Sentieo is a financial and corporate research platform for executives, investment analysts, and researchers that offers them the insights, speed, and confidence they need to make informed strategic decisions so they can outperform the market and gain a competitive edge. Serving a global customer base of over 900, including 500 institutional investment firms and Fortune 500 corporations, Sentieo is the first platform to support the complete financial and corporate research workflow.
Sentieo is a fast-growing company that values the customer experience and results they are able to deliver. They wanted to ensure that as they continued to scale, they maintained a white-glove customer experience reflected by a high retention rate primarily through increasing product adoption.
Sentieo serves three primary segments: Institutional Investors and Hedge funds, Corporations, and smaller investment firms (SMB’s). The investment management and corporate accounts consisted of large investment platforms with many analysts and users. The SMB accounts on the other hand were smaller businesses with fewer and more specialized users. Because of their different structures, each segment leverages the platform with a different goal and expected outcome
When they engaged with SaaSWorks, Sentieo was actively looking to increase both efficiency and the ability to quantify the value gained from their efforts within their customer success function. Their goal for the engagement was to increase the scale at which they could manage their customers, have higher-leverage engagements across direct managed and tech-touch customer segments and understand how their investment in evolving product features was providing value for different users in order to increase adoption.
Prior to partnering with SaaSWorks, Sentieo had looked into several platform solutions that promised to help them improve customer adoption and retention. However, the solutions they evaluated either required Sentieo to adapt their business to a one-size-fits-all approach or dedicate considerable resources to customizing the solution to meet their unique needs, both of which had a negative impact on time to value and cost.
“When looking at other platforms, they either prioritized the technical element of their capabilities or highly prioritized what they were offering from an account management standpoint for customer success. We needed both. — Telayah Sturdivant, Team Manager, Enterprise Success Operations,
Telayah continued, "We didn’t find a solution that really helped us service in the way we wanted to, especially considering all the nuances of Sentieo’s product,”
SaaSWorks’ more immersive and consultative approach offered the perfect solution. The SaaSWorks team would be able to help Sentieo with all the work needed to get actionable insights from their customer data and turn those insights into guidance that aligned with the day-to-day processes of Sentieo’s CSMs.
To get started analyzing Sentieo’s customer data and developing a retention solution for the team, SaaSWorks first needed access to all data sources. The engagement began with SaaSWorks experts connecting to Sentieo’s billing and invoice management tool, their Salesforce CRM and their support platform, Intercom. They then used the data to start building out a data model including industry and business segments, MRR and other SaaS KPIs, and a preliminary health score that could be used to identify priorities.
Using these models, SaaSWorks met with the Sentieo team and did a readout on their overall business health, retention and churn. In this meeting, the two teams agreed upon how to move forward with Nudges — the SaasWorks solution that surfaces the highest-value outreach opportunities from customer data, making it easy for CSMs to take informed actions. Nudges are fully-researched, contextualized account dossiers that include usage data, engagement data, contact-specific analysis and an outreach draft email.
Then, SaaSWorks was given access to product usage data and was able to start doing an analysis of how customers were using the product and how their actions correlated with account health and revenue performance. As SaaSWorks was enhancing their models with usage data, they started to launch initial Nudges focusing on increasing retention and reducing blindspots specifically around the SMB segment so the restructured CS team could maintain or improve their retention rate and increase the ROI of the CS function.
After these Nudges had been delivered to their team for about a month, SaaSWorks reviewed the results and impact with the Sentieo team and started incorporating findings from the usage data into the Nudge strategy.
SaaSWorks specifically analyzed Sentieo’s product usage data looking for predictors of cancelation, which led to them identifying a correlation between key features of the product and retention. This correlation was particularly strong with investment management and corporate customers. Because of that, Nudges were launched targeting customers with lower adoption of these key features and general drops in product usage.
That correlation between usage data and churn was also leveraged to develop a customer health score that classified customers as red, orange, yellow or green depending on their predicted likelihood to churn. SaaSWorks was then able to analyze the behavior of customers at each of those health scores to determine on a segment-by-segment basis which customers should be prioritized in order to have the most impact.
For example, moving an SMB customer from red to orange had a significant reduction in their likelihood to churn. However, improving their health score beyond orange did not have a material impact. On the other hand, converting an investment management customer from yellow to green did have an impact. CSMs were then able to justify focusing their time on improving the experience of the accounts that would benefit the most even if they didn’t have the lowest possible health score.
Those health scores also fed into a renewal dashboard which presented a 13-month health projection that helped inform planning.
After seeing success from these types of Nudges, SaaSWorks then moved to implement scheduled, proactive Nudges for Sentieo too.
The SaaSWorks team worked with Sentieo’s CSMs to identify what types of Nudges would most improve their workflow. Based on their conversations, SaaSWorks recognized the need for a Nudge that could identify accounts with upcoming renewals that had not been engaged recently and recommend the appropriate action to take. This helped CSMs stay focused on the accounts that needed the most immediate attention while knowing they had an “eye in the sky” constantly monitoring the rest of their accounts and flagging potential issues before they reached a critical state.
“What SaaSWorks allows us to do is help our CSMs stay focused specifically on what they’re doing in the moment and who they’re working with in the moment,” says Eric Wu, Head of Customer Success at Sentieo.
The proactive alerts free up CSMs’ mental energy so they’re not trying to constantly manage their entire portfolio on their own but instead can focus on the key accounts that need their attention most knowing that there’s an automated system in the background supporting them both pro-actively and at request.
“With SaaSWorks we are working very closely with a consultative and knowledgeable team that has encountered the problems and challenges that we were encountering,” — Eric Wu, Head of Customer Success at Sentieo
Eric continues, “They could act as a trusted advisor in terms of how we think about our data, what is a better leading indicator, what should be driving our one-on-one conversations with our team. The CSMs now have a resource that will help them be a lot better at measuring their own impact and understanding the difference they’re making for our clients.”
These proactive outreaches the CSMs sent based on the SaaSWorks Nudges had a 49% response rate. Additionally, of the accounts that received a Nudge, there was a 78.7% increase in customer adoption for core customer segments and a 64.3% increase in adoption across all segments. Because SaaSWorks backtested the health score that drives Nudges, the Sentieo team was able to project retention improvements at a customer-level based on those adoption changes.
“With SaaSWorks, our team has seen a phenomenal response from our customers. These results are due to the timeliness and personalization of the SaaSWorks Nudges that stems from their automated research process," says Mark Coriaty, CRO at Sentieo. “Because of SaaSWorks, we have no need to add more analytics software to our CS operations going into 2021. Full stop.”