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SaaSFest 2015 - "Improve Your Retention with this One Change" by David Cancel of Driftt

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Retention isn't a one off tactic or even a series of tactics; it's a core aspect of grinding through a framework with a completely aligned team. David Cancel, CEO of Driftt, walks through how they think about aligning the entire team around specific values to ensure that retention (and frankly the rest of the SaaS business) can come out on top.

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SaaSFest 2015 - "Improve Your Retention with this One Change" by David Cancel of Driftt

  1. 1. Improve your retention with this one change David Cancel SaaSFest 2015
  2. 2. About David Cancel • 5x Founder / 2x CEO • CEO/Co-Founder, Driftt • Chief Product Officer, HubSpot, IPO: HUBS • CEO/Co-Founder, Performable acquired by Hubspot • Owner/Founder, Ghostery, acquired by Evidon • CTO/Co-Founder, Compete, acquired by WPP • Investor/Advisor/Director to Various Companies and VC Funds
  3. 3. One change can improve retention
  4. 4. Really?
  5. 5. Align Incentives
  6. 6. – Charlie Munger ‘The most important rule in management “Get the incentives right”‘
  7. 7. Simple, not easy
  8. 8. But…
  9. 9. Which incentives?
  10. 10. Two categories of incentives
  11. 11. 1. External
  12. 12. Align your pricing, product, and promotions with your customers
  13. 13. 2. Internal
  14. 14. Align your teams and departments to promote customer retention.
  15. 15. Lots of talks about #1
  16. 16. We’re here to talk about #2
  17. 17. Not what you’re thinking
  18. 18. So…
  19. 19. How do we align…
  20. 20. the incentives of our departments?
  21. 21. Best way to change behavior
  22. 22. is to leverage a cognitive bias
  23. 23. only one bias in this case
  24. 24. but ideally…
  25. 25. you should study all…
  26. 26. 25 cognitive biases
  27. 27. as described by
  28. 28. Charlie Munger
  29. 29. “The Psychology of Human Misjudgment”
  30. 30. http://cancel.im/25-coginitive-biases
  31. 31. Today we are discussing Bias #1
  32. 32. Bias 1: Reward and Punishment Super-Response Tendency
  33. 33. – Benjamin Franklin “If you would persuade, appeal to interest and not to reason”
  34. 34. Incentives and disincentives…
  35. 35. rule everything around me
  36. 36. Few businesses get this right
  37. 37. How do you align your teams today?
  38. 38. You are what you measure
  39. 39. but remember
  40. 40. There is a dark side to metrics
  41. 41. 🎲🎰🎲
  42. 42. So are your metrics aligned…
  43. 43. with your customers?
  44. 44. Most team metrics aren’t
  45. 45. Sales?
  46. 46. Marketing?
  47. 47. Product?
  48. 48. Solution
  49. 49. Customer 🎯
  50. 50. Design every teams metrics…
  51. 51. to incent customer retention
  52. 52. Examples
  53. 53. Establish baselines
  54. 54. NPS
  55. 55. eNPS
  56. 56. 1. Sales
  57. 57. Territories
  58. 58. Upgrades
  59. 59. 2. Marketing
  60. 60. Leads + Customer NPS
  61. 61. SDRs
  62. 62. 3. Engineering + Product
  63. 63. Customer Service
  64. 64. Internal Customers Too
  65. 65. No Product Roadmaps
  66. 66. Product Adoption
  67. 67. Usage Frequency
  68. 68. Shipping to Customers Daily
  69. 69. Monthly Science Fairs
  70. 70. One change can improve retention
  71. 71. Thank You.
  72. 72. Once a week I share what I’m learning. http://davidcancel.com/newsletter SUBSCRIBE

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