Once a company has finally made a sale to their customer, they need to begin with the process of making sure that their customers stay. There are many Customer Success Platforms that may help businesses achieve maximum customer success, as well as enhance revenue. This article highlights the basics of customer success.
What is Customer Success?
Customer Success is simply the methodology for businesses to ensure that their customers receive their desired results while making use of your services or your products. Customer Success is just a relationship-focused management of clients, which aligns vendor and client goals for equally beneficial effects. An Effective Customer Success strategy is one that classically results in reduced customer churn and enlarged upsell opportunities.
Why do you need a Customer Success Program?
There are various reasons as to why a Customer Success Program is needed:
1. Increase Revenue:
The main job of most businesses is to grow better with their customers because according to a research, growing companies rank customer success first. In fact, it has been found out that up to 70% of the companies with an increasing revenue regard customer success as something that’s “very important.” Those with deteriorating revenues, only about 49% said the same.
Furthermore, it was found out that 55% of the prospering companies render it “very important” to capitalize in customer success programs. On the other hand, only 29% of the stagnating companies said the same. It appears from these researches that the companies that do invest in a customer success team do reveal an enhancement in the overall revenue.
2. Upselling and Cross-Selling Opportunities:
Customer success programs also result in more opportunities for businesses to communicate with their customers. According to a study, the companies which added a customer success program enjoyed almost twice the customer communications as they did previously. This provides extra chances for the team to upsell, as well as cross-sell. A customer success manager anticipates any hurdles that might be experienced by customers and then reach out to help them and explain.
3. Decrease Acquisition Cost:
When businesses assist their customers in achieving their goals, customers will happily associate their success with your company. This decreases the company’s customer acquisition costs since it increases the customer retaining rates. Customers will then always return to your company as they trust that you’re invested in the fulfillment of their needs.
On top of that, happy customers love to share their experiences of success and recommend the business to other customers. They become brand evangelists that promote your business to possible leads. This way your customer referral rate also increases and you may spend lesser time in locating new customers.
4. Reduce Churn
Adding such a program gives businesses a better idea of the customers that are more likely to churn, and what you could do to avoid it. Companies often even set up customer playbooks and generate automated alerts which indicate when customers were likely to churn. This way they got a lot more chances to care for the unsatisfied customers.
For obvious reasons, companies with a Customer Success Program are a lot more prosperous than those without it.