Customer Success is Your Success: 5 Ways to Boost Retention

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Customer Success is Your Success: 5 Ways to Boost Retention Guy Nirpaz | CEO & Co-Founder | Totango

description

The SaaS model has turned business on its head. Revenue from existing customers, through renewals and upsells, is the key to growth. Watch this webinar to learn 5 strategies that companies like Optimizely, Zendesk and Autodesk use to increase retention and revenue with customer success software. For more examples, insights & tips, watch the on-demand recording of the event: http://www.totango.com/resources/5-strategies-to-boost-retention/?utm_medium=social_media

Transcript of Customer Success is Your Success: 5 Ways to Boost Retention

Page 1: Customer Success is Your Success: 5 Ways to Boost Retention

Customer Success is Your Success: 5 Ways to Boost Retention

Guy Nirpaz | CEO & Co-Founder | Totango

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Retention in the Subscription Economy

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#1 Manage yourcustomer's journey (not the renewal event) 

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In the early days of SaaS, most companies’ sales and renewal structures looked something like this:

Salesperson closes a customer

Account manager onboards the customer

Renewal sales rep attempts to retain…the customer before the customer’s contract expires.

The old model

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What does your company do in between?

Acquisition Renewal

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The role of customer success

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DECREASE VALUE

DECREASE VALUE

CHURN

CHURN

GROW VALUE

FIRST VALUE

START

INCREASE USERS INCREASE

USAGEEXPAND FUNCTIONALITY

CHURN

ONGOING VALUE

Onboarding Adoption Renewal & Upsell

Drive recurring value across the customer journey

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#2 Improve product engagement (across all users)

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90% of churn is preceded by poor

product usage

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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

Increase product usage at all levels

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Define your Power Users

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Define your Power Users

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More power users = customer advocacy

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#3 Create a health score you can finally trust

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Net Promoter Scores don’t give an accurate picture of customer happiness

Forrester analystRichard Evensen

NPS is being positioned as a cure to all business ills and a way to understand everything you need to know about your customers . . . with just one question. It feels like selling snake oil and is likely one of the drivers for the view that researchers hate this metric.

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Monitor each customer’s individualized health score

Based on facts, not opinions and anecdotes

Predictive

Adaptive

Accurately gauge your customers’ happiness

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UserEngagement

Usage Frequency

Time Online

Active Users

Adding comments

Viewing reports

BusinessOutcomes

Campaigns Launched

Emails Sent

Lead Database Size

Landing Pages Created

Responses Collected

ServiceUtilization

% Seats Active

Modules in Use

Quota Consumed

Operational Status

Support Tickets

Outstanding Invoices

Executive Sponsorship

Training

CUSTOMER ACTIONS: THE PRIMARY VITAL SIGNS OF

CUSTOMER HEALTH

What should a “true” health score include?

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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

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Define scorecard using any metric:

- EngagementLevel of use of application

- Utilization % of license in use

- Usage rates & milestonesReaching expected value

- Support, Relationship, Billing, anything else!

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#4 Engage with customers – in a smart, relevant way

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Smart customer interactions pay off

81% of consumers are willing to pay more for a

better customer experience

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You proactively engage

You contact them at the right moment

You send intelligent messages that align with the customer’s current needs

You deliver reliable, consistent experiences

What is smart customer engagement?

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Rethink customer engagement

We pursue continual transformation (in customer engagement) to stay ahead… and catch up.

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#5 Empower all customer-facing teams with the right data

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Research by Aberdeen Group shows that companies which built a centralized customer intelligence database and incorporated customer insights into customer facing actions achieved:

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Sales• Initial sale• Renewals• Upsells

Customer Success• Onboarding• Adoption• Customer

engagement• Renewal and

upsell

Finance & Operations• Contracts• Entitlements• Revenue

management

Marketing• Customer

acquisition• Customer

marketing• Customer

advocacy

Products• Product

experience• Product

intelligence

Service• Customer

service• Technical

support

The siloed approach to customer data

Your App

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The integrated customer success approach – access to the right data in every team

Sales Customer Success

Finance & Operations

Marketing

Products Service

Applications ConnectorsReal Time Usage Streams

Business ConnectorsDemographics, Contracts, Billing, Tickets

app usage, saas interaction, social media, online behavior

Customer Intelligence Database

CRM, helpdesk, contracts, billing

Your App

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Make “customer success” a part of every team

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About Totango

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Leader in Customer Success for SaaS and subscription businesses

2 million accounts | 20 million users

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The complete answer for Customer Success

Customer Success Solution

Methodology and Best Practices Data Science

Customer journey mapping Customer segmentation Customer Success execution models Customer Success plays

Machine learning Buy and churn signal analysis Data science service

Customer monitoring Predictive health modeling Customer engagement and

health scoring CSM action framework

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Q&A

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Learn More

www.totango.com

blog.totango.com

@Totango

[email protected]

[email protected]

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Thank You