SaaSFest 2015: Improve Your Retention With This One Change
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The key to sustainable growth comes down to aligning your internal and external incentives with your customers. These slides show you how to align your companies incentives and increase customer retention and satisfaction. Lessons learned from Compete, Performable, Ghostery, HubSpot and now Driftt. Video version: https://youtu.be/OY-HebjR-bA
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SaaSFest 2015: Improve Your Retention With This One Change
- 1. Improve your retention with this one change David Cancel SaaSFest 2015
- 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. One change can improve retention
- 4. Really?
- 8. – Charlie Munger ‘The most important rule in management “Get the incentives right”‘
- 10. But…
- 13. 1. External
- 14. Align your pricing, product, and promotions with your customers
- 15. 2. Internal
- 16. Align your teams and departments to promote customer retention.
- 17. Lots of talks about #1
- 18. We’re here to talk about #2
- 21. So…
- 22. How do we align…
- 23. the incentives of our departments?
- 24. Best way to change behavior
- 25. is to leverage a cognitive bias
- 26. only one bias in this case
- 27. but ideally…
- 30. as described by
- 31. Charlie Munger
- 32. “The Psychology of Human Misjudgment”
- 34. Today we are discussing Bias #1
- 35. Bias 1: Reward and Punishment Super-Response Tendency
- 36. – Benjamin Franklin “If you would persuade, appeal to interest and not to reason”
- 40. Few businesses get this right
- 41. How do you align your teams today?
- 42. You are what you measure
- 43. but remember
- 44. There is a dark side to metrics
- 45. 🎲🎰🎲
- 47. So are your metrics aligned…
- 50. Sales?
- 51. Marketing?
- 52. Product?
- 53. Solution
- 54. Customer 🎯
- 57. Examples
- 59. NPS
- 60. eNPS
- 62. 1. Sales
- 63. Territories
- 64. Upgrades
- 65. 2. Marketing
- 67. SDRs
- 69. Customer Service
- 72. Product Adoption
- 73. Usage Frequency
- 78. One change can improve retention
- 79. Thank You.
- 80. Once a week I share what I’m learning. http://davidcancel.com/newsletter SUBSCRIBE
Editor's Notes
- YES!
- (including loyalty rewards, etc)
- http://cancel.im/25-coginitive-biases
- “The power that incentives and disincentives have on the actions of others cannot be overstated. Munger says this should be obvious but so many people don’t understand the how important incentives are for shaping people’s motivation to complete a task. Incentives and disincentives are extremely important in changing behavior.” http://25cognitivebiases.com/bias-1-reward-and-punishment-super-response-tendency/
- Tell HubSpot Engineering team story.
- Gaming
- Thought they were doing a great job despite internal and external customer frustration
- put the customer at the center of your business. at the center of each of your team’s metric
- Source: http://www.driftt.com/
- Not just MQLs
- Not just MQLs Own SDRs ( not sales ) if you have an inside sales model so that leads are not burned
- Owns PMM, Growth, Engineering & Design They own usage,
- Owns PMM, Growth, Engineering & Design They own usage,
- Owns PMM, Growth, Engineering & Design They own usage,
- Owns PMM, Growth, Engineering & Design They own usage,
- Owns PMM, Growth, Engineering & Design They own usage,
- Whole company