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The Secret to Rapid Growth in Any Market: Take your company to the next level with Customer Success

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The Secret to Rapid Growth in Any Market: Take your company to the next level with Customer Success. Presented at Resultados Digitais & SalesHacker workshops in Brazil
October 2015

Published in: Business

The Secret to Rapid Growth in Any Market: Take your company to the next level with Customer Success

  1. 1. THE SECRET TO RAPID GROWTH IN ANY MARKET Lincoln Murphy, Founder Sixteen Ventures Take your company to the next level with Customer Success Presented at Resultados Digitais & SalesHacker workshops in Brazil October 2015
  2. 2. Lincoln Murphy @lincolnmurphy
  3. 3. “The purpose of business is to create and keep a customer.”
  4. 4. Who’s heard of Customer Success before today? Copyright © 2015 Sixteen Ventures. All rights reserved.
  5. 5. Hand Raising Clinic!
  6. 6. Who’s heard of Customer Success before today? Copyright © 2015 Sixteen Ventures. All rights reserved.
  7. 7. Customer Success is Hot • Part of the SaaS Business Model now • Driver of Customer Lifetime Value (LTV) • Longer Lifetime • More Revenue • Second Order Revenue Copyright © 2015 Sixteen Ventures. All rights reserved.
  8. 8. When to do Customer Success? • Before you Launch (or Now) • Churn Kills • Company Value • Morale • Total Addressable Market Copyright © 2015 Sixteen Ventures. All rights reserved.
  9. 9. Who has a Recurring Revenue Business? Copyright © 2015 Sixteen Ventures. All rights reserved.
  10. 10. Who intends to do business with a customer more than one time? Copyright © 2015 Sixteen Ventures. All rights reserved.
  11. 11. The initial sale is critical, but it’s just the tip of the iceberg
  12. 12. The initial sale is critical, but it’s just the tip of the iceberg
  13. 13. Develop a Sense of Urgency around Value Delivery Copyright © 2015 Sixteen Ventures. All rights reserved.
  14. 14. Exercise: List 3 ways you can get your customer to value quicker Copyright © 2015 Sixteen Ventures. All rights reserved.
  15. 15. customer success = “Your customer achieving their Desired Outcome through their interactions with your company.” Copyright © 2015 Sixteen Ventures. All rights reserved.
  16. 16. Customer Success Management = “Proactively managing the process of your customers achieving their Desired Outcome” Copyright © 2015 Sixteen Ventures. All rights reserved.
  17. 17. Copyright © 2015 Sixteen Ventures. All rights reserved.
  18. 18. Desired Outcome is Transformational 1. Acquire the Best Customers 2. Engage & Deliver Value Quickly 3. Expand Their Investment 4. Mobilize your Advocates 5. Retain & Renew Customers Copyright © 2015 Sixteen Ventures. All rights reserved.
  19. 19. Exercise: Define the Desired Outcome for your Ideal Customer Copyright © 2015 Sixteen Ventures. All rights reserved.
  20. 20. Copyright © 2015 Sixteen Ventures. All rights reserved. Required Outcome Appropriate Experience (this is the Job to be Done and the Minimum features & functionality that get you in the game) Polished UI 24/7 telephone support Online, contextual help Community support Desired Outcome
  21. 21. Protip: Use Desired Outcome in your Marketing and Sales Copyright © 2015 Sixteen Ventures. All rights reserved.
  22. 22. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier Copyright © 2015 Sixteen Ventures. All rights reserved.
  23. 23. “Enter the conversation already taking place in your customer’s mind.” – Robert Collier, c1937 Copyright © 2015 Sixteen Ventures. All rights reserved.
  24. 24. Success = Their Desired Outcome Copyright © 2015 Sixteen Ventures. All rights reserved.
  25. 25. Success = Their Desired Outcome Copyright © 2015 Sixteen Ventures. All rights reserved.
  26. 26. The Success Gap • Their Desired Outcome may only be achieved outside of your product • Understand and bridge this gap • Hold customers accountable when outside of your control Copyright © 2015 Sixteen Ventures. All rights reserved.
