Customer success management is about so much more than just retention.
These days, customers seek out products and services that continue to offer them value over time, even as technology changes and new trends in business emerge. It’s possible that’s not much of a surprise for your company’s management team, and you’re constantly thinking about how customer needs are changing.
But without a well planned customer success management strategy, it doesn’t matter how robust your product line is or how innovative your services are. If there isn’t a team dedicated to helping customers understand how these new products and services meet their needs, they’ll seek out alternative options. And, even if they remain customers, you’ll miss out on new revenue streams.
If that doesn’t have you convinced, here are a few more reasons why you should consider revisiting your company’s customer success management strategy.
- It Will Add A Jolt to Your Customer Referral Efforts
Happy customers are more likely to remain customers than unhappy ones. We’re certainly not breaking new ground by stating that. Where their real value lies, however, is in helping you find new (and valuable) customers.
Referrals are, in many ways, the most cost-efficient way to acquire customers. Unlike the traditional route of bringing on customers, where your sales and marketing team work in tandem to identify ideal customers then convince them to consider your company’s products or services, referrals allow you to quickly bring onboard new prospects.
On top of that, the customer who made the referral likely identified a good fit between your company and the prospect to whom they made the referral. As a result, the referred customer will likely stay with your company longer and be more willing to try out new products and services you offer.
How can your management tell if customer success efforts are promoting referrals? You can start by periodically collecting net promoter scores. In order to do so, you’ll need to distribute customer surveys asking how likely they are to recommend your company on a scale of one to seven.
Your average score should give you a general understanding of how well your team is performing and whether you should expect to get new referrals in the near future.
- It Will Help Your Online Reputation
In the age in which we currently live, it’s nearly impossible to fly under the radar as a company.
Years ago, business reviews were largely confined to professionals such as journalists and industry analysts. The voice of the average consumer was, at best, underrepresented. Now, that’s far from the case.
Whether it’s a negative post on social media or a bad review on Yelp, negative sentiments toward your business can be damaging. In fact, businesses risk losing up to 22 percent of customers if only a single negative article or post exists about them online. Simply put, businesses can’t afford to offer their customers anything less than an outstanding experience.
Actively monitoring the sentiments of your customers and responding to alarming findings can help you dodge the dangers perils posed by negative online reviews. It will also ensure the messaging prospects receive about your business online align with your marketing communication efforts.
- Your Current Customers Will Buy More From You
We’ve mentioned before the customer journey no longer ends once a customer chooses your business over one of your customers. In fact, you could argue it’s at that point the journey starts.
While important, acquiring customers can be very costly. Sales teams can be prohibitively expensive for many companies. Paid advertising can be similarly pricey, and effects are often unpredictable.
Current customers, in contrast, are often much more willing to take your team’s calls and listen to pitches for new products and services—especially if they’re satisfied customers. More importantly, they’re usually the most open to trying out either premium services or, at the very least, other products or services your company sells.
In the long run, upselling and cross-selling are key to growing your business. Both are profitable and sustainable forms of growth that can be easily implemented and measured. It all starts by investing in your customer success team.
If you’re hoping to dramatically improve the experience of your customers, look no further than Microsoft Dynamics 365. It can help you track customer service orders and assign agents with only a few clicks. And that’s only the start of it.
Contact us today for a free consultation!