{"id":8188,"date":"2017-04-13T17:37:36","date_gmt":"2017-04-13T15:37:36","guid":{"rendered":"https:\/\/chartmogul.com\/blog\/?p=8188"},"modified":"2018-07-05T10:32:46","modified_gmt":"2018-07-05T08:32:46","slug":"adobe-saas-pivot-strategy","status":"publish","type":"post","link":"https:\/\/chartmogul.com\/blog\/adobe-saas-pivot-strategy\/","title":{"rendered":"Adobe&#8217;s $4.2B ARR pivot to SaaS: The strategy behind the numbers"},"content":{"rendered":"<p class=\"p1\"><i><\/i><span class=\"s1\">Much has been said about <a href=\"http:\/\/adobe.com\">Adobe<\/a>\u2019s successful transition of its Creative Suite of apps to a subscription-based service \u2014 <a href=\"http:\/\/www.adobe.com\/creativecloud.html\">Creative Clou<span class=\"s2\">d<\/a>.<\/p>\n<p class=\"p3\"><span class=\"s1\">While it makes sense to start with some facts, I don\u2019t want to focus too much on the data. The sheer scale of the numbers here are impressive \u2014 it\u2019s not often we see a business of such scale and success pull off a pivot to a different business model, and live to see another day. But the numbers are not the aspect of this topic that we\u2019ll learn from (even though they serve as good context).<\/p>\n<h1 class=\"p4\"><b>The facts<\/b><\/h1>\n<p class=\"p3\"><span class=\"s1\">In 2011, Adobe\u2019s Creative Suite was a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Cash_cow\">cash co<span class=\"s2\">w<\/a> by most measurements. It generated more than $3.4B in revenue with a gross margin of 97%.<\/p>\n<p class=\"p3\"><span class=\"s1\">On April 23rd, 2012, the company <a href=\"http:\/\/www.adobe.com\/aboutadobe\/pressroom\/pressreleases\/201204\/042312AdobeCreativeCloud.html\">announce<span class=\"s2\">d<\/a> the release of Adobe Creative Cloud&#x2122;:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201ca radical new way of providing tools and services that will change the game for creatives worldwide.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">While\u00a0Adobe continued to offer the CS6 perpetually-licensed software alongside this new cloud subscription, it was clear that the subscription model was their<span class=\"Apple-converted-space\">\u00a0focus moving forward. Initial reception from users was mixed, raising some concern (and a little outrage) from loyal customers who didn\u2019t want to buy into the subscription service:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cAdobe was seemingly caught flat-footed by the sheer volume and<span class=\"Apple-converted-space\">\u00a0intensity of the criticism and had to spend the next several days after the announcement talking not about new software and service features, but dispelling inaccurate claims proliferating on user forums about terms and features of their Creative Cloud service.\u201d<\/p>\n<p class=\"p3\">(<a href=\"https:\/\/www.forbes.com\/sites\/amadoudiallo\/2013\/06\/17\/adobe-cc-subscription-release-big-upside-and-risk\/#3888ad6819c6\">Adobe\u2019s Subscription-Only CC Release Carries Obvious Upside But Big Ris<span class=\"s2\">k<\/a>)<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">Fast-forward five years to the present day, and the success of Creative Cloud (CC) and its impact on Adobe as a business is an overwhelming success.<\/p>\n<ul>\n<li class=\"li3\"><span class=\"s1\">Q2 2013: CC subscriber numbers had reached almost 700,000<\/li>\n<li class=\"li3\"><span class=\"s1\">FY 2016: CC revenue was up 44% year-on-year to $733 million<\/li>\n<li class=\"li3\"><span class=\"s1\">FY 2016: Over 30% of CC total subscribers were new to Adobe<\/li>\n<li class=\"li3\"><span class=\"s1\">Q1 2017: $4.25B ARR, a quarter-over-quarter increase of $265M<\/li>\n<\/ul>\n<figure id=\"attachment_8202\" aria-describedby=\"caption-attachment-8202\" style=\"width: 720px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-8202 size-full-column\" src=\"https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart-720x540.png\" alt=\"\" width=\"720\" height=\"540\" srcset=\"https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart-720x540.png 720w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart-300x225.png 300w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart-1024x768.png 1024w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart.png 1280w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2017\/04\/tunguz-adobe-chart-300x225@2x.png 600w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><figcaption id=\"caption-attachment-8202\" class=\"wp-caption-text\">This chart by Tom Tunguz clearly shows the dramatic pace of Adobe\u2019s revenue model switch (source: http:\/\/tomtunguz.com\/adobe-saas-growth\/)<\/figcaption><\/figure>\n<h1 class=\"p4\"><b>What we can learn<\/b><\/h1>\n<p class=\"p3\"><span class=\"s1\">In many ways, what\u2019s more interesting about such a large-scale paradigm change for Adobe are the decision making and thought processes undertaken by the leadership and management teams. Pivots are <b>hard<\/b> at the best of times, and in many cases cause the kind of destruction that&#8217;s irreversible.<\/p>\n<p class=\"p3\"><span class=\"s1\">In an interview with McKinsey, Adobe CFO Mark Garrett and VP of Business Ops &amp; Strategy Dan Cohen give insights that are arguably more insightful than the numbers and metrics. Yes, the scale and revenue involved is incomparable for 99% of SaaS businesses \u2014 but the philosophy and challenges encountered by the leadership is something that can be taken and applied to everyday decisions in companies of any size.