How Customer Success-centricity Drives Revenue, Growth, and Valuations
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On September 28, 2016, Lincoln Murphy presented to a group of over 100 CEOs, hosted by ACETECH in Vancouver, British Columbia, Canada. Whether you have a subscription business or you sell one-off products or services and simply want to do business with your customer more than once, Customer Success should be your driving purpose. The Customer Success approach is invading the boardroom and impacting the way CEOs think about their business. Today, Customer Success is the hottest B2B movement since the advent of the subscription business model.
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How Customer Success-centricity Drives Revenue, Growth, and Valuations
- 1. How Customer Success-centricity Drives Revenue, Growth, and Valuations Hello, my name is Lincoln Murphy I’m excited to be presenting to @LincolnMurphy
- 2. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 4. “POWER is the capacity to alter the state of others”
- 5. You EXIST to alter the state of your customers
- 12. Newton’s 3rd Law
- 13. “What go around come around, kid.” – Cypress Hill
- 16. HOW will they make you powerful?
- 17. Stay longer Buy More Expand Internally Advocate Externally @lincolnmurphy
- 18. Customers Making You Powerful Impacts Company VALUATION
- 19. Revenue x Multiplier = Value Company Valuation Calculation
- 20. Revenue x Multiplier = Value o There’s more! Company Valuation Calculation
- 21. 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
- 22. How do you make your customers POWERFUL?
- 24. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 25. Customer Success is NOT… • Just a Department • Customer Support • Account Management • Happiness or Delight • Churn Mitigation • Saving Customers • “Checking in" with customers • Customer hand holding @lincolnmurphy
- 26. Customer Success is a GROWTH ENGINE
- 27. The DNA Dilemma
- 29. Maintaining culture is one of the BIGGEST CHALLENGES as companies grow
- 30. Customer Success must be a part of the DNA
- 35. …their relationship with us should EVOLVE and GROW
- 36. Year 1 Year 2 Year 3 Year 4 Year 5 80% 20% Customer Lifetime Value @lincolnmurphy
- 37. Year 1 Year 2 Year 3 Year 4 Year 5 > 95% < 5% Customer Lifetime Value @lincolnmurphy
- 38. Customer Lifetime Value Year 1 Year 2 Year 3 Year 4 Year 5 > 98% < 2% Year 6 @lincolnmurphy
- 39. Resource Allocation Year 1 Year 2 Year 3 Year 4 Year 5 > 98% < 2% Year 6 @lincolnmurphy
- 40. EXPANSION is part of the Customer’s SUCCESS
- 41. Customer Success Management is the Orchestration, Operationalization, Instrumentation, and Intervention designed to ensure customers achieve their ever-evolving Desired Outcome. “ ” - Lincoln Murphy @lincolnmurphy
- 43. Enrichment
- 44. Grow BECAUSE of your effort, not IN SPITE of it
- 45. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 47. “The seeds ! of churn are ! planted early” ! – Lincoln Murphy! @lincolnmurphy!
- 50. Who Feels the Acute Pain? • Sales • Implementation • Product • Marketing • Support • Account Management • Customer Success Management • Your Customer! @lincolnmurphy
- 53. Desired Outcome Customer Success is when customers achieve their interactions through with your companytheir “ ” - Lincoln Murphy @lincolnmurphy
- 54. Required Outcome Appropriate Experience Desired Outcome WHAT your customer needs to achieve HOW they need to achieve it@lincolnmurphy
- 56. Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly
- 57. Need to work, no 9me to eat Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Assigned sea9ng, WiFi, Food service, leg room Business Traveler
- 58. Save money, enjoy des9na9on Air Travel Desired Outcome – Air Travel @lincolnmurphy Point A è B Safely & Quickly Cheap fares, snacks & drinks Family Going on Vaca9on
- 61. Churn is the SYMPTOM of an Underlying Disease
- 62. @lincolnmurphy
- 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 How Customer Success-centricity Drives Revenue, Growth, and Valuations