  27. 27. Exercise: List 3 Success Gaps that exist in your business Copyright © 2015 Sixteen Ventures. All rights reserved.
  28. 28. Exercise: List 3 things your customers are accountable for in order to achieve their Desired Outcome Copyright © 2015 Sixteen Ventures. All rights reserved.
  29. 29. Success Milestones are the steps required for a customer to achieve their ever-evolving Desired Outcome. Copyright © 2015 Sixteen Ventures. All rights reserved.
  30. 30. Copyright © 2015 Sixteen Ventures. All rights reserved.
  31. 31. Create Success Milestones Invoicing App Free Trial Example 1. Prospect needs to invoice a new client 2. Prospect signs-up for a 30 Day Free Trial 3. They configure account & add a way to get paid 4. They create the invoice & add the client 5. They complete and send the invoice 6. Their client pays the invoice online on day 2 of 30. 7. Tell the prospect they got paid and ask for the sale Copyright © 2015 Sixteen Ventures. All rights reserved.
  32. 32. Create Success Milestones Invoicing App Free Trial Example 1. Prospect needs to invoice a new client 2. Prospect signs-up for a 30 Day Free Trial 3. They configure account & add a way to get paid 4. They create the invoice & add the client 5. They complete and send the invoice 6. Their client pays the invoice online on day 2 of 30. 7. Tell the prospect they got paid and ask for the sale Copyright © 2015 Sixteen Ventures. All rights reserved.
  33. 33. Create Success Milestones Ecommerce Store Builder Example (Customer POV) 1. Create the Store 2. Figure out how to get paid 3. Stock the virtual shelves 4. Get feedback on the design 5. Open for Business 6. Get customers (Success Gap?) 7. Make their First Sale! Copyright © 2015 Sixteen Ventures. All rights reserved.
  34. 34. Create Success Milestones Ecommerce Store Builder Example (In-App) 1. Sign-up 2. Create the Store 3. Customize the Store 4. Setup Payment Method 5. Add & Configure Items 6. Soft-launch Store w/ Friends and Family 7. Publish Store and Promote 8. Email them about the Frist Sale Copyright © 2015 Sixteen Ventures. All rights reserved.
  35. 35. Copyright © 2015 Sixteen Ventures. All rights reserved. Customer In-App (what do they need to do to be successful with your product?) (what do they need to do in the product to achieve their Desired Outcome?) Success Milestones
  36. 36. Copyright © 2015 Sixteen Ventures. All rights reserved. Step Success Milestones In-App Customer Potential Success Gap Meaningful Activity Note 1 Determine Ideal Customer Profile ✔ ✔ 2 Identify companies that match ICP ✔ ✔ 3 Scrape contacts at those companies ✔ ✔ 3rd party integration opp 4 Add Prospects to database ✔ ✔ not meaningful on it's own 5 Email the prospect through the system ✔ ✔ not meaningful on it's own 6 Have conversation with prospect through the system ✔ ✔ ✔ 7 Mark prospect as qualified or not ✔ ✔ 8 Register prospect for live demo ✔ ✔ 3rd party integration opp 9 Close the prospect ✔ ✔ 10 Mark prospect as won ✔ ✔
  37. 37. Exercise: List the Success Milestones for your Ideal Customers. Copyright © 2015 Sixteen Ventures. All rights reserved.
  38. 38. Ready Willing Able Acquisition Efficiency Success Potential Expansion Potential Advocacy Potential Copyright © 2015 Sixteen Ventures. All rights reserved. Ideal Customer Profile
  39. 39. Ideal Customer Profile Ready Willing Able Acquisition Efficiency Success Potential Expansion Potential Advocacy Potential Copyright © 2015 Sixteen Ventures. All rights reserved.
  40. 40. Success Potential • Only Acquire Customers with Success Potential • Technical Fit • Functional Fit • Experience Fit • Support Fit Copyright © 2015 Sixteen Ventures. All rights reserved.
  41. 41. Exercise: Identify your Less-than-Ideal Customer today. Who is a bad fit? Copyright © 2015 Sixteen Ventures. All rights reserved.
  42. 42. “The purpose of business is to create and keep a customer.”
  43. 43. Lincoln Murphy @lincolnmurphy
  44. 44. For a Deep-Dive on Customer Success http://sixteenventures.com/shbrazil

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