<\/p>\n<p class=\"p3\"><span class=\"s1\">Below are the\u00a0key points I learned from the <a href=\"http:\/\/www.mckinsey.com\/business-functions\/digital-mckinsey\/our-insights\/reborn-in-the-cloud\">full interview transcript<\/a>, published by <a href=\"http:\/\/www.mckinsey.com\/business-functions\/digital-mckinsey\/our-insights\/reborn-in-the-cloud\">McKinsey<\/a>.<\/p>\n<h2 class=\"p3\"><b>Experiment with side-by-side models to understand potential traction of the full scale<\/b><\/h2>\n<p class=\"p3\"><span class=\"s1\">When it comes to risk, it doesn\u2019t get much bigger than throwing away your existing (successful) business model and shifting to a new unknown. But what strikes me about how Adobe handled this transition is how they were able to test subscriptions on a smaller scale for a significant period of time before going all-in:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cAt the time of these discussions, we were experimenting with subscription models overseas and in the United States. We offered, side by side, similar products under both a subscription model and our traditional perpetual-licensing model, and we observed what the uptake was.&#8221;<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">Creative Suite 6 (with its perpetual license) was launched in May 2012 alongside Creative Cloud (subscriptions), and was only recently retired in January 2017! For nearly 5 years, both options were available to consumers side-by-side.<\/p>\n<h2 class=\"p6\"><b>Revenue growth through raising prices is not sustainable in the long term<\/b><\/h2>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cWe were driving revenue growth by raising our average selling price\u2014either through straight price increases or through moving people up the product ladder. That wasn\u2019t a sustainable approach.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">In SaaS, price-raising is a common strategy for driving revenue growth that doesn\u2019t actually require businesses to win new business. In many scenarios it makes sense, particularly when products mature, gaining new powerful feature sets targeted to enterprise-level customers. Raising the price (or adding more expensive pricing tiers) reflects the increasing value delivered by the product.<\/p>\n<p class=\"p3\"><span class=\"s1\">What Adobe realised, however, is that the price-raising strategy is not sustainable in the longer-term. There\u2019s only so long you can keep hiking prices, even with consistent product improvements.<\/p>\n<h2 class=\"p6\"><b>Stakeholder management and goal-setting is key to success<\/b><\/h2>\n<p class=\"p3\"><span class=\"s1\">Adobe is a public company. Not everyone has to answer to Wall Street, but every business \u2014 no matter the size \u2014 has stakeholders that require careful relationship management. Big changes that involve killing (or at least maiming) your cash cow are sure to be met with high levels of concern.<\/p>\n<p class=\"p3\"><span class=\"s1\">Three things strike me about how Adobe handled the transition with its shareholders:<\/p>\n<h3 class=\"p3\"><span class=\"s1\"><b>1. Over-communication<\/b><\/h3>\n<p class=\"p3\"><span class=\"s1\">The point here is to go above <i>and beyond<\/i> the expected level of communication, to avoid leaving any questions unanswered when it comes to the execution. This process requires you to be proactive, rather than reactive.<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cThe point is, we were transparent. We over-communicated. When we did that, and when Wall Street saw the traction we were getting with the initial release, the stock started to move.\u201d<\/p>\n<\/blockquote>\n<h3 class=\"p3\"><span class=\"s1\"><b>2. Goal-setting<\/b><\/h3>\n<p class=\"p3\"><span class=\"s1\">A great way to inspire confidence is to consistently meet goals. Each time a goal is met, confidence is reinforced and compounds with each subsequent goal. When it came to subscription metrics, Adobe executives gave clear \u201cmarkers\u201d along the path to success:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cWe gave them &#8216;markers&#8217;\u2014for instance, we said we were going to reach 4 million subscribers in 2015 and build up ARR.\u201d<\/p>\n<\/blockquote>\n<h3 class=\"p3\"><span class=\"s1\"><b>3. Education<\/b><\/h3>\n<p class=\"p3\"><span class=\"s1\">One big challenge for Adobe in moving to the subscription model was in helping investors see and think in the \u201cnew\u201d way of measuring such a business. Subscription revenue requires subscription metrics \u2014 and the team at Adobe focused on educating investors on how exactly this was done:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cWe shifted their focus toward the building blocks of the Creative Cloud business\u2014subscriptions, annualized recurring revenues (ARR), average revenue per user, and revenue that was contracted and either deferred or in backlog\u201d<\/p>\n<\/blockquote>\n<h2 class=\"p6\"><b>Don\u2019t underestimate the cultural aspects of change<\/b><\/h2>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cWe had to contend with some of that cultural antibody\u2014especially given that we were a company that had been doing things the same way for almost three decades.