Developing the Ultimate Customer Success Strategy - Storm Ventures
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Customer Success has evolved rapidly from a way to simply make customers “happy” or reduce churn to driving a true growth engine for the business. There’s simply no more efficient – and done correctly, rapid, exponential, and sustainable – growth than growth within and from your existing customer base. As customers succeed and evolve, their relationship with you should evolve and grow as well; but you have to ensure that happens. That’s Customer Success-driven Growth. In this workshop we will cover: - how the evolution of Customer Success should change your strategy - what the 8 elements of Customer Success Management are and why they matter - what these changes will look like inside your company (org structure, compensation models, etc) - the keys to making expansion within - and from - your customer base work in a way that is customer-positive at scale This will be interactive, so bring your questions; we don't want you to leave with any questions you came with, but you'll definitely leave with a lot of new ones! Speaker: Lincoln Murphy Lincoln Murphy is a world-renowned Growth Architect, Consultant, Author, and Keynote Speaker, and one of the earliest evangelists for Customer Success. As founder of Sixteen Ventures, he’s used Customer Success to drive growth across the entire customer lifecycle for more than 400 SaaS and enterprise software companies around the world.
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Developing the Ultimate Customer Success Strategy - Storm Ventures
- 1. Developing The Ultimate Customer Success Strategy Hello, my name is Lincoln Murphy I’m excited to be presenting to you today! @LincolnMurphy
- 2. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 6. HOW will they make you powerful?
- 7. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 9. Revenue x Multiplier = Value Company Valuation Calculation
- 10. Revenue x Multiplier = Value o There’s more! Company Valuation Calculation
- 11. Revenue x Multiplier = Value o Customer Lifetime Value (LTV) o Customer Acquisition Cost (CAC) o Net Revenue Retention (NRR) o Total Addressable Market o Talent Acquisition o There’s more! @lincolnmurphy Company Valuation Calculation
- 12. Year 1 100% Customer Lifetime Value @lincolnmurphy
- 13. Year 1 Year 2 Year 3 Year 4 Year 5 80% 20% Customer Lifetime Value @lincolnmurphy
- 14. Year 1 Year 2 Year 3 Year 4 Year 5 > 95% < 5% Customer Lifetime Value @lincolnmurphy
- 15. Customer Lifetime Value Year 1 Year 2 Year 3 Year 4 Year 5 > 98% < 2% Year 6 @lincolnmurphy
- 16. Resource Allocation Year 1 Year 2 Year 3 Year 4 Year 5 < 2% > 98% Year 6 @lincolnmurphy
- 17. How do you make your customers POWERFUL?
- 19. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 20. Customer Success is NOT... • Just a Department • Only Account Management • Customer Support • Churn Mitigation • Saving Customers • “Checking in" with customers • Customer hand- holding • About Happiness or Delight @lincolnmurphy
- 23. Customer Success is a GROWTH ENGINE
- 26. …their relationship with us should EVOLVE and GROW
- 27. RENEWAL & EXPANSION are part of the Customer’s SUCCESS
- 28. Customer Success Management is the process of moving the customer toward their ever-evolving Desired Outcome. “ ” - Lincoln Murphy @lincolnmurphy
- 29. Customer Success Management is... • Segmentation • Orchestration • Intervention • Measurement • Expansion • Communication • Instrumentation • Operationalization
- 31. Grow BECAUSE of your effort, not IN SPITE of it
- 32. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 33. Interactions are… • Intervention – Proactive – Reactive • Transactional • Self-service @lincolnmurphy
- 34. Interactions include… • Implementation • Onboarding • Training • Integration • Help • Upsell • Renewal • Support • Knowledge Base • Product Use @lincolnmurphy
- 36. “The seeds ! of churn are ! planted early” ! – Lincoln Murphy! @lincolnmurphy!
- 39. Who Feels the ACUTE Pain of Bad-fit Customers? • Sales • Implementation • Product • Marketing • Support • Account Management • Customer Success Management • Your Customer! @lincolnmurphy
- 41. @lincolnmurphy Technical Fit Functional Fit Competence Fit Success Potential is… Experience Fit Cultural Fit
- 43. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 44. Required Outcome Appropriate Experience Desired Outcome WHAT your customer needs to achieve HOW they need to achieve it@lincolnmurphy
- 46. Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly
- 47. Need to work, no :me to eat Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Assigned sea:ng, WiFi, Food service, leg room Business Traveler
- 48. Save money, enjoy des:na:on Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Cheap fares, snacks & drinks Family Going on Vaca:on
- 51. Email Marke:ng Desired Outcome – Email Marketing @lincolnmurphy More people to my event
- 52. DIY, no $$$, tech-first Email Marke:ng @lincolnmurphy More people to my event API, self-service, Slack support channel Early- stage Startup Desired Outcome – Email Marketing
- 53. Must work, has $$$, less- tech Email marke:ng @lincolnmurphy More people to my event GUI, 24/7 Support, 3/yr contract F500 Dept Desired Outcome – Email Marketing
- 54. DESIRED OUTCOME is the key to SCALING Customer Success
- 55. COVERAGE LEVELS and RESOURCES are determined by DESIRED OUTCOME
- 60. Multiple Required Outcome Segmentation… @lincolnmurphy
- 62. Churn is the SYMPTOM of an Underlying Disease
- 63. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 64. Without Customer Success • Stagnating Customers • Customer Churn • Revenue Churn • Reputation Suffers • TAM shrinks • Sales Friction Increases • Sales Cycles Extend • CAC Increases • Talent Acquisition Suffers • Company Value Drops @lincolnmurphy
- 65. With Customer Success • Expanding Customers • Net Revenue Retention • Great Reputation • TAM Increases • Sales Friction Decreases • Sales Cycles Shorten • CAC Efficiency • Talent Acquisition Improves • Company Value INCREASES @lincolnmurphy
- 66. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 69. YOU Succeed!
- 71. Awesome! Thanks for your attention. Learn more about me at http://sixteenventures.com And contact me via lincoln@lincolnmurphy.com @LincolnMurphy Developing The Ultimate Customer Success Strategy