Could you construct a car without a manual? Most people, including, couldn’t. But what if you weren’t just given directions, but also had a qualified mechanic there to walk you through each step? Sounds a great deal easier, doesn’t it? Your customers believe the same thing.
Customers experience anxiety anytime they purchase something and it has nothing to do with simply saving money. Every purchase has a purpose, and they rely on your products or services to meet both short- and long-term needs. Unfortunately, there is no guidebook for making an excellent purchase, so customers rely on your business to meet their expectations. The stakes are extremely high, but if your customers succeed, you’ll ride on their coattails.
But What if you could change the odds in your favor and significantly increase the customer’s chances? You can strengthen your users’ rate of success by investing in a customer success program, similar to hiring a mechanic to help you build that car.
Success Is Always The End Goal
Customer success is a business strategy that uses your service or your product to assist customers in achieving their goals. Relationship-focused client management aligns your consumer with your company’s goals, resulting in positive outcomes for all parties involved. Effective customer success strategies, in the end, potentially reduce churn, lower acquisition costs, and increase upsell opportunities.
Predicting customer challenges or queries and providing proactive solutions and answers is what customer success is all about. Customer success assists you in increasing customer satisfaction and retention, thereby increasing profits and customer loyalty.
The Need for Customer Success
It goes without saying that your company requires exceptional marketing and sales efforts to be successful. However, in a world where customers have limitless alternatives, Sales and Marketing are insufficient to sustain growth.
Businesses cannot depend heavily on annual contracts to retain customers. Furthermore, the cost of acquiring new customers has consistently increased over the last decade.
So, what else can companies do to succeed today? The solution is to invest in customer success, which is currently one of the most prominent, developing growth potentials in business today, regardless of industry.
Opportunities for Upselling and Cross-Selling
Customer success programs increase the number of ways you can interact with your customers. According to a Mainstay study, companies that implemented a customer success program had twice as many client interactions as before. This increase gives your team more opportunities to upsell and cross-sell. A customer success manager can anticipate potential roadblocks and reach out to describe in detail how your premium offers can help.
Reduce Acquisition Costs
When you assist customers in achieving their objectives, they will associate your enterprise with their success. This lowers your customer acquisition costs by increasing customer retention rates. Customers will come back to your business rather than looking for competitors because they believe you care about their needs.
Furthermore, satisfied customers like to share their success stories and make suggestions to other customers. These individuals become brand evangelists, marketing your company to potential leads. This improves your customer referral rate, allowing you to spend less time trying to locate and attract new customers.
Including a customer success program should provide you with a better understanding of which individuals are most likely to churn and how to prevent it. In the same Mainstay study, businesses that implemented a customer success program were able to reduce churn rates to around 2-3%. These businesses established customer playbooks and automated alerts that suggested when a consumer was likely to churn. This provided them with more opportunities to cultivate dissatisfied customers who may have chosen to take their business elsewhere.
Customer Success Has No Haters
Customer success influences the entire consumer experience and brand relationship, which has a significant impact on customer satisfaction, retention, and advocacy. As a result, you will have a good customer base. A healthy customer base, in turn, indicates a thriving business, which will attract new customers. Furthermore, customer success not only assists many different organizations in many different industries, but it also provides benefits regardless of where you are in the customer success journey.
Take into account the customer success journey as an example of this basic framework:
- Adoption & Onboarding
As customers progress through each step of their journey, you will indeed be able to determine whether they have any issues that need to be addressed before moving them onto the next stage. You can assist your customers in truly understanding the value of your product during the onboarding and adoption stages. If they are struggling at this point, you can emphasize that value and move them to the retention stage.
Your consumers will be regular users at this point. Anything less, and you’ll want to intervene to keep them with you so you can focus on areas to upsell in the following stage, expansion. If your upselling strategy isn’t working, you’ll want to maximize points of contact to determine the problem and move them to the advocacy stage.
