The TSIA World Interact '23 conference was held from May 8 to 10, 2023 and was attended by more than 1,200 professionals from the technology and services industries–we are thrilled to say it was a huge success!
The event brought together technology leaders, executives, and practitioners from around the world to discuss timely topics and connect with one another through a variety of networking events. With a focus on profitable SaaS companies, attendees heard keynotes and general sessions that explored some of the most pressing topics in tech, such as AI, and also participated in practice-focused breakout sessions.
Attendees had the opportunity to learn from industry experts and thought leaders, and shared their own experiences and insights with their peers. This blog will cover some of the key findings from Interact 2023 in case you missed out!
The Importance of Connection and Community in Times of Financial Uncertainty
What made this year’s conference especially exciting was that we offered three times more networking events for attendees than ever before. It was great to see people from all over the world come together and tackle similar business challenges face-to-face–especially at this incredibly pivotal time in tech.
In our InteractZone, attendees connected with their peers and built valuable relationships through a variety of events, including peer-to-peer networking sessions, an executive forum, networking lunches, the Women in Tech fundraiser, and our table talks.
We were especially excited to partner with Braindate–which gave attendees the opportunity to create knowledge-sharing one-on-one or group discussions based on topics of interest with fellow event-goers. In the Braindate Lounge, participants explored topics of interest ranging from how to align customer success and product management to tips, tricks, and support for working mothers.
Our InteractZone also showcased our technology and services partners who were connecting leaders and professionals with solutions to solve their toughest business challenges. With all of these networking opportunities, this year’s Interact conference felt much more collaborative and connected than ever before, building even more excitement for the TSIA World Envision conference in the fall.
You Can't Cut Your Way to Success: How SaaS Companies Can Become Profitable
In a thought-provoking opening keynote, Thomas Lah, TSIA's Executive VP and Executive Director, shed light on the current state of the tech industry and presented an iron triangle of SaaS and XaaS profitability consisting of three key elements: monetizing services, migrating commercials, and exploring new growth engines. Among the three components, monetizing services emerged as a significant challenge and an area ripe with opportunities. While all three components are essential, the focus was placed on the challenges and benefits of monetizing services. Lah offered the following insights on the difficulty of monetizing services and the benefits it can bring companies:
- Unprecedented challenges in the tech industry: With the alarming number of layoffs in the tech industry (more than 507,023 layoffs recorded from 2022 to 2023, surpassing the figures experienced during the Dotcom bust and Great Recession combined), there is a need for companies to adapt and find effective strategies to navigate this transformative period.
- Compelling data on monetizing services: Lah emphasized the importance of monetizing services and revealed some compelling data supporting their value. Notably, 49% of SaaS companies monetize customer success, and 82% monetize support services. Companies that effectively monetize their services experience significant benefits.
- The benefits of monetizing services: Companies that monetize customer success have been found to enjoy a 10% higher expansion rate. Moreover, these companies are 22% more likely to be profitable. This shows the importance of recognizing the business value that services provide to customers and charging for those services accordingly.
Lah succinctly captured the essence of monetizing services by stating, "If you have a service motion that allows business value for the customer, you damn well better charge for that." This quote emphasizes the significance of capitalizing on the value companies offer through their services, further driving growth and profitability.
Monetizing services presents a significant challenge for companies in the tech industry. However, it also holds immense potential for increasing profitability and driving customer success. By recognizing the value of their services and implementing effective monetization strategies, companies can navigate the industry's unprecedented challenges and position themselves for sustained growth. Watch the opening keynote presentation here for more insights.
The Role of AI: Balancing Possibilities and Considerations
In a captivating closing keynote panel, TSIA researchers and industry experts delved into the transformative potential of AI while highlighting crucial considerations for users. Here are some of the key takeaways from the panel discussion, emphasizing the significance of data protection, personalized offers, and the development of essential skill sets in the AI era:
- Revolutionizing the sales cycle with personalized offers: The panel underscored the potential for AI to revolutionize the sales cycle by enabling hyper-personalized offers. By leveraging data on individual companies and the job roles of potential customers, AI can provide targeted recommendations and demonstrate how specific features can address their unique needs.
- Data protection and safeguarding your content: A vital concern raised was the need for companies and individuals to protect their data. While AI tools can provide seemingly definitive insights, it is crucial to ensure that the data being utilized is proprietary and safeguarded. The panel stressed the importance of keeping data behind firewalls to maintain control over intellectual property and confidential information.
- New skillsets and the art of asking the right questions: As AI becomes more prevalent, the panel highlighted the need for employees to develop new skill sets, particularly in the art of asking the right questions. Socratic questioning, or the ability to frame inquiries effectively, was identified as a vital skill that is not commonly taught in schools or universities. Mastering this skill enables users to extract meaningful insights and maximize the potential of AI tools.
While AI presents immense possibilities for the industry, it also requires careful consideration and adaptation. Protecting data, fostering personalized offers, and developing essential skill sets are critical aspects to address. By harnessing AI technology responsibly, organizations can unlock their full potential while safeguarding their valuable assets and ensuring that employees possess the necessary skills to navigate the AI-driven landscape successfully.
You can watch a recording of this insightful conversation here.
Embracing Convergence: Unifying the Customer Experience
Jim Roth, EVP of Customer Success at Salesforce, spoke on the concept of convergence and its impact on the customer experience. He highlighted the importance of breaking down silos within organizations and creating a unified, seamless customer experience, which is something we will be delving into in great detail at our upcoming TSIA World Envision conference in October.
Roth emphasized the need for organizations to show up as one cohesive unit, rather than being defined by their org charts. The goal is to ensure that customers do not feel the fragmented nature of different departments but instead perceive a unified experience. By aligning customer success, customer support, and education services into one super discipline, organizations can integrate the customer journey and foster operational synergies.
Roth posed a thought-provoking question: Why not combine all the services customers require throughout their lifecycle as one comprehensive offering? This approach represents a new definition of customer success—one that embraces convergence. By combining various services into a unified super-service, organizations can provide a seamless and holistic experience that aligns with customers' needs and expectations.
Operating in silos can lead to disconnected experiences for customers. Roth highlighted the example of customers simultaneously dealing with an open support case while receiving marketing campaigns promoting additional purchases. This disjointed approach gives the impression of an org-chart-driven experience, rather than a cohesive and customer-centric one. The goal is to eliminate these silos and ensure that customers feel a sense of unity throughout their interactions with the organization.
Silo Busting to Drive Profits and Growth
Embracing convergence and breaking down silos is essential for organizations aiming to deliver a unified and exceptional customer experience. By aligning different departments and services, organizations can create an integrated journey that resonates with customers and avoids disjointed experiences.
TSIA World Envision will take place in Las Vegas, October 16 through 18, 2023, and will focus on busting silos to drive profits and growth. This upcoming conference provides an excellent opportunity to delve further into this topic, network with industry experts, and explore innovative solutions. Join the event to gain insights and strategies for creating a more unified and effective organization that prioritizes the customer experience.