5 Reasons Why Customer Success is Vital to your Company
Customer Success which was a buzz word a few years ago has become a core strategy for today’s sustainable businesses, being at the heart of every strategic decisions companies are making.
Business predictability, profitability or customer churn to name a few are the key metrics to create a more stable revenue base for the company.
So here are 5 Reasons Why Customer Success is Vital to your Company :
Improves Customer Satisfaction while reducing Customer Churn
Today, customer experience is key. The more your customers will have a positive experience interacting with your products or services, the more likely they will stay with your brand over time. What you absolutely want to avoid is a poor customer experience which would mean a high potential of contract cancellation or discontinued use of your products.
Helps secure Revenue Stream
We all know it costs way more to get a new customer than to keep an existing one.
Therefore a better Customer Success strategy will help you retain your existing customer base, meaning a larger base of customers with predictable amount of revenue each month or year.
Potential for Upsell / Cross Sell
When a customer has a positive experience and strong relationships with your company, a trust is being built. Therefore they will more likely be open to consider additional offers from your company, making again customer success a critical strategy for generating sales and revenue.
Without any additional marketing costs, you’ll keep increasing the subscription revenue per customer.
Improves Your Product or Service
The Customer Success Organization is the “eyes and ears” of your company in the field, interacting with your customers on a daily basis.
Early detection of improvement areas while helping prevent negative situations are key to provide better products and services in return.
Strengthens Business Reputation
Your brand is what your customers perceive about your business.
Before making a purchase decision, most customers do their research whether it be online (reviews, scores, community forums, etc.) or offline (word of mouth, ..)
By improving customer success, you’ll increase your chances to convert and get new customers, hence grow your overall revenue.
I’d recommend reading these 3 books to learn more on the topic.