Top 10 Points for Customer Success
More and more organizations these days focus on customer success when it comes to their go to market strategy to win, serve and retain customers. It is key that you build and deliver products that engage, retain and delight them, especially in the early stages of your product. It is well known that it is easier to keep a customer than to acquire a new one.
Here is what Gartner says:
“80% of your future business will come from 20% of your current customers”
As a product manager I am always conscious of incorporating features that are customer centric and growth centric. From the get go, it is important to have a growth hacking approach to the product development. This leads to a better customer acquisition and retention product strategy.
Here are the 10 important points for a good customer success story board:
Provide self-service customer on-boarding, free trials, product evaluation and training. Empower the customer to evaluate the product. Offer online easy to use tutorials and self training for rapid learning. Educate the customer about the value proposition to assist purchase decisio.
2. Proactive Customer Service
In a highly competitive, constantly changing market there is a strong need to engage and provide superior customer service to your customers even before they make any purchase decisions.
- Focus on addressing the end to end product experience (download, install, configure, deploy and use) and not just making the download available.
- Articulate the benefits that the products will offer by solving their business issue and providing a realistic expectation on the ROI instead of focusing on the price and the competitive differentiators alone.
- Invest in resources that will tailor and provide better education and support to the buyers so the end to end experience of the product from purchase to deployment to maintenance is delightful.
3. Voice of the Customer
Understanding what your customers think, experience, and want is critical for retention and growth. Engaging customers to get feedback and responding to them positively will build more confidence and trust with the customers. Make the product sticky.
From the inception, ensure that your product captures usage metrics that help educate you about different aspects of your product and its usage.
- Product usage metrics: Track signups, logins, and application usage metrics. Capture the app version, the license type, content type, location data, environment data, events, error conditions, peak times of usage, etc.
- Business metrics: is the customers getting the end-result they expected by tracking their performance metrics like response time, application availability, authentication time, users per day and more
- Service utilization metrics: gathering data to see if the customer is fully utilizing the product features, how many product defects gets raised and against which feature.
- Customer rating metrics: Track customer happiness, their experience and their feedback. Gather metrics around sales bookings, churn, ROI and adoption metrics.
- Support and operations metrics: are there any outstanding support, SLA or invoicing issues, unplanned outages. Track the mean time to resolve a support incident, incident initial response time, affected users on a single incident.
5. Customer Experience Mapping
There are several approaches to experience mapping. Understand how customers flow through the organization and the challenges that customers encounter, opportunities lost versus gained, the customer value and cost, their adoption journey, and ROI are all important data points that can help in generating more leads at the same time facilitate to retain existing customers.
6. Customer Segmentation
Categorizing customers into market or service groups and providing services tailored to these segments for winning and retaining the right customers.
7. Customer Engagement and Retention based Marketing
Establish proactive customer outreach programs and tools for effective Communications and Openness thereby to foster better customer relationship and creating customer value and profit margins while preserving existing revenues.
8. Customer Loyalty Rewards
Provide Customers insights to review where their money is spent and consolidate their purchasing under loyalty programs featuring rewards that they actually want. For maximum appeal, offer customer-relevant reward options and a quick, easy redemption process.
9. Customer Win-Back Program
If customers did leave, reach out to understand what happened, tell them about the changes you’ve made to resolve the issues that led to their departure; share product roadmaps and future vision; entice customers to come back with a loyalty offer they’ll value—and then keep them with excellence.
10. Employee Customer Engagement
Last but certainly not least, happy employees are a crucial prerequisite for happy customers: the relationship between employee engagement and customer engagement is undeniable. It is vital to ensure that employees are educated, encouraged, and empowered to promote and enact customer retention strategy at all times.