Today’s businesses need every advantage to increase their bottom line. The best way to make more money is to serve people better. While strategy, marketing, and product development rank high, ultimately, success occurs when you keep your customers happy. Customer success software helps you do that by:
Choosing the Right Platform
- reducing churn,
- increasing upsells,
- increasing cross-sells,
- assisting with customer problem solving,
- helping you increase customer lifetime values,
- helping you increase shareholder values.
With all that a customer success platform can help you accomplish, choosing the right app becomes vital. A good program should let you monitor customer health to ensure they’re receiving your products and services and using them correctly. The right CSP lets you know when customers near their subscription renewal date and helps you contact customers for that renewal. You can teach customers to use new features, onboard new customers and get current customer feedback.
You may worry that to find an app that works for you, you’ll need to build in-house. That can actually hurt you. Your company’s forte probably isn’t customer service. Existing apps designed by customer service professionals offer tiered services. You’ll be able to choose the right product for you, based on the touch level you have with your customers:
- High Touch, having an annual recurring revenue of greater than $100,000
- Low Touch, having an annual recurring revenue of $5,000 to $100,000
- No Touch, annual recurring revenue of $100 to $5,000
Commercially available software scales as you grow. While your company uses No Touch during its fledgling start-up phase, as it grows, it moves to Low Touch, then High Touch. A quality program grows with your company, scaling as you do. It caters to all three tiers.
Benefits of Using CSP
Driving customer success benefits your company by increasing customer satisfaction, improving brand reputation and profit. Helping your customers helps you. When companies either reduce churn by 2 percent or increase upsells by 2 percent, they increase shareholder multiple by 20 to 28 percent, according to David Skok of Matrix Partners.
Automating the more mundane or repetitive activities of customer service enables your customer service team to focus on building better-personalized customer relationships. The beauty of CSM is its ability to help with this by providing big data analysis that shows you the keys that make a successful customer. That enables your customer service team to provide better service since they better know the collective and individual likes and dislikes of your customers. A strong CSM program makes their job easier.
Technology can help you foster customer success. A quality customer success application enables you to help customers better use your products, while helping you upsell and improve customer retention, meaning less churn, more growth. It provides you with meaningful data that enables CSRs to better assist customers individually and collectively. It helps your company onboard new customers. Spend time testing out CSP software. Many applications offer a free trial, allowing you to get to know the app and what it can provide your company.