Is Customer Success Right for Your Business?
Customer Success is a critical methodology for companies that depend on recurring revenues from license, maintenance, and other service subscriptions.
Customer Success is not however just for companies that sell products as-a-Service. Companies that sell perpetual software licenses, equipment and devices can benefit from Customer Success to drive product adoption and to assure maintenance contract renewals.
Consider a Customer Success strategy if:
- Subscription revenue is flat or in decline.
- Subscription Churn is >3%.
- Customers cancel subscriptions or maintenance contracts because they report that they do not use or get value from products.
- Support or maintenance contract renewal rates are below industry average (80%).
- Significant opportunities exist to grow relationship value through product or service expansion.
- A quantifiable positive impact on competitive differentiation exists when customers adopt and use products to their fullest potential.
For companies that sell highly commoditized products or products that do not generate recurring revenues traditional customer service and product support services are likely sufficient.
ServiceXRG offers a wealth of expertise and research to help you develop and execute an effective Customer Success strategy.
Define your Customer Success strategy
Inventory current success-focused capabilities and practices
Develop a framework for Customer Success
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The journey from Technical Support to Customer Success requires more than a name change or the addition of a team of Customer Success Managers. To fully embrace Customer Success, Support must rethink its role and adopt new ways to engage, retain and grow customer relationships. This Playbook provides a guided journey across four key milestones to help you define essential Customer Success capabilities.
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The current organizational structure of your Services team and alignment with other customer facing resources may inhibit your ability to retain customers and expand relationship value. Organizational alignment, increased cooperation, and shared goals are key to customer retention and revenue expansion initiatives.
Customer Success is a series of interrelated activities performed throughout the customer relationship lifecycle. This article identifies and defines critical success activities.
The terms Customer Experience (CX) and Customer Success (CS) are commonly used within the service industry. Sometimes CX and CS are used to describe the same or similar things and other times to describe complexly different actions, activities and outcomes. This article offers definitions for each term and identifies similarities and differences between CX and CS.