Pillars of Product Value - ClientSuccess Augustine.pdf · into our customer success plays. First,...
Transcript of Pillars of Product Value - ClientSuccess Augustine.pdf · into our customer success plays. First,...
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brought to you by
Christina AugustineChief Customer Officer
BloomReach
Pillars of Product Value
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CS100 – Innovator Presentation
Pillars of Product Value
September 12, 2018
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BloomReach: The DXP Leader
Global Offices with 250+ people Global Data and AI platform
250+ Enterprise Customers& Key Partners
$100M of capital from Leading Investors
1000PEAK REQUESTS PER SECOND
10,000,000,000SYNONYM PAIRS
150,000,000DAILY DIGITAL INTERACTIONS
20%
OF ALL E-COMMERCE TRAFFIC
Partnerships with digital industry leaders and various tech alliances
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Copyright © 2018 BloomReach, Inc. All Rights Reserved
…which was showing great results……so why were our customers churning?
We have a data-driven approach to customer success…
Big Data <> Big Results
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But the data is good…
Copyright © 2018 BloomReach, Inc. All Rights Reserved
The Data
✓ Product revenue lift > 10%
✓ 95% pilot conversions
✓ NPS > 8 with NPS = 10 regarding our team
✓ Best practice compliance > 90%
The Results
− Renewals dipping to below 90% goal – 85% renewal rates
− <25% up-sell rate on product or services
− 20% of customers non-responsive
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…we obviously needed a new approach
Copyright © 2018 BloomReach, Inc. All Rights Reserved
➢We needed more than one way to measure product value
➢We needed a better way to engage our customers
➢We needed to incorporate these into our customer success plays
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First, we expanded our view of product value value
Business Value
Leading Edge Innovation
Operations
Management
Our Customer Experience
Improved Top Line
Experience Metrics
Product Roadmap
Product Quality
Adoption
Cost Savings
Operations Support
Wins
Copyright © 2018 BloomReach, Inc. All Rights Reserved
Pillars of Product Value
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We “beta” tested components in the field
More encompassing roadmaps Innovation
Operational metrics in product Operations
“Win” features in QBR Management
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Copyright © 2018 BloomReach, Inc. All Rights Reserved
Success Plans Playbooks & QBRs
We expanded our customer plays
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We built in “change management” rules
Business Value
Leading Edge Innovation
Operations
Management
Our Customer Experience
✓ Need 1+ value metrics in QBRs
✓ Need a roadmap beyond renewal date; share launches quarterly
✓ Need 1+ Experience metric in QBRs
✓ Utilize ops metrics in Temperature; share monthly
✓ Collect a “win” story each quarter or move to Yellow
Copyright © 2018 BloomReach, Inc. All Rights Reserved
Pillars of Product Value
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Case Study
Customer “Red” enterprise customer with 1 product deployed and no senior leader engagement and poor view of product value
• Added experience metrics to review with revenue metrics
• Created a joint product roadmap reviewed monthly
• Added “quality” metrics and monthly reviews
• Sold “product training” to drive adoption
• Created “win stories” for customer to share broadly
Actions Taken
• Revenue up 10% where product deployed
• Excited for an innovative product roadmap
• “Win” stories shared at a senior level
Customer Results
• Reference customer with renewal completed
• Product and services increase
BloomReach Results
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Copyright © 2018 BloomReach, Inc. All Rights Reserved
Before
− Declining renewal rates to 85%
After
➢ Renewal rates at >90% and increasing
Right Data == Right Results
− <25% up-sells of product or services
➢ 500% increase in up-sells
− 20% customers non-responsive
➢ <10% customers non-responsive
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Copyright © 2018 BloomReach, Inc. All Rights Reserved
➢ Engagement with senior leaders at customers➢ Attending quarterly business reviews➢ Providing reporting at the most senior levels of organization➢ Engaging in roadmap and thought leadership
➢ Improved customer focus across the organization➢ Sales team has more reference with clear upsell
opportunities➢ Product team less focused on a single value proposition➢ Professional Services has a rich playbook across technical
and business needed
Other Benefits
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Thank You
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brought to you by
Christina AugustineChief Customer Officer
BloomReach
Pillars of Product Value