Why customer success is important for your business
What is “customer success”? Why is it in trend now? What does it have to do with your business? And more importantly, why does it matter? Read on and you will find detailed and clear answers to these and many other vital questions in this guide. We will explain in detail why you must care about customer success in your business if you don’t already.
When it comes to customer relationships management, there are many fields of responsibility for business managers in this area. For instance, customer satisfaction, technical support and services, CRM itself and so forth. In recent years, numerous businesses have finally recognized the importance of customer success and adopted corresponding strategies for ensuring maximum results in this business dimension. So before we answer “why”, let us first explain what exactly this term implies.
What Is Customer Success?
Simply put, customer success is about delivering maximum value to your customers and ensuring they successfully achieve their goals with the help of your products or services. This requires constant communication, monitoring, and feedback. When used correctly, customer success management (CSM) can become a revenue-generating instrument. Oftentimes, customers need guidance and help for using products and services, and this is where CSM comes in place.
So, Why Does It Matter?
The reason is simple – customer success directly impacts customer satisfaction and happiness. These two, in turn, affect customer retention, sales and, finally your bottom line. Proper CSM helps to increase revenue, customer retention, and satisfaction. If you don’t have a CSM system in your business, then you have no control over these important parameters.
In other words, you have fewer ways to control your revenue. Your competitors, in turn, who do have CSM strategies, will be happy to steal your unhappy customers. The bottom line is, customer success is inseparable of any successful business strategy.
So, What Should I Do?
The first thing you must do is to develop a CSM strategy for your business. First, start out by defining the key points of customer experience. Based on those points, decide how you will measure customer happiness and success.
For instance, if you’re a software development company which develops CRM software, one of your points may be the level of sales for a customer. Then you must decide how to measure that indicator and how to help your customers achieve maximum results for that parameter. Develop an action plan for controlling those customer success points and appoint people who will be responsible for its execution. In most cases, this will require you hiring a customer success manager.
As you begin implementing your CSM strategy, regularly evaluate its effectiveness in helping customers achieve their goals. Also, analyze its impact on customer happiness and retention. If the used strategy fails to produce the results you except, adjust it – revise the corresponding action items which were ineffective and substitute them with new ideas.
For instance, back to our CRM example, if you find that your tips for increasing sales with your CRM software do not work for customers, review them and formulate some other more effective tips. As you continue putting your CSM strategy to work, constantly review and update it to achieve your customer success goals.
Customer success is vital to any business. It is not just some new trend in marketing. It is something that you either take seriously or otherwise, something which your competitors will take seriously and destroy your business with. Therefore, you must familiarize yourself with this new marketing science, develop the right CSM strategy and implement it in your business. If done correctly, this will help you to increase and retain your customer base, customer retention and happiness, and ultimately, money on your bottom line.