Investing in Customer Success.
If you're reading this, you probably already know all the glorious benefits and value of Customer Success, or are about to embark on one of the highest returning customer investments. Over the past 5 years, businesses are continue to spend more in Customer Success because:
- Retaining a customer is 7x less than expensive than the cost to acquire new accounts (acquisition cost)
- Loyal customers are worth 10x than their initial purchase, and
- Increasing retention by just 5% alone on average yields 75% in profit, and increasing retention by just 2% will reduce customer costs by 10%.
To secure an investment in Customer Success, you can empower and enable your customer-facing gurus to excel in their roles. To do this, it's better to understand and be prepared for some of the inevitable obstacles just like any crucial role will encounter. Like any problem worth solving, there's a solution.
The Problem: Data Fatigue.
It gets the best of all. Due to the endless tools available to document every call, email, ticket, NPS, CSAT, and all customer activity, we have an abundance of data, more than we've ever had before. The catch is that it also requires remarkably more time to conduct proper analysis to produce accurate, meaningful insights from the increasing volume of data.
Before the new virtual world caused by the unprecedented pandemic, 80% of businesses already struggled to manage the volume, variety, and velocity of their data. Experian research in November 2018 found on average companies had suspected that 29% of their customer data was wrong in some way. So how do you manage your high volume of customer data (especially during this time of endless e-meetings) across all the different channels of communication? How do you analyze that data to strategize for every account, and how do you prioritize which customers to need firefighting and when? How do you ensure the best experience and engagement for every one of your customers, from any size, tier, milestone at any given time? Even the cream of the crop of customer-facing professionals who aren't properly equipped or enabled with timely customer insights struggles between prioritizing their time to be in front of their accounts or digging through the past conversations, notes, and metrics. No professional should have to choose between these critical responsibilities, but resources and time are limited, leaving our teams often have to choose the former - without the advantage of always being data-driven.
Professionals shouldn't have to rely only on instinct, recency bias, or guesswork when it comes to managing any of their accounts. Critical customer insights such as needs, motivations, reasoning, and sentiment should always be accessible and if possible, anticipated. Predicting customer patterns such as life-time milestones can be the difference between losing a long-term customer or understanding and fulfilling the needs and delivering consistent value to a loyal partner.
The Solution: Monitor, analyze, predict. Repeat.
Let's turn the tables with the questioning. How do we enable customer-facing professionals to excel in their roles, manage their accounts effectively, and not have to choose between spending more time with the customer or diving into the data to be prepared for every customer? We produce and deliver timely insights when and where you need it. If a customer becomes At Risk for churn, we alert you. If there's a growth opportunity where you can provide your customer with more value, we alert you. If you need to know when certain product features are requested or talked about, or want to monitor any keyword or topic - you predicted it, we alert you. And of course, we summarize and report your customer trends over time.
How do we do this? We integrate to your current tech stack through the source of truth, your CRM. We ingest all customer data from omni-channels to ensure a holistic and comprehensive analysis. We extract customer patterns from the data that are correlated to significant customer journey milestones. We exhaustively train and refine our models to continue to be the most comprehensive customer intelligence platform in the market and the best across industries. Why do we do this? To let Customer Success and Support professionals take back their time, be prepared with data-driven insights, and spend more time delivering exceptional customer experience to every account.
How does it work? By monitoring and analyzing patterns from customer unstructured data including sentiment, key phrases, trends, and themes and correlating those insights to customer behavioural metrics such as usage, adoption, engagement, and spend, we automatically calculate and predict the signals and status of customer journey milestones. An example of an account being identified as At Risk could be when:
- Company ABC's sentiment in the most recent interactions has been trending from mixed to negative AND
- during meetings ABC has been mentioning competitor offerings and internal downsizing AND
- ABC's product usage on your platform has increasingly dropped in the past 2 weeks.
We produce Retention models similar to this At Risk model for growth, healthy, advocacy customers, as well. This is how we're enabling our users to maximize customer lifetime-value by keeping their customers happy and healthy, stay ahead the of the churn curve, prioritize their time and accounts, seize growth and expansion opportunities, and optimize Retention metrics.
Want to start your custom Retention model? Let's connect!
Agree? Disagree? Enthusiastic about delivering exceptional customer success and experience and want to chat? Blog topic request? Contact [email protected] or if you'd like to learn more, visit our How It Works page!