Customer success is a very crucial area of the business that needs to be built with precision. All companies, especially the ones in B2B and SaaS domains, are taking all possible measures to make sure that the customer success is on point. The main motive of the customer success is to make sure that the clients of the company meet their desired outcome with the use of the product supplied by the company. But why is this new business strategy gaining so much popularity through all industries? Why is so much important?
The benefits of customer success are spread across all aspects of the business. The satisfaction of the client can only help the business to thrive and succeed. In a product based business, with the increasing amount of competition all around, maintaining a solid plan for the success of the customers is mandatory. That means you have to track the unique needs of your clients and make sure that they are met with your tailor made plans. Take a look at the main benefits that the customer success provides.
1.Customer Loyalty:
A growing loyal customer base is a sign that the company is doing well in the market. Customer success is the way to go if you want to hold on to your old customers. It has been proved in various surveys that holding on to new customers, is tougher than getting new ones on board. With a proper customer success plan in place, you will be able to meet the specific needs of the customers that are already on board with you. How can you make it happen?
Make sure that your customer service is top notch when dealing with the clients. Any issue they face should be dealt with high end professionalism. You must have a competent team in place to ensure shorter turn-around times for your clients. You should also stay in touch with the customers on a daily basis to collect their feedback about your product. Do not wait till they come up with an issue. Be more proactive in your approach and you are bound to get the results. Make sure you track customer success metrics like Customer Lifetime Value to stay updated on your accounts.
2.Easier Forecasting with Customer Success Metrics:
Any business in the current times needs to take data driven decisions if they want to stay ahead in their fields. It is all the more important for product based businesses with the growing competition. The whole idea of customer success management is driven by the data collection and analysis. You have to work with advanced tools that will help you determine the qualitative and quantitative relationship with the client. The quantity can be measured with the help of tools like Net Promoter Score. This will give you an idea about the chance of getting referred by the client on a scale of 1 to 10. The quality can be evaluated through significant feedback.
With all these information into account, you can take much more precise decisions regarding the expectations of your clients. This is a much more trustworthy way of forecasting the future of the company and its decisions. You can take these points and try to address them in the development of your future product. Or you can address them in the existing one with an upgraded version. This will help you gain the confidence of current customers as well as attract the future ones.
3.Business Expansion with Greater Customer Success:
Business expansion is definitely one of the most common goals for any company. That means you have to reach out to a more diverse client base. But research shows that companies usually prefer a service or a product that has been recommended by some other trusted entity. So you have to make sure that your product gets referred by the existing clients to others. The chance of referrals can be tracked using the customer success metrics.
If your referral numbers are high, then you can be sure that the customer satisfaction is in good shape. But if they are not going upwards, you can consider taking appropriate measures. Look up the qualitative customer feedback and try to get an idea about what the customers think your product lack or where they think the product could improve. Once you act on these areas, you will surely see the conversion rate going up and referral numbers increasing.
4.Improved Revenue:
The customer success metrics are very useful when determining various aspects of the business. One part of the customer success team will work to retain the existing clients. This will contribute to the growing customer loyalty. But to take a step further, the clients must upgrade to a better package in the company. This will only happen when the clients are very satisfied with the service they have received till date.
Customer success lets you design step by step goals for the clients that they can achieve with your product. The product’s ability as well as the guided support of the company will help the customer to achieve those goals. Once they reach these milestones, they will want to expand further. That is when you can propose a better package with improved and advanced features. This kind of up-selling and cross-selling will reflect in improved revenue for the company.
5.Improvement in Company’s Operations:
The customer success team is unlike any other department in the company. The professionals have to be in close contact with all other departments, like- customer service, finances, sales as well as product management. The contribution of all these departments is needed with a smooth coordination in order to achieve the desired outcome. This means that all the teams are going to be in close contact with each other throughout the operational workflow. This will definitely strengthen the cooperation between the departments and ultimately contribute to the growth of the company.
Three important factors that need customer success to work well:
- Understanding well about the customer’s business and goals.
- Data-driven insights into when and how customers are using your product.
- Expertise that will guide customers on exactly how they should be using your product to succeed.
- To accomplish the goal, you require several functions within the company, including sales, marketing, business strategy, technology, and account management.
- Customer success also became the advocate and voice of the customer within the company. On the other hand, they also represent the company when consulting the customer.
- Customer success teams can also use customer feedback data to suggest to the product team what features and functionalities people could benefit from.
- Customer support and customer success are two different subjects. Customer Success is a proactive approach to helping customers, while support is reactive.
- Great customer support is still vital and contributes to overall success, but it is not enough to prevent churn and drive new revenue.
If you are not sure about your customer success measures, you can get in touch with outsourcing companies. They have experienced professionals with great domain knowledge. They can help you train your staff for an excellent customer success plan. If you are suffering from understaffed teams, you can also outsource the entire customer success planning to them. Get in touch with them to get a quote.
Hope this blog helped you understand top 5 benefits of customer success. For any queries, write them below and we will get back to you if they are relevant. For more updates, subscribe to our blog.