29.07.2024 AI is a hot trend in AI, sharing two interesting sources I read recently.
First, the report from Gainsight "2024 State of AI in Customer Success" (link).
Very basic, to be honest, but I love this slide and find it valuable:
And second, this post on LinkedIn (link):
AI in customer success isn't just a trend, it’s a revolution.
To stay ahead, you have to adapt.
Want to boost your engagement and customer growth? Use AI to analyze customer data and predict trends.
Want to improve customer interactions? Implement AI chatbots for instant and personalized conversations & support.
Want to personalize your marketing? Leverage AI to tailor messages to individual customers about their needs.
Want more efficient processes? Automate routine tasks with AI tools.
Want to enhance decision-making? Use AI for data-driven insights and strategies.
AI isn’t about replacing roles and teams.
It’s empowering them to achieve more.
19.06.2024 State of Customer Success 2024 report from Customer Success Collective.
My takeaways from the report:
Interesting slide with the summary of what it means to be a CSM in 2024, on average:
Half of the participants in this survey are Americans, it is impressive! still, this role is much more advanced in the US than in the EU.
Main responsibilities - in my recent working place, I am an all-in-one CSM including onboarding, product training, and support. Good to see a wider picture, what options could be:
And KPIs:
29.04.2024 A very interesting report from SaaSiest! The State of Nordic SaaS Pricing 2024, together with Valueships - link for the report.
My key takeaways from the report:
You can win a market in one of three ways: by having a great product, by having a great community, or by having a great business model (for example, pricing). Ideally, with all three together.
What is Commercial Debt: selling 100 customers on 100 different deal structures, discounts and contracts. This is what kills a lot of hyped SaaS companies when they stop growing after 10 mln.
Startup on Hustle Phase: 0-2 mln ARR annual revenue (you sell to anyone in any way).
Growth Faze: 2-15 mln ARR (you do Packaging and Pricing Design and then iterate on this, trying to keep Commercial Debt in control as you grow).
Scale Up: 15-100 mln ARR (you build out complexity - regional pricing, more channels, more verticals).
Profit Phase: 100 mln and more (you need to take a long hard look at the strategic endgame of your business).
Companies should communicate on the website which plan offers the most value (the most popular plan).
I love names of pricing plans "Good", "Better" and "Best!".
Nordic SaaS companies that that can clearly articulate what really drives value, have a simple-to-understand approach, and regularly review their pricing will set themselves up for pricing success.
No add-ons means fewer opportunities to monetize customer base and expand revenue. It is a common mistake among the tech-driven companies with no monetizing strategy especially once the product are getting complex.
And some slides as highlights.
A summary:
SaaS in Nordics, by industries:
Nordic Prices are much higher than global!
16.02.2024 From Jay Nathan, Head of Growth - very interesting review of 2023 for Customer Success as function and his prediction for 2024:
Source for the image.
Interesting to see that retention dropped for all customer segments except small and agile startups! with ARR less than 1 mln euro. Wuhuu! It is my story too, my segment and yes, we make it right - being a small startup, we just don't have any other option rather than making customer success right, to make sure we are still alive and grow, grow and GROW!
2023 will go on record as being one of the toughest new logo bookings years on record for software companies.
As we head into 2024, there are three areas where Chief Customer Officers can make a difference on these outcomes.
They need to...
get serious about revenue.
proactively manage costs.
lean into customer relationships.
8.02.2024 Read the Benchmark Repost from SaaSiest - it is the industry report, how Nordic based startups and scaleups perform in 2024, main focus, fears and expectations.
Macroeconomic factors like skyrocketing inflation, high interest rates, and geopolitical uncertainty caused slowdowns for both consumers and businesses. Sales cycles started to lengthen. Growth-at-all-costs – practically a pandemic-fueled imperative – was tempered with a renewed focus on capital efficiency and profitability. Free-flowing capital seemed to dry up. And valuations started to course-correct to pre-pandemic levels.
Customer Success approach and methodology is MUST in 2024:
"Medicine" products VS "vitamin" products - and again, Product that delivers and shows THE VALUE to the customer, wins in all circumstances!
My churn rate 2023 was 6%, I am doing it better than Market Average!!
17.12.2023 Read the report about Trends 2024 in Customer Success from Daphne (LINK for the report is HERE) - main objective for 2024 will be.. measuring and showcasing a customer value:
There’s no bigger challenge or opportunity for CS teams in 2024 than defining, delivering and measuring customer outcomes. Every program, system and process must be geared towards driving customers towards their desired results. That’s how we scale and drive NRR and GRR sustainably.
Interesting that on SLUSH everyone talked about the same - how we build the product that sell itself and integrate customer outcomes as attributes in the product? it will be the best way to show and prove the value of our platform for the customer.
I am a bit tired to talk about the value just in theory, would like to hear some practical examples and know-how from companies. Let's see, we should organize the CS event in Helsinki in 2024 about the value and I hope to see a real business practices.
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