Wednesday, March 14, 2018
Nimble's Jon Ferrara On Retaining And Keeping Customers
This year, we're sponsoring the Recurring Revenue Conference (www.recurringrevenueconference.com), presented by Sutton Capital Partners. As part of our sponsor relationship with the conference, we're running a series of interviews with speakers from the conference about their experience in the area of recurring revenues, customer service, and similar topics. Today's interview is with Jon Ferrara of Nimble (www.nimble.com), the maker of contact management software-as-a-service.
What's the biggest lesson you've learned about retaining and keeping your customers using the subscription model?
Jon Ferrara: The biggest lesson that I've learned about retaining and keeping customers is that you need to start by introducing a minimally viable product or service, and then dance with your prospects and customers. Listen to their likes and dislikes and adjust your offering to deliver the products and services that better suit their needs and your ability to scale profiably.
I believe that if you listen to your customers, they'll tell you everything that you need to know in order to help them grow.
How does customer service tie into all of this?
Jon Ferrara: I firmly believe that Service is the New Sales and that the Sales starts after a customer buys. Many businesses simply focus on the order instead of delivering a complete, positive customer journey. The journey should not only ensure customer success but drive repeat business and referrals as well. A company brand is built on the promises it makes and the experiences it delivers. Align these two, and you can build a goldmine. Customer service is critical to customer retention in the SaaS subscription model.
Is there anything you wish you'd done differently when you first started Nimble?
Jon Ferrara: I think we tried to build a product with too broad a scope instead of delivering a minimally viable product and iterating with our customers. We were also one of the earliest to apply social media to business processes when most business owners did not yet understand the evolution of the social customer. With the advent of social media, customers have changed the way they work, play and buy, and businesses have had to change the way they market and sell. Being too early can be more dangerous than being late to market entry.
Finally, how can entrepreneurs make sure they're creating something their customers will keep coming back for?
Jon Ferra: Entrepreneurs will know they've created something that their customers will keep coming back for when they've dialed in the product-market fit. You'll actually feel it when it happens. Customers buy your product as fast as you can make it — or your product usage is growing as fast as you can add servers. Money from customers is piling up in your company's checking account faster than you can spend it. You're hiring new sales and customer support team members as fast as you can. Reporters are calling you because they've heard about your hot new product and they want to interview you. You start winning entrepreneur-of-the-year awards and investment bankers are staking out your house.
Thanks!
The Recurring Revenue Conference, Presented by Sutton Capital Partners, is being held on April 12th.