All Rights Reserved. •Retention/Churn Risk • Early Warning Signs / Risk Alerts are Key • If happens close to renewal, game plan needed •Communication Risk • Overall Partnership (POC/EB) • Communication Breakdown •Knowledge Risk • “Begin Again” = Value proposition • Regain new Champion The Importance of Sponsor Change Strategies
- 10. ©2015 Gainsight. All Rights Reserved. How should sponsor change strategies differ for different customer segments? (e.g. enterprise vs. SMB customers)
- 11. ©2015 Gainsight. All Rights Reserved. Sponsor Change Strategies for Enterprise vs. SMB
- 12. ©2015 Gainsight. All Rights Reserved. Sponsor Change Strategies: •Who they are in the Org / How they play into the Decision Tree/Partnership = measure the impact of the departure •CSM must understand the company hierarchy •Having a repeatable process for this event is essential to the larger partnership & success of your business Sponsor Change Strategies for Enterprise vs. SMB
- 13. ©2015 Gainsight. All Rights Reserved. • Easier to have a sponsor ecosystem at large organizations • Value of face-to-face meetings easier to cost-justify • More urgency in SMB since main sponsor assumes many roles (e.g. power user, budget owner, etc.) Sponsor Change Strategies for Enterprise vs. SMB
- 14. ©2015 Gainsight. All Rights Reserved. How should your sponsor change playbook change for different types of sponsors in a customer organization?
- 15. ©2015 Gainsight. All Rights Reserved. Depends on: •The “role” the Sponsor plays in the partnership. •How well you know the customer, their business and goals. Different Strategies For Different Sponsor Types
- 16. ©2015 Gainsight. All Rights Reserved. • Tailor your strategy to what VALUE means to each sponsor Power user value ≠ contract signer value ≠ budget owner value Make sponsors aware of value YOU bring THEM in their role Different Strategies For Different Sponsor Types
- 17. ©2015 Gainsight. All Rights Reserved. How should customer success teams proactively manage sponsor relationships to minimize panic when a change does take place?
- 18. ©2015 Gainsight. All Rights Reserved. Absolutely! •Clean Data = Productivity •Defined Process = Proactive Alerts for CSMs to act on Proactive Steps to Minimize Sponsor Change Events
- 19. ©2015 Gainsight. All Rights Reserved. • Use technology • Create checkpoints Proactive Steps to Minimize Sponsor Change Events
- 20. ©2015 Gainsight. All Rights Reserved. What opportunities come with sponsor change?
- 21. ©2015 Gainsight. All Rights Reserved. Opportunities That Come With Sponsor Change
- 22. ©2015 Gainsight. All Rights Reserved. • Help make new champion successful • Follow exiting sponsor to their new company • Customer “reset” to re-establish goals and gather deeper intelligence about the account Opportunities That Come With Sponsor Change
- 23. ©2015 Gainsight. All Rights Reserved. Provide an example of a sponsor change that did not go as intended. What went wrong?
- 24. ©2015 Gainsight. All Rights Reserved. Prior to using Gainsight: •No defined process •No Sponsor Change playbook •No Ownership (AM/CSM) on who reached out to welcome new Sponsor •Time delay: Waiting too long, Sponsor went MIA •Got Scrappy & Fixed it, but Lesson Learned! Sponsor Change Gone Wrong
- 25. ©2015 Gainsight. All Rights Reserved. • Missed sponsor change is easier with small customers • One situation where it was missed until 2 months after the sponsor change event • Left an opening for a competitor to connect with new sponsor • Resulted in churn that could have been prevented Sponsor Change Gone Wrong
- 26. ©2015 Gainsight. All Rights Reserved. How do you prepare personnel in your company outside of customer success for their role in a sponsor change playbook?
