The success of your business is directly proportional to the success of your customer. If your client succeeds using your product, if they achieve their desired outcome using your product they will keep using your product and you need not worry of retention. But most often, in a subscription economy where the user has the buying power, the user drops of soon without renewing your services. In SaaS, without renewals, it becomes impossible to survive as 80% of the revnue is locked in and that comes only with renewal. In such a scenario, how do you ensure your customers achieve success? Read now to find out
Time is crucial in these stimulating economic times. Efforts made to stop churn today could make or break your business performance for the upcoming years. You need to know what your customers want and need.
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The success of your business is directly proportional to the success of your customer. If your clients succeed using your product, they’ll continue using your product, and thus, your business will succeed. Customer Success is all about: ensuring your customers attain their desired outcome while using your product.
Additionally, Customer Success informs strategy; it helps companies understand the customer lifecycle and experience better so they can improve it.
Alternatives to Customer Success platformSaas businesses have already tried alternatives like an intercom.
This is a modern take on the various reactive support channels that exist. They offer a chat system that can be driven based on the user product adoption behavior.
Why does it fail?But it fails when this automated campaign breaks; there is no hand-off to the customer success manager. The CSM is nowhere aware that he/she needs to intervene and help the customer achieve the value that he is looking for. Companies using intercom have a campaign completion rate of 2% -5 %. The rest 95% of customers cannot be left out.
In the subscription economy, the customer has the power to fire the vendor. The main objective of customer success technology is to make sure that 100% of the customers are benefitting and are able to get the value that they had asked for when they signed up for your product/service. And to achieve this, it’s here that you need to equip your customer success manager with a customer success platform.
Advantages of Customer Success platforms over the alternativesThe Customer Success platform will enable the CSM to lay out a very systematic, thorough process for the customer to derive the value he is looking for. Be it Onboarding Playbook, new feature adoption playbook, setting up risk alerts, or health scores. This will help the CSM to guide the customer and be more proactive in their support. The customer success platform has more thought-through defined workflows that can help the CSM to guide the customer in their ideal customer journey crafted. Supported by the right customer success tool, you and your team can predict churn, reach out to customers just at the right time, improve retentions, increase upsells and expansions and do a lot more.
Having the right tools is essential to provide exceptional customer service. With Customer Success, you can focus your time on creating more loyal customers.
Bonus Tip: Click here to read 5 points to consider while choosing a customer success platform,
So when choosing a customer retention software, analyze the positive impact of investing in the tool.
