10 Customer Success Growth Hacks for Driving Enterprise SaaS Revenue
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The most successful Enterprise SaaS companies know that growing revenue only through new customer acquisition is the less efficient way to scale. In fact, top-tier Enterprise SaaS companies know that growing revenue within your existing customer base - through up-sells, cross-sells, and expanded use - is the most profitable way to scale. And Enterprise SaaS companies that grow revenue - and company valuation - by expanding revenue within their existing customer base also know the key to making this work is to focus on - and actually operationalize - Customer Success. In this presentation - originally presented at the 2014 SIIA Maximize event in San Francisco, CA - Gainsight CEO Nick Mehta shares 10 Growth Hacks for Driving Enterprise SaaS Revenue.
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10 Customer Success Growth Hacks for Driving Enterprise SaaS Revenue
- 1. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Turning Your Revenue Funnel into an Hourglass 2014 May
- 2. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Turning Your Revenue Funnel into an Hourglass 10 Customer Success Growth Hacks 2014 May
- 3. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.3 Audience Poll
- 4. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 5. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 6. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.6
- 7. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 8. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.8 Why?
- 9. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Transactional Economy Subscription Economy Vendor Success Customer Success Vendor Success Customer Success The New Chasm
- 10. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Vendor Can I get a reference? Wan t to buy more ? Ready to renew? Who are you again ? Transactional Economy Subscription Economy Success Retention Advocacy Expansion Onboarding Customer The New Customer Lifecycle
- 11. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.11 What?
- 12. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. MA RK ETING SALES RETEN TION Rethinking the B2B Funnel
- 13. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. The B2B Hourglass MA RK ETING SALES SUCCESS Higher Growth Rate Higher Multiple Higher CAC Frontier
- 14. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 15. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Retention Goes to 11 (> 100%)
- 16. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.16 How?
- 17. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Success Maturity Model 17 Revenue SuccessMaturity Adoption Retention Expansion Optimization Transformation $1 - $5 MM $5 - $20 MM $20 - $100 MM $100 MM - $1 B $1 B+
- 18. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. 10 CSM Growth Hacks 1. Create a sales pitch for your Customer Success program 2. Monitor time to first value and define milestones 3. Establish a success goals kick-off meeting 4. Ban the check-in call 5. Create a scorecard with client and review regularly 6. 3+ contacts with monthly touches from different people 7. Identify and mobilize your fans and they become bigger fans 8. Accelerate up-sell through adoption 9. Establish an early warning process 10. Celebrate your Customers’ Success
- 19. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 20. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 21. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 22. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 23. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 24. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 25. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 26. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 27. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 28. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 29. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. 10 CSM Growth Hacks 1. Create a sales pitch for your Customer Success program 2. Monitor time to first value and define milestones 3. Establish a success goals kick-off meeting 4. Ban the check-in call 5. Create a scorecard with client and review regularly 6. 3+ contacts with monthly touches from different people 7. Identify and mobilize your fans and they become bigger fans 8. Accelerate up-sell through adoption 9. Establish an early warning process 10. Celebrate your Customers’ Success
- 30. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Matrix Data Architecture Reduce Churn “Headwind” Increase Up-Sell “Tailwind” Scale Team Efficiently Source: Measuring the ROI of Customer Success Management Solutions - Mainstay Company What? 5% points 3% points 25%Why?* How? Aggregate Gainsight Customer360 Analyze Gainsight 4-D Analytics Automate Gainsight Predictive Playbooks Gainsight Drives Growth
- 31. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 32. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved.
- 33. Gainsight Confidential. 2014 Gainsight, Inc. All rights reserved. Questions? Complaints? Purchase Orders? @nrmehta
Hinweis der Redaktion
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- And heck – our company claimed a 97% retention rate, so I figured it would be smooth sailing. What I didn’t realize is: Every company claims a 90-something retention rate Customer retention doesn’t just take care of itself Eventually, I learned that sales was only the beginning of the story in SaaS. Managing retention, renewals, references and the rest of what recurring revenue required became a big part of my day, in partnership with our awesome Client Services team. In SaaS, product and sales aren’t enough. For once, I learned that my dad’s advice was wrong. Well, that wasn’t the only time. After a happy ending to the story with the sale of our company to Symantec, I met Gainsight. When I heard about the opportunity to become part of this massive Customer Success movement, it was a no-brainer
- Our solution has been proven to drive many different results for our customers. Interesting thing…this has been documented by a third party research firm called Mainstay. Mainstay is a research company that we have leveraged to reach out and talk to our customers. On average, we reduce churn by 50%. So, even for customers who don’t believe they have churn issue, we can actually help them be more proactive and reduce potential churn. We also help our customers drive more upsell opportunities. You can see that we are driving over a million dollars on average. In addition, the third component of our benefit is to improve their OPEX. Helping them scale more efficiently, and saving dollars by adding more people through leveraging Gainsight’s automation and workflows. For Ryan: What do we do? What problem when we solve?