Engagement & Retention project | Everest Group

Understanding Everest Group's Product

1. What is the product?

Everest Group provides actionable research, insights, and advisory services to BFSI-focused service providers. These services aim to optimize delivery models, enhance operational efficiencies, and drive strategic decision-making. The product's features include:

• Reports Portal: Access to domain-specific reports and research insights.
• Analyst Inquiries: Personalized consultations with industry experts.
• Workshops & Executive Insights: Quarterly connects with leadership and tailored workshops for actionable strategies.

2. Problem Solved:

BFSI-focused service providers face challenges in:

• Navigating outsourcing/offshoring complexities.
• Staying competitive through cost optimization and operational efficiency.
• Understanding market trends and technology shifts.
  
  Everest Group solves these problems by offering tailored insights, benchmarks, and expert recommendations, helping clients make confident, data-driven decisions.

Nuanced CVP for Everest Group

Core Value Proposition (CVP):
"Empowering BFSI-focused service providers with actionable insights, tailored advisory, and unparalleled expertise to optimize costs, enhance operational efficiency, and navigate the complexities of technology and outsourcing decisions. Unlike other research firms, Everest Group combines a high-engagement culture, a data-driven approach, and a practitioner’s perspective to deliver impactful, business-specific solutions that drive measurable outcomes."

Comparison to Competitors

Gartner

• Strengths: Broad technology and market coverage, extensive Magic Quadrants.
• Limitations: Generalized insights often lack granularity for BFSI-focused service providers.
• Everest Advantage: Focuses deeply on outsourcing, BFSI-specific trends, and actionable cost-optimization insights, addressing challenges unique to service providers in this space.

ISG (Information Services Group)

• Strengths: Strong focus on IT/outsourcing advisory with detailed benchmarking.
• Limitations: Lacks the breadth of research memberships and is primarily consulting-heavy.
• Everest Advantage: Provides a balanced approach of research memberships, benchmarking tools, and advisory services, ensuring continuous value delivery beyond one-off consulting projects.

Forrester

• Strengths: Customer-focused research, strong marketing insights.
• Limitations: Weak in-depth operational guidance for BFSI service providers and limited outsourcing expertise.
• Everest Advantage: Combines operational benchmarking with comprehensive outsourcing/offshoring insights, making it more relevant for BFSI clients.

Datos

• Strengths: Focuses on digital transformation and emerging tech.
• Limitations: Limited coverage on traditional IT services and outsourcing models critical for BFSI service providers.
• Everest Advantage: Offers detailed insights into both traditional IT outsourcing and emerging tech trends with direct relevance to BFSI operational needs.

Key Differentiators for Everest Group

1. BFSI-Specific Expertise: Unlike competitors, Everest Group focuses deeply on BFSI service providers, offering research and advisory tailored to their unique operational and strategic challenges.
2. High-Engagement Model: Personalized analyst inquiries, tailored workshops, and leadership connects foster deeper collaboration and alignment with client goals.
3. Comprehensive Coverage: Balances traditional outsourcing insights with emerging trends like AI, cloud adoption, and compliance challenges.
4. Global Benchmarking Leadership: Combines macro trends with micro, actionable insights, enabling clients to benchmark against peers effectively.
5. Practitioner’s Perspective: Delivers research that is not just theoretical but informed by real-world expertise and experience, ensuring actionable results.

Natural Frequency

The frequency of user interactions varies based on user type:

1. Casual Users: Engage 2-3 times per quarter (e.g., occasional report downloads or exploratory portal visits).
2. Core Users: Interact 5-6 times per quarter (e.g., regular use of the portal, accessing reports, attending webinars).
3. Power Users: Engage 10+ times per quarter (e.g., frequent analyst inquiries, active participation in workshops, and consistent portal usage).

Engagement Framework

For Everest Group, engagement is centered on depth and consistency, ensuring users derive maximum value from the product.

1. Key Engagement Metrics:
2. • Number of reports accessed per month: Measures content consumption and relevance.
   • Number of analyst inquiries submitted: Tracks deeper engagement and utilization of personalized insights.
   • Frequency of portal logins: Indicates regular interaction with the platform.
   • Participation in workshops or webinars: Signals active involvement in thought leadership initiatives.
3. User Experience:
4. • Seamless portal navigation and search functionalities for reports.
   • Personalized recommendations for relevant reports and topics.
   • Regular updates on industry trends and exclusive research.

Who is an Active User?

For Everest Group, an active user is someone who:

1. Registers and logs into the portal at least once a week.
2. Downloads at least one report per month.
3. Submits one analyst inquiry within the first quarter of engagement.
4. Participates in at least one quarterly connect or webinar.

