5 Ways Retain & Grow Customer Base
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Omer Gotlieb, Chief Customer Officer & Co-Founder at Totango's presentation at Point Nine Capital - SaaS Founder Meetup 2014.
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5 Ways Retain & Grow Customer Base
- 1. 5 Ways to Retain & Grow Customers OMER GOTLIEB | Chief Customer Officer & Co-Founder
- 2. CustomerSuccessNews.Com THE FRONT PAGE OF CUSTOMER SUCCESS
- 3. Typical Retention Problems Blindsided by churn – poor early visibility into metrics that matter Firefighting – operate in crisis/reactive mode vs. proactive How to scale? – not enough CSMs to cover all customers Too much noise – don’t know who needs your
- 4. The Customer Success Manifesto VALUE over customer management CUSTOMER ACTIONS over words REAL-TIME SENSORS over historical snapshots CONTEXTUAL ENGAGEMENT over periodic check-ins ALL CUSTOMERS over high-value customers ALL USERS over buyers and decision makers
- 5. #1 MANAGE YOUR CUSTOMER'S JOURNEY (not the renewal event)
- 6. What does your company do in between? ACQUISITION RENEWAL
- 7. Are you driving recurring value across the customer journey? DECREASE VALUE DECREASE VALUE CHURN CHURN GROW VALUE FIRST VALUE START INCREASE USERS INCREASE USAGE EXPAND FUNCTIONALITY CHURN ONGOING VALUE ONBOARDING ADOPTION RENEWAL & UPSELL
- 8. #2 IMPROVE PRODUCT ENGAGMENT (across all users)
- 9. of churn is preceded by poor product usage 90%
- 10. Increase product engagement at all levels • Product engagement varies across job levels (frontline, management, execs) • Creating passionate users is key to preventing churn • Best-in-class companies focus on creating value for every user
- 11. Define your Power Users
- 12. #3 IMPLEMENT AN EARLY WARNING SYSTEM
- 13. 13 What should your HEALTH SCORE include?
- 14. A true health score should include USER ENGAGEMENT BUSINESS OUTCOMES SERVICE UTILIZATION CUSTOMER SATISFACTION These primary vital signs:
- 15. Accurately gauge customer value with accurate health scores Monitor each customer’s individualized health score • Based on facts, not opinions and anecdotes • Predictive • Adaptive
- 16. Include profiles to improve health Create multiple health profiles - By customer segment - By customer journey stage Define which accounts fit each profile Totango will automatically adapt the right scorecard for each customer score accuracy
- 17. Use the right technology to make health scores actionable
- 18. #4 ENGAGE WITH CUSTOMERS IN A SMART, RELEVANT WAY
- 19. What is smart, relevant customer engagement? • Proactive engagement • Contacting them at the right moment • Sending intelligent messages that align with the customer’s current needs • Delivering reliable, consistent experiences
- 20. #5 EMPOWER ALL CUSTOMER-FACING TEAMS WITH THE RIGHT DATA
- 21. Each team should have access to the Sales Customer Success Finance & Operations Products Marketing Service Applications Connectors Real Time Usage Streams Business Connectors Demographics, Contracts, Billing, Tickets app usage, saas interaction, social media, online behavior Customer Intelligence Database CRM, helpdesk, contracts, billing Your App right data
- 22. Research by Aberdeen Group shows that companies which built a centralized customer intelligence database and incorporated customer insights into customer facing actions achieved:
- 23. #1 Manage your customer’s journey, not the renewal event #2 Improve product engagement across all users #3 Implement an early warning system #4 Engage customers in a smart, relevant way #5 Empower all customer-facing teams with the right data Recap
- 24. CONFIDENTIAL 24 THANK YOU SAN FRANCISCO | OCTOBER 20 , 2014
Notes de l'éditeur
- We also launched a dedicated customer success news site that aggregates all of the news and stories around customer success. It’ll be your one stop shop to know the latest and greatest in customer success.
- These are the things we hear most often from our customers. How many of you can relate to these? What would you rank highest?
- We believe that you can boost retention by focusing on customer success. You do so by following the principles outlined in the Customer Success Manifesto. Value over customer management Customer Actions over words Real-time sensors over historical snapshots Contextual engagement over periodic check-ins All customers over high-value customers All users over buyers and decision makers
- Can you give me some examples of typical activities that you have in place for customers once they sign up? How are you keeping track of their success? Use lifecycle marketing Enjoy the successes with your customers Share best practices Say thank you Measure and drive recurring value
- Source Right way to write it
- Need image Product usage varies thruoghout journey, by job levels,
- Do you know who your power users are?
- What makes up an early warning system? Early Warning System: Let’s me know about problems or opps that may arise – but these accounts need immediate attention Also lets you know why they need attention - A key part of an early warning system is to have a health score - Real-time alerts and detailed explanations What to do about that How are different customer segments
- First ask what customers use to determine their health scores. What do they think are the most important elements to include in a health score? Why/why not?
- Secondly, it’s pretty clear – there is a lot of data out there and your health score needs to be Comprehensive in that regard A true health score should include both quantitative and qualitative data. The The entire premise of Totango is that you need to focus on the actions customers take more than anything. And we divide that roughly into three buckets: User engagement: how frequently users login, the time they spend with your application, specific actions they take while using your product Business results: which looks at what results they’ve been able to achieve with your product. If they purchased an email automation platform, how many campaigns have they launched, how many emails did they send and so forth. Are they achieving success? And finalize what we call utilization. Which looks at what the customer has purchased and compares that to what they have done. If the customer has liceses for 10 seats, how many are they actually using? Are they above or below the quota they purchased and so forth. Customer Satisfaction – support tickets, NPS, invoice payments, CSM opinion or risk rate. - Finally you want to also include secondary operational parameters like outstanding support tickets or invoices which also can factor into the customer’s overall health. But then, when we look at the reality of a online web-business, we see just how clever health score algorithm needs to be to provide its true value. Secondly, it’s pretty clear – there is a lot of data to consider if you want a health score to do a good job at measuring customer-health. Metrics on user-engagement: how frequently users login, what parts of the product do they use and for how long, Metrics on business results: how many emails were sent, how many campaigns launched, new users acquired, Utilization levels: how many seats are in use? How much of the allocated budget ? Customer relationships: Do we have executive sponsorship? Public endorsements & advocaty? Operational status: Are we having support issues? Outstanding invoices? There is a lot to consider and you want a solution that can look deeply into usage-patterns as granular as an the individual actions of end-users and turn that into true insights. Totango is not afraid of data, we live it and breath it and love it.
- Need image Product usage varies throughout journey, by job levels,
- Health scores are not a static: Need a title Need score cards based on customer segmentation -
- What does an early warning system look like in action
- How many of you have QBRs and what do you with them? What is your typical show up rate? What are things you wish you had to make those meetings more productive and worthy of the customer’s time? What are some of the challenges you are facing with smart customer engagment. Proactive engagement: making sure you have and are leveraging programs in place to approach them at the right time with the right message. Identifying positive and negative events and then approaching them with the relevant data. Can’t be one size fits all.
- Customer success cannot be siloed. Everyone in the organization needs to know the data and take from it what they need to improve customer success. Amazon example: rented an HD movie and it didn’t stream as fast as it should. They reached out proactively and refunded.
- Would your product, marketing or sales teams want access to such data? What would they find most relevant?
- What you need: ____ How Totango helps