- 27. ©2015 Gainsight. All Rights Reserved. • Forge relationships beyond the CSM • Develop a strong Executive Sponsor program The Role of Your Co-workers Outside of Customer Success
- 28. ©2015 Gainsight. All Rights Reserved. • Pertinent information about a sponsor change is shared across systems. • Tasks are created if an assist is needed. The Role of Your Co-workers Outside of Customer Success
- 29. ©2015 Gainsight. All Rights Reserved. How does the sponsor change playbook change at different stages of the customer lifecycle? (e.g. onboarding vs. adoption vs. renewal)
- 30. ©2015 Gainsight. All Rights Reserved. System: Welcome Email ContractSign Imp Manager & CSMSales Cycle Day 1: Imp Tech Outreach Pre-Close, Tech & Project Call AdoptionBuild & CustomizeSales Engage the right Sponsor for each stage of the Customer Lifecycle Day 10: Build Update & Review Day 5: Build Update & Review Day 15: Build Complete & Sign-Off Day 20: Profile Update Training Day 25: EC Walk-thru w/Analytics CSM & Sales Day 30: Services Launch & Employer Branding BP Expertise, Speed, Professional, & Quality
- 31. ©2015 Gainsight. All Rights Reserved. • Onboarding: - Evaluate the WHY • Adoption: - Evaluate the WHAT • Renewal: - Re-establish possibilities Sponsor Change Strategies At Different Customer Lifecycle Stages
- 32. ©2015 Gainsight. All Rights Reserved. Audience Q& A
- 33. ©2015 Gainsight. All Rights Reserved. Name 3 things attendees should do FIRST if no sponsor change strategies are currently in place.
- 34. ©2015 Gainsight. All Rights Reserved. 1. Identify one or more sponsors a each account 2. Keep regular, proactive touch points with customers 3. Make a simple playbook on steps with new and former sponsor – gift baskets go a long way! Top 3 Priorities For Getting Sponsor Change Strategies In Place
- 35. ©2015 Gainsight. All Rights Reserved. 1. HOW – do you identify a change 2. WHO – is responsible 3. WHAT – should be done Top 3 Priorities For Getting Sponsor Change Strategies In Place
- 36. ©2015 Gainsight. All Rights Reserved. 1. Talk about it: Make sure Execs, Leaders & CSMs/Sales are all focused on it & Define a Playbook 2. Use Tools & Monitor, Monitor, Monitor (CTAs): Gainsight Sponsored Tracking 3. Tie to Retention/Churn Top 3 Priorities For Getting Sponsor Change Strategies In Place
Notes de l'éditeur
- I want to welcome you all here for our session on Managing Sponsor Change.
- My name is Matt Hensler and while I’ll be serving as your moderator here today, I spend much of my time as the Director of Customer Success at Allbound, which is a software platform that helps streamline and support the way that companies grow through indirect sales channels and reseller partners. I’m still relatively new to customer success having joined Allbound just over a year ago. But, the decade and a half I spent in marketing and brand strategy at B2B marketing firms has definitely given me a lot of exposure to this topic.
- . Before we dig in, by quick show of hands, how many of you you have dealt with sponsor change in your organizations? As the session overview alluded, when a sponsor change does occur, it should be cause for alarm. But, it doesn’t have to create a negative result on your business.
- There will be a lot of things you’ll takeaway from our discussion today. Our panelists bring nearly 20 years of customer success experience into this discussion and will share those experiences with you so that you can understand both the risks and the opportunities that come with sponsor change.
- You’ll learn about and see examples of how they leverage sponsor change playbooks in order to minimize the impact of sponsor change events. You can’t look at this picture and not smile right? It does make the good point that with the right planning and tools, even big challenges, like significant sponsor change, can be overcome more easily.
- So let’s meet our panelists. As we all know, customer success as a distinct discipline in business is still relatively new. And I can honestly say that despite the intro to yesterday’s closing session no 10 year old kid has ever said that they wanted to be a customer success professional when they grow up. Our panelists are no different. Kelly Payne is the director of customer success at Glassdoor. Glassdoor is a jobs and recruiting site that helps people find jobs and companies they love. But, she started her career as a publication editor and writer. When she was 10, she actually wanted to be a doctor, but she’s not so don’t look to the group up here if you need medical attention. Sandy Miranda is the VP of customer success with Power DMS which is a cloud-based software that stores and distributes content online with emphasis on compliance in order to reduce risk and liability for their customers. Sandy has a long standing history looking out for the best interests of customers. She is close today to living out her dream as a 10 year old of being a news anchor – well maybe if we had a desk up here. Our third panelist is Beth Yehaskel from Spredfast which is a social marketing platform that makes it easy for their customers to connect to the people they care about. Beth also was a writer and marketer, but before that spent time as an archaeologist, which so happens to be what she wanted to be when she was 10. In the last year I’ve spent in customer success, I’ve learned that most everyone you meet in the discipline started their career in other areas of business. But, to our benefit today, we’re going to get a really broad and varied sense of how all of that experience has been applied to effectively managing sponsor change.
