Back in February we felt our first hit in the industry with the cancellation of the beloved SaaStr Annual conference. Since getting together 13,000+ attendees together in one place wasn’t going to be on the horizon for the rest of this year, they hosted the SaaStr Annual at Home event last week. It was an all digital event with over 50,000 global attendees. Since you might not have gotten the chance to carve out two full days from your schedule to listen in on the sessions, here’s our recap of the top ten Customer Success takeaways from the event.
1.) Calculating churn can be tricky. Focus on net dollar retention rate (NDRR).
Into SaaS ? Join this interesting session by @Kellblog “Churn is dead. Long live Net Dollar Retention “.. you’ll find out “Churn is only wounded” 🙂https://t.co/go7x4zW8cT #SaaStrAnnual— Toon Vanagt: wearing a mask & physical distancing (@Toon) September 2, 2020
CAC: Customer Acquisition Cost
LTV: Customer Lifetime Value
ARR: Annual Recurring Revenue pic.twitter.com/6INkuoPtCB
2.) To build a great product you first need to identify who your target customer is and what their pain points are. You then need to figure out what this pain looks like in practice.
As a product marketer using @asana, I’m enjoying @AlexanderHood‘s talk now at #SaaStrAnnual about being customer-centric. Types of companies that aren’t easy: vision-led, sales-led & committee-led. What’s scalable is being customer-focused to build the right things! pic.twitter.com/aQNGjrD8Jz— Amanda Connon-Unda (@samplingculture) September 2, 2020
3.) It’s over 10 times more expensive to acquire a new customer than it is to keep an existing one.
Join the live stream for @SaaStrAnnual @ Home – now @BellaRenney from @tray talking about the key metrics of growth -> expanding and retention as the main drivers https://t.co/GbjeKqz6My #SaaStrAnnual #growth #saas— Claudio @ CDMX 🏴 (@ccossio) September 2, 2020
4.) We all face the same challenges in understanding SaaS businesses.
The usual suspects are only half the story as to why Churn is such a complicate topic. Learn the other half and more with @Kellblog #SaaStrAnnual Watch now:https://t.co/KqeTORJVdP pic.twitter.com/wlxLZ8qSia— SaaStr (@saastr) September 2, 2020
5.) Help customers be more productive by figuring out how your product can fit into their existing tech stack.
Always think about how the #TechStack fits into your retention goals. ♻️ @BellaRenney discusses how an effective tech stack ensures every team has the data they need to effectively retain and expand client companies.— OpFocus (@OpFocusInc) September 2, 2020
Some more insights from #SaaStrAnnual @SaaStr pic.twitter.com/yEvkfwp4fJ
6.) Use Net Promote Score® (NPS) responses as a trigger for Customer Success processes.
@sharmag88 of @justcall_io on building #CustomerSuccess around NPS (net promoter scores) and how a top-down approach to driving internal process adoption has worked very well.@SaaStrAnnual @saastr #SaaStrAnnual #CustomerExperience #CustomerService #CustomerSatisfaction pic.twitter.com/YvJ0hFUV2i— Bhavya Ranga (@bhavyaranga) September 1, 2020
7.) You don’t want to force your customers to stay because of a technicality (i.e moat) but rather they become loyal because they are happy and successful.
My Top 10 take-aways from talk with @benchestnut this morning:— Jason ✨BeKind✨ Lemkin ⚫️ (@jasonlk) September 2, 2020
1/ Yes, bootstrapping can take 3-4 years longer
2/ You may not need a moat. Maybe let them go if they aren’t happy. Happiness is a moat.
3/ Phase 2 might take 12 years to get to. It’s OK. Talk to more customers.
8.) Customer Success is a growth engine.
Retention + Upsell = Growth— Callum – Talk to me about sales 🚀 (@itscallumhtch) September 2, 2020
It’s more efficient
Bella Renney #saastrannual
9.) Retention is your strongest pillar for customers with growing revenue.
1) Churn prediction for long term retention strategies ♻️— OpFocus (@OpFocusInc) September 2, 2020
2) Leading indicators for at-risk customers 🏃♀️
3) Long term contracts and product stickiness ⌛️
Arundhati Balachandran lists out retention strategies for customers with growing revenues at @SaaStrAnnual #SaaStrAnnual
10.) Three tips for product leaders to put in place today to help focus on the renewal.
1)Utilize Product usage data to identify high engagement customers 👩💻— OpFocus (@OpFocusInc) September 2, 2020
2)Empower users to self-serve with educational resources 🎓
3) Be Smart about resources 📜@BellaRenney outlines 3 things you can do to drive more #renewals at #SaaStrAnnual 🚀
Looking for more great industry content like you saw at SaaStr Annual at Home? Then be sure to register for BIG RYG, ChurnZero’s upcoming virtual conference built for current and future leaders in Customer Success.
Customer Success Around the Web
- 10 Crystal-Clear FAQ Page Examples – Get inspired by these FAQ pages and learn how to make your own.
- How to Give Your Customer Success Team Superpowers– Move your CS team away from burnout and toward success with these three superpowers.
- 5 Stages of Customer Onboarding– Take a look at what the five distinct stages are and how you can optimize them.
Fighting Churn is a newsletter of inspiration, ideas and news on customer success, churn, renewal and other stuff and is curated by ChurnZero.