Dreamforce 2013 One Hit Wonder Sessions
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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.
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Dreamforce 2013 One Hit Wonder Sessions
- 1. Don’t be the One-Hit Wonder 5 steps to reduce churn
- 2. Who sang “Macarena”? ServiceSource Confidential Information
- 3. Who sang “I Can’t Get No Satisfaction”? ServiceSource Confidential Information
- 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
- 6. Step 1: Do the math ServiceSource Confidential Information
- 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. Step 2: Fuel up with renewal-ready data ServiceSource Confidential Information
- 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. 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. Step 3: Accelerate with analytics ServiceSource Confidential Information
- 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. Step 4: Sell and execute with scientific precision ServiceSource Confidential Information
- 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
- 16. Step 5: Give the channel a seat at the table ServiceSource Confidential Information
- 17. 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
- 19. 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
- 20. 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
- 21. Scan to win a Polaroid camera
- 22. COME SEE US! North Hall – Booth #1423