The subscription industry is solely based on billings earned and retained. While high retention rates are a great focus and goal for any organization, how do we consistently deliver more value to our customers is the key question to answer. How do we do all of that consistently, effectively and efficiently? How do you create a customer centric culture? How do maintain those relationships at scale? What can data tell you about your customers? How does customer success fit into your organization, big or small? Do you fully understand your buyer’s perspective?
SIIA recently took its Deciphering Customer Success event series to the great town of Austin, TX. The event brought together senior customer success executives to discuss all the questions above. I wanted to provide some key comments that came out of the discussions, some of which (if you really listen to) could change how you approach customer success.
Customer Success Maturity
5 Stages of Customer Success Maturity
Heroic – CS is ad-hoc and reactive
Mapped – Journey is mapped and processes are defined
Practicing – All processes are defined, documented and standardized
Managing – Processes are measured by data
Optimizing - Continuous process improvements are adopted by quantitative and qualitative
Evaluating Your Customer Success Maturity
Review where you are in maturity
Identify and deal with any gaps before working towards the next level
It is not always about technology, technology cannot always fix problems – be sure to consider the people
Whatever technology you select, be sure to use the alert functions to make sure your team is alerted (up and down) as needed
Be sure everyone across the company uses consistent terminology in documentation
Need to normalize and standardize it
If you do not have clean data it is worthless
Integration with LinkedIn provides a flag if a person leaves the company
Bounced email address is a quick automated trigger
Make sure the 360 view is an enterprise view, not just a marketing view for example
Financial – Revenue retention/churn, customer retention/churn, renewal rate, quick ratio
Usage – Product usage, product adoption, license utilization, time in product, outcomes achieved, active user growth, top features used
Health - Product usage, product adoption, customer engagement, customer pulse, NPS
Team – Quarterly gross renewal, quarterly expansion revenue, net revenue retention, average onboarding time, average time to first value
And my favorite comment of the day, which I wholehearted believe is:
Customer Success starts with talent in your own organization, those that understand relationships, retention and growth!
For more details on the content discussed at Deciphering Customer Success please reach out to me at firstname.lastname@example.org.
SIIA’s Deciphering Customer Success series will continue in 2018. Stay tuned for dates and locations.
View the photo gallery from our event!