The ultimate goal of the customer success journey is to convert customers into advocates who are willing and capable to refer you to others, thereby increasing your business.
How to Improve Customer Success Rates?
Create experiences through proactive participation.
The new consumer journey has many more touch points than the previous one. From onboarding to nurturing to upselling, you must constantly demonstrate your worth. Begin by learning about your customers: who are they? What do they require of you? What are their goals and motivations? Then, focus on creating the best possible user experience.
Treat interactions as if they were conversations.
Communication is the foundation of long-term relationships. So, ask yourself, “How should I communicate with my customers?” What are the best channels? And how can you strike a balance between politeness and professionalism? Just keep in mind that you’re conversing with humans. So treat them as such.
Use reviews to increase retention, decrease churn, and fuel growth.
What is the first phase in retaining employees? Discover why they’re leaving. And how do you stimulate growth? By understanding why your most valuable customers pay what they do. The approach is always the same: feedback.
Create a world-class customer success team.
These individuals are the people who make everything run smoothly. Get started by asking yourself the following questions:
- How should I organize my team?
- Who should I employ?
- How should I train and onboard new employees?
Identify the metrics that are important.
Surprisingly, customer success is data-driven. And data can be your closest friend or your worst enemy. So, what should you concentrate on? And why bother measuring in the first place? Oh, and start making sure you understand how everything fits into the bigger picture: increasing net retention or decreasing net MRR churn (hint: they’re the same thing).
Obtain the necessary equipment
Handling support tickets, outreach, and account management These are not tasks that can be completed with emails and a spreadsheet. You’ll need the proper equipment.
With the right technology, you can observe user behavior at a micro level. Clicks, keyboard strokes, and even the number of seconds spent on a particular task can now be monitored. Companies that use this data are better equipped to serve their customers.
Make contact to find out
Feedback from tickets and big data from product use are excellent sources of information. To find out what your customers truly think and feel, simply ask. Consumer feedback, NPS surveys, and departure surveys are your best friends.
Tips for Improving Customer Success Strategies
Get a complete picture of your customer’s information.
With a complete view of your consumer data, you will have a much better overview, enabling you to stay on top of just about everything, including risk assessment, health evaluation, deeper insights, and action.
Knowing how engaged your customers are, whether they’ve completed their onboarding, paid their invoices, or are fully prepared for upgrades, all in one place, can make all of the difference for busy customer success teams. Using a dashboard to track your customers’ health and where they are in their journey can be even more impactful.
Customers should be segmented.
Investing the time necessary to segment your customers will allow you to detach specific customer groups and automate actions to participate with each group. Customer segmentation can be achieved by linking patterns in user behavior, demography, or other parameters.
Encourage adoption and usage
You don’t want to sit back and wait for customers to adopt your product. Advocating for adoption and usage will help ensure that it occurs successfully and quickly. Tracking usage will also help to reduce churn.
Customer touchpoints via multiple channels
Creating campaigns across multiple channels to ensure a high number of customers at different touch points can be extremely beneficial in assisting your customers and assisting them in reaching their goals.
Customer feedback and surveys
Survey your customers on a regular basis to get valuable pulse responses so you know where your consumers stand. Automate the procedure for even better feedback mechanisms and time savings.
Automate any of your customer success procedures to make them more efficient and scalable, ensuring that you get the data you need to oversee your results.
The most successful companies are those that ensure their customers’ continued happiness and success. Create a customer success program at your company and make sure that your customers feel supported through much of their time working with you, and you’ll turn them into loyal brand advocates. This will enable you to expand sustainably while also developing long-term relationships with those on whom you rely the most: your customers.
How Can Survey2Connect Help?
Survey2Connect is used by some of the world’s most trusted companies and has been successful in managing their customer experience efficiently over the past years.
Survey2Connect provides a one-stop solution for all your experience management needs. With S2C you find the right answers to take timely actions. Get in touch with us for a demo.
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