Customer success managers keep customers up to date on how their company's product or service is helping them Business value can be shown by quarterly business reviews, monthly updates, and other reports. They take a lot of time to create and keep a CSM away from the real work. Matik would like to change that.
Matik is a company founded by the co- founder and CEO. He worked for a start-up in the customer success tech area. He was a member of the Insights team at LinkedIn, where he helped build out internal tools for success and sales teams.
An internal tool that automated the QBR process was rebuilt by Mijic. Product marketing would create templates for reports where data and content would need to be added for a specific account.
The data from various business systems would be pulled together by theCSM after they took the template and made a copy. They knew it was important to share these reports with customers because they drove better business outcomes. Mijic said that if you can show customers product adoption, higher renewal rates, lower Churn, or net new business, you are proving your product's value. He said that it worked well at the professional networking site.
There was an opportunity to automate the data-gathering process that took a lot of time. He started Matik in January with Zak Stein as his chief technology officer. They found that a lot of companies faced this challenge. They raised a seed round at the end of the year, after building a prototype out of his apartment.
What does Matik do?
The easiest way to save time building reports is to automate the data collection process. That is what Matik does. Matik helps customer success and sales teams automate data-driven narratives and content in the form of PowerPoint or Google slide presentations.
An administrator can connect data sources to the product, such as theCRM, Big Data databases, and other data via an application programming interface. It doesn't ingest the data when it queries it for the reports. Data or content can be included in presentation templates. In some cases, it's a simple field, in other cases, it's a query. Presentations can support text-based, image, or other content. The data feed can be used to set up charts or tables.
Matik goes out to all the required systems and pulls the data from them, and then adds it to the report. Rules based logic can be set up by administrators. admins can create a rule that says if a metric is under a certain amount, then remove the slide that shows it from the presentation
Once the report is built, theCSM downloads it and can open it in their preferred presentation software and make any changes they want. Mijic said that by giving the report in presentation format, they were able to open it and make the necessary updates.
Matik is not a new product according to Mijic. End users can download and modify it. Matik will no longer be involved in the process once the presentation is downloaded. The presentation is a point in time view of the account data.
Who wants this type of software?
Matik is a tool that can be used by mid-market companies that find their customer success teams spend more time building reports than engaging with customers. It's a good tool to build a pricing proposal for prospective customers, as well as a good tool for pre-sales.
The most up-to-date templates are one of the benefits of Matik. It eliminates the need for manual calculations to make sure the data is correct.
Matik's account team uses its software to send customers one pagers showing how their sales people are using the software.
And that's kind of the big thing that we're driving our customers to do as well with their clients, is how do you take this data, turn it into data-driven content that shows value and adoption, which think about with the current economic climate? I think that's at the forefront of every leader's mind right now is how do we show better value to our customers, right? Especially as budgets get tighter, that's going to be the key, and you show value through the data and being able to tie it to the business outcomes that they initially purchase your product or service.
Where does Matik go from here?
Matik has plans to evolve the product in a number of ways after raising additional Series A funding. The first part of this year will see integration with Office365 so a presentation can be opened online.
Mijic sees other trends with the technology. Companies want to make sure that every customer gets a one-pager every month or a regular QBR. Mijic wants to give Matik the ability to send a reportprogrammatically and help with distribution via email. Gainsight, Catalyst, and other data sources will be included in Matik's suite of integrations.
My take
The number of use cases was obvious when I looked at the product. Customer success and sales can be achieved using this. It can be used in many internal use cases, from marketing reports to executive briefings.
The team is focused on supporting the needs of customer success and sales right now, which makes perfect sense. It's easy to say your product works for everyone, but it can be hard to support every team and use case.
It's nice to know that every product that provides value to companies doesn't need an artificial intelligence story.
