Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Dreamforce 2013 One Hit Wonder Sessions


Published on

This is our presentation from a Dreamforce '13 session. The session highlights some key ways to reduce customer churn and increase retention. Ever wonder how a company can avoid being a ‘One Hit Wonder’ by reducing churn from existing customers? This session, led by Ashley Stirrup, SVP of product and solution marketing, highlights 5 crucial steps to reduce churn.

Published in: Business, Technology
  • Be the first to comment

  • Be the first to like this

Dreamforce 2013 One Hit Wonder Sessions

  1. 1. Don’t be the One-Hit Wonder 5 steps to reduce churn
  2. 2. Who sang “Macarena”? ServiceSource Confidential Information
  3. 3. Who sang “I Can’t Get No Satisfaction”? ServiceSource Confidential Information
  4. 4. 5 steps to reduce churn 1. 2. 3. 4. 5. Do the math Use data to empower your team Accelerate with analytics Sell and execute with scientific precision Build a loyal fan base through channel partners
  5. 5. Prizes Google Chromecast Player T-Shirt Polaroid Camera
  6. 6. Step 1: Do the math ServiceSource Confidential Information
  7. 7. For a $100M Company $100M 40% of $100M is $40M 70% renewal rate=$28M $4M gap 80% renewal rate= $32M $40M 80% 70% $60M over 5 years 40% #DF13 insight: @ServiceSource says due to the power of compounding, a $4M increase in #recurringrevenue translates to $60M in 5 years
  8. 8. Step 2: Fuel up with renewal-ready data ServiceSource Confidential Information
  9. 9. Data 5-7 Systems typically accessed for a single renewal 45 % Time spent selling by sales people* 40 % Business initiatives that fail to meet objectives due to poor data quality* *Source: Gartner #DF13 insight: @ServiceSource says renewals sales reps spend < 50% of their time selling due to time spent gathering and prepping data
  10. 10. Renewal Ready Data - Piecing it Together Company Pfizer Inc SFA 9 (n) License Key Support Level Exp. Date Price Bronze 8x5 12/31/13 $10,500 A243210.1 QUOTE ORDER ENTITLEMENT #DF13 insight: @ServiceSource says renewals data is typically managed on 57 different systems, resulting in many overlooked opportunities
  11. 11. Step 3: Accelerate with analytics ServiceSource Confidential Information
  12. 12. KPIs that Drive Performance 1. 2. 3. 4. 5. Renewal Opportunity Conversion Rate In-Quarter Renewal Rate Renewal Results Sales Process Performance Drivers Customer Success Carryover In-Quarter Future Conversion Rate: 110% Churn RiskBooked Analysis Original Estimated Opportunity Value of Closed Contract Decreasing Usage Increasing Usage Heavy User Low Adoption
  13. 13. Step 4: Sell and execute with scientific precision ServiceSource Confidential Information
  14. 14. Precision Culture – Setting Up for Success Role specialization Forecasting Transparency Automation Did you know? Only 21% of companies have a dedicated renewals team* 14 #DF13 insight: According to @ServiceSource, only 21% of companies have dedicated renewals sales teams. #recurringrevenue
  15. 15. Step 5: Give the channel a seat at the table ServiceSource Confidential Information
  16. 16. Channel Sales 30 20 10 1/2 <1:5 Channel Direct 12 pt. #DF13 insight: @ServiceSource says on average, direct renewals sales teams outperform #channel sales by 12% #recurringrevenue
  17. 17. Channel portal History Quotes Deals Analytics Forecasting Compare Partner performance
  18. 18. Benchmark Opportunity for 18% improvement Industry Renewal Rates 90.1% Hardware Before 84.9% 71.8% 71.8% After 93.5% 92.8% Software 73.5% XaaS 88.3% 75.8% Healthcare/ Life Sciences 78.8% Industrial/ Manufacuring
  19. 19. Delivering Results $14B 47 Seconds 20% 25% Revenue Growth Profit Margins Faster Higher ServiceSource Fortune 1000 customers compared to their peers #DF13 insight: @ServiceSource says companies that reduce #custchurn & increase #custloyalty have 25% higher profit margins than their peers
  20. 20. Scan to win a Polaroid camera
  21. 21. COME SEE US! North Hall – Booth #1423