Customer Success (CS) is the keystone to revenue success in today's markets.
Satisfied customers who enjoy their interactions with your brand are more likely to return for additional purchases, refer friends and family to your business, and have a high lifetime value.
Unfortunately, the inverse is just as true: dissatisfied and frustrated customers won't come back, won't spend more, and may even spread the word that your company provided a poor experience.
Because Customer Success is so crucial, companies must develop playbooks that govern customer experiences and have quantifiable metrics for improving and assessing CS. However, fewer than two-thirds of companies have a clearly defined Customer Success strategy.
If your company is part of the 37% that doesn't have a clear Customer Success Playbook, you may struggle to hold onto clients, gain new customers, and scale your business. Change that today by reading this quick guide on our Customer Success 2.0 model and how to make Customer Success a stronger and more clearly defined element in how you do business.
Customer Success 1.0 models were passive or reactive. Companies that offered software, service, and SaaS product offerings would give customers how-to guides and manuals. There might be occasional product walk-throughs or demos, especially for customer support calls or reactions to problems. But these models aren't satisfactory; they aren't engaging, proactive, or built to optimize Customer Success.
Customer Success 1.0 models aren't satisfactory; they aren't engaging, proactive, or built to optimize Customer Success.
A Customer Success 2.0 model, on the other hand, uses a combination of modern tools and customer-first philosophies to proactively ensure that customers are engaged and satisfied during every stage of their interactions with your brand — before, during, and after purchase. This style of customer service builds better customer-service provider relationships, less turnover, and more potential for revenue growth.
Whether your company is large or small, it's essential to have buy-in from all internal stakeholders when changing your processes. Your Customer Success managers need to have a seat at the table when you're discussing broad Go-To-Market strategies. With their input, your teams can anticipate potential problems, ensure there's a smoother rollout, and minimize the risk of frustration and churn.
For Example: Simply priming customers with resources regarding future changes and options allows customers to acclimate to the change (and know your CS team has their back).
Many companies don't have a unified Go-To-Market strategy because leaders in traditional roles and structures don't see the point. CS is too new and may not have a clear role or set of responsibilities. Resolve this by discussing the role of Customer Success in customer retention and revenue growth.
After all, according to Retention Science, "Increasing customer retention rates by 5% increases profits by [up to] 95%."
Once that number gets everyone's attention, you can start discussing Customer Success's role in strategy and how cross-team planning sessions should function.
To scale your revenue and prioritize Customer Success, you and your teams need to be invested in helping your customers succeed in their own ventures.
This research allows your teams to create premium products that match the needs of your market while simultaneously deepening relationships with your customers. You can prioritize projects with the best ROI and table projects with a low chance of reward.
This process isn't even that costly.
Most Customer Success teams cost less than 10% of the company's ARR, so they quickly pay for themselves.
If you're going to prioritize Customer Success, then you need the right people in your Customer Success teams: quick thinkers who can follow processes but also customize the journey to meet the needs of individual clients on their list. Not only do you need to find and train these individuals, but you need to create a workplace that retains them.
Power your Customer Success efforts with modern digital tools to cut down on manual tasks and provide insight into the success of different initiatives. With intelligent analytics tools, your teams can predict churn, identify opportunities for cross-selling and upselling, intervene with at-risk customers, and refine processes over time.
A robust customer-centric philosophy brings all of these moving parts together. Marketing teams, sales teams, and even non-customer-facing product managers must prioritize Customer Success throughout every project to encourage customer loyalty and ensure there are no gaps in a positive customer experience.
After all, 86% of buyers value a great experience so much that they're willing to pay more for it, and everyone on the revenue side of the business should value that.
At House of Revenue, we specialize in helping companies reorient their processes around customer experience and Customer Success. Contact us today to learn more about how we can help you create modern Customer Success playbooks and strategies for your business that will help you scale.