Customer success is a term that is gaining popularity in the business world today. It is becoming the most important factor that impacts the revenue of any company. It can be a reason because of which businesses will become successful or face downfall. So, before we move further, we first need to understand.
What is customer success?
Customer success is a business strategy in which a success manager ensures that the customer is achieving the desired outcomes while using your product or service.
There is a recent study done by LinkedIn which says “approximately 20,000 job openings for Customer Success Managers are representing 31% open-job or existing job ratio.
Customer success managers work proactively with customers to understand their requirements and make a better relationship with them. Effective customer support will reduce churn and also creates upsell opportunities for successful managers.
Why do businesses need customer success?
Customer success is a prerequisite to the success of any business. If your customers are happy while using your product or service and can meet their end goals, then your business will also be able to generate revenue and run successfully. It plays a huge role when it comes to Client Retention, Client acquisition and brand promotion.
Customer success department also gives you real-time information about how your existing customer is using your platform and what is their feedback about the services they are getting. Furthermore, we have explained in brief how customer success adds value to your business:
- Customer success helps in onboarding
- Customer success helps in reducing churn
- Customer success helps in gathering customer feedback
- Customer success drives revenue
Customer success helps in onboarding: When it comes to onboarding a customer the department which takes over is customer success. It is the responsibility of a customer success manager to assist the customer with the product demos telling them about how to use the product and how the configurations work.
Onboarding of a customer is also a process where you make your customer comfortable with the product with proper training and make sure that they are not facing any issue.
Customer success helps in reducing churn: Reduction in churn rate is very important for any business when it comes to revenue generation. The customer success department plays an important role here because success managers, make sure that they are reaching out to the clients frequently with the latest updates and resolving their queries/concerns on priority. This gives customers a sense of satisfaction and that leads to customer retention
Customer success helps in gathering customer feedback: The customer success department also keeps on collecting the feedback from the customers about the product or service via different surveys “on how your products are adding value to their business” and if there is an area of improvement.
Success managers make sure that the suggestion or feedbacks given by customers are heard because these feedbacks play an important role in the successful product roadmap and ways to enhance customer services.
Customer success drives revenue: A business not only drives revenue from new sales but also existing customers. Customer success managers have a complete history of a client and they find out the opportunities to upsell or cross-sell them other products or renewal of service with an upgraded plan.
Eg: Customers discuss their business requirements with their success managers and they suggest to them the best-suited plan for the requirements or supporting service to the existing one.
It is clear from the above-mentioned points that customer success is going to have one of the important roles in your organization. It enhances your understanding of the needs and expectations of your customers. Customer success managers work closely with your customers and establish a strong relationship with them that leads to customer loyalty towards the business.
It is also important to give customer success team power to take decisions on their own along with the right set right tools which can increase and measure their productivity.
I suggest you try “Hippo” a complete customer support suite empowering your success managers to manage their work and meet the customer expectations.