- Sandy I’m actually going to have you kick off our discussion today. Help us understand why it is so critical for customer success teams to have sponsor change strategies?
- Kelly, how would you explain the risks involved with sponsor change at a customer organization?
- Let’s talk a little bit about how sponsor change strategies need to differ for different customer segments.
- Sandy, why don’t you start us out again?
- How do those strategies differ by segment at Glassdoor?
- Beth, provide us with perspective on this from Spredfast.
- While preparing for this panel, I know we had a really good discussion about how it’s not just different strategies by customer segment, but also for the different types of sponsors.
- Kelly, please talk about how you manage this for Glassdoor. Peer-to-Peer Reference (with other customers) Content & Best Practice Sharing
- Beth, you shared some good points about mapping value to these different sponsors. Tell us about that.
- So I think it’s one thing to have playbooks that can get deployed once a sponsor change happens. But, I think the ultimate goal is making a sponsor change a non-event. Kelly can you talk to us about how you and your team work proactively work to minimize the impact of sponsor change?
- Sandy, your organization definitely deploys tech touch strategies. Tell us more about that. I attended a couple session yesterday where time for audience questions was short. So, let’s actually pause right here for an audience question. Are there questions for our panelists about what you’ve heard from them?
- Great, so we’ve talk quite a bit about why we need sponsor change strategies and how to deploy those playbooks. Let’s talk for a few minutes about the opportunities that come with sponsor change.
- Sandy do you want to give us some different perspectives on that?
- Beth I really like your point of view on this on the benefits of getting a fresh start when a new champion come in place. Have you ever been asked to assist with or support the hiring process for a company replacing a sponsor?
- So one of my previous agency mentors once gave me the advice to use negative case studies when pitching business because it gives clients an understanding on how you can work through adversity and turn problems into business wins. So, while you’ve given us great perspective on what we should be doing, help us learn from some of the sponsor change hurdles you’ve encoutnered. Kelly lets start with you.
- Beth, any examples you can share? Well I actually have my own I’d like to share. I’ve actually been shocked this past year at how often sponsor change occurs We’ve worked and learned our way through almost all of the sponsor change we’ve encountered except one, where we actually had a customer sponsor change coincide with an internal personnel change on our accounting team. We were dealing with an outstanding invoice which I thought had gotten resolved long before the customer sponsor change took place. A couple months after the sponsor was gone and a new controller came on board, I learned that invoice hadn’t been resolved, and that was two days after that particular customer was in the news for filing chapter 11. So, not only do we have an almost assured churn risk, we also will very likely not see payment for that first contract which is definitely not the kind of lesson I’d like any of you to have to experience first hand.
- That actually leads us into our next questions – what role do your colleagues outside of customer success play in sponsor change?
- Beth, start us off.
- Sandy how do you leverage technology to support this type of collaboration with your non customer success teams?
- There are a number of customer success leaders who talk about strategies at each stage of the customer lifecycle. How does the customer lifecycle correlate to this discussion on sponsor change?
- Kelly, tell us a bit about the approach at glassdoor.
- Sandy, how does your team at PowerDMS approach this?
- Beth anything you would add?
- Alright, well this is another good place to involve our session attendees, let’s hear some more of your questions.
- We’re almost out of time, thanks again for these great questions and to our panelists for sharing their experiences a lot of different perspectives on this topic. Last year was my first time attending Pulse and at that point I had only been involved in customer success for two very short months. Is there anyone else like that here today? Beth – what would you suggest be the top three priorities for someone in customer success should address regarding sponsor change.
- Make sure you have at least one Sponsor (ideally more than one) identified for each account. Ensure that you have regular proactive touch points with customers so you can stay on top of changes. Work up a simple playbook on steps to take with a new sponsor, as well as steps to take with the former sponsor (e.g. reach out on LinkedIn, etc.). Don’t forget to congratulate people on their new roles – gift baskets go a long way!
- Sandy – what would you recommend?
- Kelly – what advice would you give?