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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
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Customer Success is Your Success: 5 Ways to Boost Retention
Guy Nirpaz | CEO & Co-Founder | Totango
Retention in the Subscription Economy
#1 Manage yourcustomer's journey (not the renewal event)
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
What does your company do in between?
Acquisition Renewal
The role of customer success
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
#2 Improve product engagement (across all users)
90% of churn is preceded by poor
product usage
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
Define your Power Users
Define your Power Users
More power users = customer advocacy
#3 Create a health score you can finally trust
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.
Monitor each customer’s individualized health score
Based on facts, not opinions and anecdotes
Predictive
Adaptive
Accurately gauge your customers’ happiness
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?
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
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!
#4 Engage with customers – in a smart, relevant way
Smart customer interactions pay off
81% of consumers are willing to pay more for a
better customer experience
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?
Rethink customer engagement
We pursue continual transformation (in customer engagement) to stay ahead… and catch up.
#5 Empower all customer-facing teams with the right data
Research by Aberdeen Group shows that companies which built a centralized customer intelligence database and incorporated customer insights into customer facing actions achieved:
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
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
Make “customer success” a part of every team
About Totango
Leader in Customer Success for SaaS and subscription businesses
2 million accounts | 20 million users
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
Q&A
Learn More
www.totango.com
blog.totango.com
@Totango
gnirpaz@totango.com
sales@totango.com
Thank You
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