SaaSFest 2015 - "Improve Your Retention with this One Change" by David Cancel of Driftt
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Transcript of SaaSFest 2015 - "Improve Your Retention with this One Change" by David Cancel of Driftt
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Improve your retention with
this one change
David CancelSaaSFest 2015
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About David Cancel• 5x Founder / 2x CEO
• CEO/Co-Founder, Driftt
• Chief Product Officer, HubSpot, IPO: HUBS
• CEO/Co-Founder, Performable acquired by Hubspot
• Owner/Founder, Ghostery, acquired by Evidon
• CTO/Co-Founder, Compete, acquired by WPP
• Investor/Advisor/Director to Various Companies and VC Funds
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One change can improve retention
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Really?
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Align Incentives
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– Charlie Munger
‘The most important rule in management “Get the
incentives right”‘
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Simple, not easy
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But…
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Which incentives?
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Two categories of incentives
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1. External
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Align your pricing, product, and promotions
with your customers
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2. Internal
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Align your teams and departments to promote
customer retention.
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Lots of talks about #1
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We’re here to talk about #2
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Not what you’re thinking
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So…
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How do we align…
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the incentives of our departments?
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Best way to change behavior
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is to leverage a cognitive bias
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only one bias in this case
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but ideally…
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you should study all…
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25 cognitive biases
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as described by
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Charlie Munger
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“The Psychology of Human Misjudgment”
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Today we are discussing Bias #1
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Bias 1: Reward and Punishment
Super-Response Tendency
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– Benjamin Franklin
“If you would persuade, appeal to interest and not
to reason”
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Incentives and disincentives…
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rule everything around me
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Few businesses get this right
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How do you align your teams today?
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You are what you measure
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but remember
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There is a dark side to metrics
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🎲🎰🎲
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So are your metrics aligned…
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with your customers?
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Most team metrics aren’t
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Sales?
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Marketing?
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Product?
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Solution
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Customer 🎯
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Design every teams metrics…
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to incent customer retention
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Examples
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Establish baselines
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NPS
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eNPS
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1. Sales
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Territories
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Upgrades
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2. Marketing
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Leads + Customer NPS
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SDRs
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3. Engineering + Product
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Customer Service
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Internal Customers Too
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No Product Roadmaps
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Product Adoption
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Usage Frequency
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Shipping to Customers Daily
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Monthly Science Fairs
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One change can improve retention
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Thank You.
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Once a week I share what I’m learning.
http://davidcancel.com/newsletter
SUBSCRIBE
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