Analyzing Usage Patterns

1. Casual Users:
2. • May log in sporadically to explore high-level research or benchmarking reports.
   • Value: Access to exclusive, industry-relevant insights.
3. Core Users:
4. • Frequently access reports and interact with analysts for specific queries.
   • Value: Personalized advisory and consistent updates on market trends.
5. Power Users:
6. • Regularly use multiple features, from portal access to analyst inquiries and workshops.
   • Value: High-level strategic guidance and in-depth resources to meet business goals.

By analyzing these elements, Everest Group can create a product experience that not only drives deeper engagement but also aligns with the unique needs of BFSI-focused service providers. Let me know if you'd like to refine this further! 🚀

Segmenting Active Users for Everest Group

The goal of segmentation is to understand user behavior, tailor engagement strategies, and deliver value-driven insights that align with user needs. This ensures Everest Group’s offerings are utilized effectively while enhancing retention and revenue potential.

ICP-Based Segmentation

User-Based Segmentation

Behavioral Segmentation

Analysis: Behavioral vs. User-Based Segments

By mapping behavioral segmentation (e.g., Loyalists, Champions, In Danger, Hibernating) against user-based segmentation (e.g., Core, Power, and Casual Users), we can uncover actionable patterns and insights that inform engagement and retention strategies.

Core Insights and Patterns

1. Core Users (CXOs, SL Leads)

• Behavioral Trends:
• • Majority fall under Loyalists or Champions due to their strategic roles.
  • A smaller segment enters In Danger when there’s misalignment between Everest Group’s insights and evolving business goals.
• Engagement Drivers:
• • Valued for quarterly connects and strategic benchmarking.
  • They rely on tailored insights and exclusive leadership content to maintain engagement.
• Churn Risk Patterns:
• • High churn likelihood arises from perceived irrelevance (e.g., misaligned topics in workshops or reports).
  • Retention hinges on keeping insights aligned with strategic priorities.

2. Power Users (Delivery Leads, Innovation Heads)

• Behavioral Trends:
• • Split between Loyalists and In Danger:
  • • Loyalists are frequent users of reports and analyst inquiries, showing strong engagement.
    • Users in danger may experience friction accessing features like inquiries or struggle to apply reports operationally.
• Engagement Drivers:
• • Practical, actionable insights (e.g., project-specific recommendations).
  • Timely delivery of resources addressing immediate operational needs.
• Churn Risk Patterns:
• • Engagement drops when analyst inquiries aren’t effectively promoted or when reports lack actionable depth.
  • Re-engagement through personalized outreach emphasizing missed opportunities is critical.

3. Casual Users (AR Managers, Marketing Heads)

• Behavioral Trends:
• • A significant portion are Hibernating, with sporadic logins or engagement due to limited perceived relevance.
  • A smaller group are Champions, particularly those leveraging Everest Group content for AR or branding.
• Engagement Drivers:
• • Webinars, thought leadership content, and high-level reports resonate most with this group.
  • Simplifying access to curated content tailored for AR/marketing objectives can drive further engagement.
• Churn Risk Patterns:
• • High churn due to lack of tailored content and infrequent use cases.
  • Re-engagement campaigns must highlight the ease of access and relevance of Everest Group’s offerings to AR or marketing goals.

Behavioral Segment Dynamics Across User Types

Patterns and Strategic Implications

1. Loyalists Are the Foundation Across User Types:
2. • Loyalists exist in every segment but engage differently:
   • • Core Users: Deep engagement with strategic tools like benchmarking.
     • Power Users: Operational engagement via inquiries and reports.
     • Casual Users: Surface-level engagement with thought leadership and webinars.
3. Champions Are Typically Core and Casual Users:
4. • Core Users drive internal advocacy by promoting Everest Group’s impact at leadership levels.
   • Casual Users use Everest content externally, often highlighting reports or webinars in AR campaigns.
5. In Danger Requires Immediate Intervention:
6. • Core and Power Users: Misalignment of content or lack of personalization is the primary cause.
   • Casual Users: Drop off due to infrequent engagement opportunities and unclear use cases.
7. Hibernating Users Highlight Gaps in Awareness:
8. • Across all user types, hibernating users tend to lack awareness of the latest features or perceive Everest Group’s offerings as irrelevant to their goals.

Strategies Informed by Patterns

For Loyalists:

• Expand their engagement with exclusive previews of reports or premium features.
• Reward loyalty with priority access to events and custom insights.

For Champions:

• Amplify advocacy by co-creating case studies and providing tools for internal/external promotion.
• Offer incentives for referrals to onboard new users within their organizations.

For In Danger:

• Re-align content with immediate user needs through personalized outreach and tailored recommendations.
• Highlight underutilized features like inquiries or webinars with targeted re-engagement campaigns.

For Hibernating Users:

• Simplify reactivation by promoting high-impact, easy-to-access resources like curated dashboards.
• Use time-sensitive campaigns to create urgency and showcase updated content.