<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">Literally any form of change is going to meet resistance in a company that\u2019s been around nearly 30 years, even changing the brand of coffee.<span class=\"Apple-converted-space\">\u00a0But for younger startups, it can still be challenging to seemingly \u201cundo\u201d months of progress and pursue a different strategy. Employees in smaller businesses often feel a stronger attachment and sense of ownership over the work they do, and it can be disheartening to let go of that.<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">&#8220;We instituted open dialogue with employees\u2014here\u2019s what we\u2019re going through, here\u2019s what it might look like\u2014and we encouraged debate. Not everyone stayed, but those who did were committed to the cloud model.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">The principles that Adobe followed with its employees apply to any sized business: Leaders need to be transparent, encourage debate and be open to the very real possibility that the \u201cnew world\u201d is just not something certain employees want to be a part of \u2014 and that\u2019s okay!<\/p>\n<h2 class=\"p6\"><b>\u201cDig in\u201d and question every aspect of your current model<\/b><\/h2>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cFor any company moving to a subscription model, you need to deliver ongoing value to the customer and also create new sources of value that didn\u2019t exist with the old model. You can\u2019t just sell the same offering in a different way.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">The SaaS model revolves around delivering ongoing value to users. This may be obvious in 2017, but to Adobe in 2012 this was a level of foresight many businesses didn\u2019t even manage.<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cIn every part of the business, we had to dig in and ask, &#8216;How do we need to do this differently?&#8217; Moving to the cloud affected how we engineered the products, our operations, and our go-to-market and business models.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">With any change to your billing model or even pricing structure, it\u2019s worth taking a fresh look at every aspect of the business that could be affected by it. If you\u2019re offering a new premium plan, what does this mean for your support structure? How does the marketing focus need to change to accommodate expansion in the target customer base?<\/p>\n<p class=\"p3\"><span class=\"s1\">Dig in, and don\u2019t leave any stone unturned.<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cYou have to take a fresh look at your products\u2014and be willing to &#8216;burn the boats,&#8217; so to speak.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">In other words, look for the things today that are taken for granted, and question every single one of them.<\/p>\n<h2 class=\"p6\"><b>Listen and respond to feedback<\/b><\/h2>\n<p class=\"p3\"><span class=\"s1\">Not every aspect of the move was a roaring success from day one. The initial subscription offering for Creative Cloud left hobbyists (particularly photographers) feeling sidelined:<\/p>\n<blockquote>\n<p class=\"p3\"><span class=\"s1\">\u201cWe learned an important lesson in this area early on, when we got serious pushback to our cloud plan from our photography customers, who felt the offering did not work for them.\u201d<\/p>\n<\/blockquote>\n<p class=\"p3\"><span class=\"s1\">In response to this, the company eventually introduced a Photography plan, packaging the Photoshop and Lightroom apps into a more affordable $10 monthly fee.<\/p>\n<p class=\"p3\"><span class=\"s1\">This shows that even with a year of financial modelling and running numbers, you can\u2019t expect to hit the right solution first time. Clearly for Adobe, there were some things they just couldn\u2019t see without the feedback of loyal customers.<\/p>\n<h1 class=\"p3\">In summary<\/h1>\n<p>Today, after a long transition period, Adobe has completed their transition to a subscription model &#8211; they no longer offer perpetually-licensed solutions for their creative software. The sheer scale and numbers involved in the success of this transition are hard to ignore, however they don&#8217;t tell the full story of the organizational and cultural paradigm shift that was required.<\/p>\n<p>The learnings and values listed above can apply to <em>any<\/em> business going through a major change of pricing model or product pivot. These changes affect all aspects of a business, and present huge challenges both internally and with communication to\u00a0external stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How anyone can re-shape their core business model while inspiring confidence in stakeholders, learning from customers and re-thinking their product offering from the ground up.<\/p>\n","protected":false},"author":9,"featured_media":8266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[246,49,247,21],"class_list":["post-8188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pricing","tag-adobe","tag-pricing","tag-public","tag-saas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adobe&#039;s $4.2B ARR pivot to SaaS: The strategy behind the numbers<\/title>\n<meta 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