Customer success management is needed to follow up customer acquisition. Focusing on customer acquisition alone limits the potential growth of a business. Relationships need to be managed to develop predictability within a business model. This is where customer success comes into play. It is a strategic effort that maximizes sustainable value. By combining customers and company resources, certain aspects of a business model become more reliable. To achieve this, professional resources are paired with strategically driven principles.
Forbes took a look at customer success through the eyes of chief marketing officers. The CMO is far removed from the salespeople who interact with customers on a daily basis. Nevertheless, the CMO determines a company’s strategies. It is crucial to connect strategy with customer experiences. Committing to customer experience improved retention and revenue by 25%. Obtaining the best metrics are invaluable. The goals are to achieve a deep understanding of the needs of customers. This must be proactive and should be focused on unstructured interactions. Once relevant customer data has been organized, the development of sales and retention programs can begin.
Why a Customer Success Platform is Essential
The concepts needed to win at customer success management can be incorporated into a platform. Employing software enables a detailed analysis that improves customer satisfaction. A customer success platform can be integrated with other aspects of the business model. It is about more than increasing retention. It is about creating a culture that grows customer relationships. For example, onboarding customers and deterring churn can be maximized. The Customer Success Association recommends five areas that should be integrated into the business model. These are:
- Professional Services
The Customer Success Team
Customer success is as much about teamwork as anything else. The Customer Success Team is about having the right people in the right place at the right time. It compliments a company’s governing strategies and metrics. But, deploying teams is not a straightforward effort. They must work as the go between of the sales department and customer success managers. CS teams also need to work effectively with technology.
Teams are crucial to long-term success. This is the objective. It is certainly not about short-term crisis management. CS teams provide an ideal means to understand consumers. Understanding consumers improves retention. The advantages are clear. According to UserIQ, subscription-based companies see revenue between 70% and 95% from renewals and upselling. Additionally, a repeat customer spends about two-thirds more than a new one.
UserIQ emphasized that customer success teams remain proactive. The goal is to make user adoption a competitive advantage. Analysis, onboarding, and engaging customers are all fundamental to staying at the front of the pack. Specifically, user flows need to be fine-tuned with usage data. This must be combined with a personal touch that is scalable. Reducing friction with micro-feedback and leading consumers with announcements is highly recommended. And of course, onboarding and first impressions go hand in hand.
The Right Platform Adds Value
Modern business is fast paced and is not going to slow down. Customer demographics are increasingly diverse. Even so, one-and-done sales models have repeatedly been shown to fail. Success is attributed to proven sustainability. Companies grow from long-term strategies. A customer success platform facilitates sustainability. The Customer Success Association stresses that value increases for both the company and the customer. A suitable platform will support a company’s strategy with success metrics and resources, as well as strengthen a CS team and aid staying at the forefront of innovation.
Platforms deliver metrics and resources in a timely manner. They support the efforts of teams and company agendas. Relevant support is oftentimes the difference between success and failure. What made for efficient operation yesterday may not be applicable today. This is also true for user support and upselling. For instance, CS teams should be tasked with NPS surveys to improve the optimal customer success path. This can be accomplished strategically through “zero moment of truth” in-app deployment. Maximized engagement factors are the result. Another way that CS teams can be used is with tailored surveys. This measures customer experiences for onboarding and feedback.
Customer success connects providers with consumers. Both have something to gain from a company accomplishing its CS goals. Teams are instrumental to maximizing value. They must be connected to all aspects involved in customer success. The right platform will help manage, streamline, and make deep connections with customers. A CS platform provides the means to gain a competitive edge and remain at the forefront of the unpredictable developments of an industry. What becomes apparent is that, as technological innovation become more prevalent, a CS platform becomes more essential.