This analysis bridges the behavioral insights with user segmentation, allowing Everest Group to deploy targeted strategies that address specific engagement challenges while maximizing retention and advocacy. Let me know if you'd like further refinements or more details! 🚀

Engagement Campaigns to Drive Engagement

Below are 5 engagement campaigns designed to increase user engagement and retention for Everest Group. Each campaign includes segmentation, goal, pitch/content, offer, frequency, timing, and success metrics.

1. Campaign: Portal Familiarization Series

• Segmentation: Casual Users (AR Managers, Marketing Heads)
• Goal: Increase portal usage by encouraging casual users to explore the platform.
• Pitch/Content:
  "Discover how Everest Group’s research portal can give you the edge! Join a 15-minute live demo and receive a personalized guide to using the portal effectively."
• Offer: Free portal navigation guide and a quick list of top industry reports for AR and marketing.
• Frequency and Timing: Weekly email with two follow-up reminders, run for the first 30 days post-onboarding.
• Success Metrics:
• • Increase in portal logins by casual users.
  • At least one report download per user in the first month.

2. Campaign: Quarterly Insight Series

• Segmentation: Core Users (CXOs, SL Leads)
• Goal: Ensure consistent engagement by aligning insights with quarterly strategic reviews.
• Pitch/Content:
  "Get ahead of the curve with Everest Group’s exclusive quarterly insights on BFSI trends. Stay prepared for your QBR with strategic reports tailored to your challenges."
• Offer: Access to exclusive quarterly insights and a curated report summary.
• Frequency and Timing: Quarterly, sent two weeks before QBRs.
• Success Metrics:
• • Participation in quarterly executive connects.
  • Increase in report downloads or inquiries within two weeks of the campaign.

3. Campaign: Analyst Deep Dive

• Segmentation: Power Users (Delivery Leads, Innovation Heads)
• Goal: Drive analyst inquiry engagement by showcasing the value of tailored insights.
• Pitch/Content:
  "Have a tough question? Our analysts have answers. Submit your inquiry and get actionable recommendations for your BFSI challenges."
• Offer: Complimentary inquiry to explore an emerging BFSI trend or challenge.
• Frequency and Timing: Monthly email with examples of successful inquiries.
• Success Metrics:
• • Increase in the number of analyst inquiries logged.
  • Higher conversion rates for inquiry-based follow-ups.

4. Campaign: Insights in Action

• Segmentation: Champions (Users advocating for Everest internally or externally)
• Goal: Amplify advocacy by providing champions with exclusive tools and content to share internally.
• Pitch/Content:
  "Your success deserves to be shared! Showcase your Everest insights with exclusive case studies and data visualizations tailored for your internal stakeholders."
• Offer: Co-created case study or presentation slides demonstrating the value derived from Everest Group’s insights.
• Frequency and Timing: Quarterly, post significant project milestones or successes.
• Success Metrics:
• • Number of shared case studies or presentations.
  • Increase in new inquiries or portal registrations initiated by the champion’s team.

5. Campaign: Reignite Engagement Campaign

• Segmentation: Hibernating Users (All user types with low engagement)
• Goal: Reactivate disengaged users by highlighting recent, high-impact reports.
• Pitch/Content:
  "We miss you! Explore the latest insights that are transforming the BFSI sector and get back to leveraging Everest Group for your success."
• Offer: Free access to one premium report for reactivated users.
• Frequency and Timing: Bi-monthly for users with no activity in the last quarter.
• Success Metrics:
• • Increase in report downloads or portal logins.
  • Conversion rate from inactive to active users.

Tracking and Metrics for All Campaigns

1. Portal Usage Metrics:
2. • Increase in logins by specific user segments.
   • Frequency of logins per segment post-campaign.
3. Engagement Metrics:
4. • Reports downloaded.
   • Analyst inquiries submitted.
   • Attendance in workshops or executive connects.
5. Retention Metrics:
6. • D7, D30, and quarterly engagement rates.
   • Conversion of hibernating users to active users.
7. Advocacy Metrics:
8. • Number of champions created.
   • Referrals or leads driven by champions.

Retention Design Using User-Based Segments

Below is a structured analysis focusing on Core Users, Power Users, and Casual Users, designed to evaluate retention curves, identify churn factors, and outline strategies to improve retention for each segment.

Retention Curve Insights by Segment

1. Core Users:
2. • Day 0-Day 90: High retention due to initial onboarding efforts and strategic insights shared in the kickoff call.
   • Day 90: Retention drops when there’s a delay in aligning content to organizational priorities.
   • Post-Day 90: Retention stabilizes for loyal users consistently engaged with quarterly connects.
3. Power Users:
4. • Day 0-Day 90: Strong initial engagement due to immediate access to reports and inquiries.
   • Day 90: Retention declines if inquiries are underutilized or portal features are not easily accessible.
   • Post-Day 90: Stabilizes when operational challenges are addressed with timely reports or workshops.
5. Casual Users:
6. • Day 0-Day 90: Retention begins to decline quickly as casual users perceive low immediate value.
   • Day 90: Retention flattens if there’s consistent delivery of high-level content (e.g., webinars).
   • Post-Day 90: Retention remains low unless re-engagement campaigns highlight role-specific value.

