Post by jony147 on Dec 14, 2023 3:39:52 GMT
Some companies can find ways to avoid failure. Most high-growth companies won’t be able to do this if they don’t build a strong customer success function early on. After the ROI story: Once your product is fully scaled, you have opportunities to upsell and cross-sell. At this point, the customer success team can take the upgrade number and potentially provide the business with a positive ROI. Metrics such as upgrade rates become more prominent at this time.
Realize you're playing a long game: After your upgrade rates stabilize and the key Phone Number List opportunity becomes retaining more customers, the Customer Success team becomes attractive again. As with and above, this often comes in the form of reduced churn. as core metrics, but this time also focusing on long-term value delivered post-onboarding and from the outset. is a key business metric you can start measuring, along with repeat purchase rates, customer retention rates, and customer lifetime value. Hate to go into details on this, but I'll say it again: The time to help your customers succeed is almost always after a key event in your company's growth or a key product milestone. Since customer support is competitive from day one, the best time to build a great customer success function is immediately after building a great customer support function.
When will this change? I predict that within 20 years (by 2020), a market force and competitive factor, just like customer support by 2020. The customer success industry and companies' advances in search are increasing customer value too fast for this to happen. Importantly, once customer success is as high stakes as customer support is today, it will be an exciting time and create new challenges for startups looking to expand their customer base. Successful established firms will have more satisfied customers, further raising the bar for new entrants, even as supplier switching costs decline in the modern economy.
Realize you're playing a long game: After your upgrade rates stabilize and the key Phone Number List opportunity becomes retaining more customers, the Customer Success team becomes attractive again. As with and above, this often comes in the form of reduced churn. as core metrics, but this time also focusing on long-term value delivered post-onboarding and from the outset. is a key business metric you can start measuring, along with repeat purchase rates, customer retention rates, and customer lifetime value. Hate to go into details on this, but I'll say it again: The time to help your customers succeed is almost always after a key event in your company's growth or a key product milestone. Since customer support is competitive from day one, the best time to build a great customer success function is immediately after building a great customer support function.
When will this change? I predict that within 20 years (by 2020), a market force and competitive factor, just like customer support by 2020. The customer success industry and companies' advances in search are increasing customer value too fast for this to happen. Importantly, once customer success is as high stakes as customer support is today, it will be an exciting time and create new challenges for startups looking to expand their customer base. Successful established firms will have more satisfied customers, further raising the bar for new entrants, even as supplier switching costs decline in the modern economy.