Live from Accelerate Sales – Lincoln Murphy and Closing Speech
2:47 We’re live once again and (so sadly!) for the last time this year from the PipelineDeals Accelerate Sales User Conference in Seattle, WA being held at the Hyatt at Olive 8. Our last keynote of the conference is from Lincoln Murphy, whose talk is entitled, “The Secret to Rapid Growth in Any Market.”
2:49 “There’s an ulterior motive in this conference…they know that if you aren’t successful at sales, you won’t be successful with their product….So secretly, this is a customer success event!” Uh oh, Lincoln’s on to us.
2:51 “Customer acquisition without a focus on retention is a waste of time…But it’s not just about retention, but it’s about growing them.”
2:56 Customer Success started with subscription services, because it’s easy to tell when someone will stop using your service. It started with churn mitigation, but has since grown.
2:59 “The initial sale is critical, but it’s just the tip of the iceberg.” The bigger part of the business is in repeat or recurring business.
3:01 “Develop the same sense of urgency that you have around closing a deal to ensure you deliver value to the customer.” Do what it takes to get your customers to value quicker, and you will keep more of them. Most issues that lead to churn are related to onboarding issues.
3:05 “Customer Success is when your customers achieve their Desired Outcome through their interactions with your company.” Desired Outcomes are a combination of the required outcome (that which your customer needs to have) and appropriate experience (UX/UI, service experience, and other things which appeal to the desires of the customer and not just the requirements).
3:09 “Be deliberate. Be successful because of your efforts, not in spite of your efforts….you have to know who your customers are, who your ideal customers are, but more importantly who they are not.”
3:13 Create an Ideal Customer Profile:
- What does a customer who is ready, willing and able look like?
- Acquisition Efficiency. How easy would it be to convert this kind of customer?
- Success Potential. Who is likely to successfully use your product or service?
- Expansion Potential. What’s the likelihood of this customer turning into more business in the future?
- Advocacy Potential. What is the likelihood of them becoming an advocate for your company?
3:18 Copywriter Robert Collier once said, “Enter the conversation already going on in your customer’s mind.” This conversation is the foundation of the customer’s Desired Outcome.
3:20 Desired Outcome is Transformational:
- Acquire the best customers.
- Engage and deliver value quickly.
- Expand their investment.
- Mobilize your advocates.
- Retain and renew customers.
3:22 Don’t be the bad email that gets shared around. Be very careful in your cold emails and respect the sales process. The right message sent to the wrong target can do a lot of damage.
3:24 “We all get cold emails that we respond to every day, we just don’t think of them as cold emails because it was someone you wanted to talk to….That was a cold email, but it doesn’t feel like it…because they connected with you somehow.”
3:31 Move your customers through success milestones. At certain points, there are natural upsell opportunities. Find those in your customers’ milestones and capitalize at the right time. Success milestones aren’t time based but usage-based. “This may seem somewhat selfish, but really, if you upset at the right time it genuinely becomes a win-win situation.” Don’t be a salesperson, be a trusted advisor.
3:35 Mobilize your advocates. Operationalize and organize your word of mouth referrals. “There are two reasons why that’s really important…customers that bought more actually become advocates more….[and] customers that advocate for you, they become stronger customers.”
3:37 Doing these things makes renewal and retention a given. “If you have customers right now that are about to churn…if they’re at that point, you might be out of luck….Everybody going forward? Focus on Desired Outcome and retention won’t be an issue.”
3:40 Thank you so much to Lincoln Murphy for taking the time to speak with us today. He is sharing some resources with us on his website here.
3:42 Thank you all for joining us on this journey. We hope you found something from this conference that will bring you value your business going forward!