Retention Curve Analysis by Segment

Churn Factors by User Segment

Retention Curve and Observations

Retention Features Driving Engagement

Retention Strategies by User Segment

Ramp-Up Milestones

Key Metrics to Track

1. Retention Metrics:
2. • Retention rates at Day 30, Day 60, and Day 90 by segment.
3. Engagement Metrics:
4. • Portal logins, report downloads, and inquiry submissions segmented by user type.
5. Feature-Specific Metrics:
6. • Workshop and webinar attendance rates.
   • Participation in quarterly executive connects.
7. Churn Metrics:
8. • Drop-off rates for casual users between Day 30 and Day 60.
   • Power users failing to transition to core engagement by Day 90.

Tracking Metrics for Retention

Resurrection Campaigns for Everest Group

These campaigns are designed to re-engage churned users and bring them back into the Everest Group ecosystem. Each campaign targets specific user types and includes tailored pitches, offers, and measurable success metrics.

1. Campaign: “We’ve Got What You’ve Been Missing”

• Segmentation of User Type: Core Users (CXOs, SL Leads) who haven’t attended a quarterly connect or downloaded a report in over 90 days.
• Pitch/Content:
  "Stay ahead with the latest insights! Discover how BFSI leaders are navigating the challenges of 2024 with our new report and quarterly leadership workshops."
• Offer: Free access to an exclusive high-value report or a complimentary one-on-one analyst consultation.
• Frequency and Timing:
• • Email campaign sent once a month for three months.
  • Follow-up call from the Client Director two weeks after the initial email.
• Success Metrics:
• • Percentage of users reactivating their portal access.
  • Attendance rate in the next quarterly connect.

2. Campaign: “Tailored Insights for Your Success”

• Segmentation of User Type: Power Users (Delivery Leads, Innovation Heads) who haven’t submitted analyst inquiries in over 60 days.
• Pitch/Content:
  "We’re here to help you tackle your biggest challenges. Submit a quick inquiry today and get actionable insights tailored to your BFSI projects."
• Offer: Free tailored inquiry submission or benchmarking summary customized to their ongoing projects.
• Frequency and Timing:
• • Monthly personalized email for two months, highlighting missed inquiry opportunities.
  • A mid-month reminder featuring a success story from a similar user type.
• Success Metrics:
• • Number of inquiries submitted within the campaign period.
  • Increase in portal logins post-campaign.

3. Campaign: “Your Gateway to Industry Insights”

• Segmentation of User Type: Casual Users (AR Managers, Marketing Heads) who haven’t logged into the portal in over 90 days.
• Pitch/Content:
  "Access the latest market trends and insights with just one click. Your personalized dashboard is waiting!"
• Offer: A pre-curated dashboard with key reports and an invite to an exclusive webinar for AR and marketing professionals.
• Frequency and Timing:
• • One-time email with a follow-up reminder after two weeks.
  • A call-to-action to download a curated report bundle.
• Success Metrics:
• • Number of reactivations and dashboard visits.
  • Attendance in the targeted webinar.

4. Campaign: “Rediscover Everest’s Value”

• Segmentation of User Type: Hibernating Users (All User Types) who haven’t engaged in over 120 days.
• Pitch/Content:
  "We’re back with insights that matter! Explore how Everest Group can help you drive BFSI success in 2024."
• Offer: Exclusive access to a high-demand webinar or free trial for a premium feature (e.g., advanced benchmarking tools).
• Frequency and Timing:
• • Quarterly email campaign with two follow-up reminders over the next month.
  • Include a personalized note from the Client Director.
• Success Metrics:
• • Percentage of hibernating users reactivated.
  • Portal logins and webinar attendance post-campaign.

5. Campaign: “Exclusive Leadership Roundtable Invite”

• Segmentation of User Type: Core and Champion Users who haven’t engaged with quarterly connects or insights for over a quarter.
• Pitch/Content:
  "Join an exclusive leadership roundtable with industry peers and Everest Group experts. Share insights, network, and explore actionable strategies for BFSI success."
• Offer: Free invite to a leadership roundtable or a priority seat in an executive workshop.
• Frequency and Timing:
• • Personalized email sent two months before the event.
  • Follow-up call one week before the event for RSVP confirmation.
• Success Metrics:
• • Attendance rate at the roundtable or workshop.
  • Post-event engagement (e.g., inquiries or report downloads).