3 Ways to Determine the Right Time to Invest in Customer Success
A cursory look at Google trends shows that interest in “Customer Success” is growing. One of the most common questions that one gets to hear when speaking with founders about Customer Success is, “When’s the right time to invest in a Customer Success program?”
This infographic suggests three ways to find out if Customer Success will be beneficial to your organisation and whether it can help your company grow. Here are the three steps:
1. Customer vs Friend:
100 Bucks Test: Would you feel comfortable asking a paying customer to personally lend you $100? If not, you have a customer, not a friend. Friends are much more forgiving, but it is rare to find forgiving customers. If yes, you are the lucky one to has a loyal customer advocating for your brand. Unfortunately, in reality, it’s hard to find an extremely loyal customer and friend – someone who’ll advocate for your company and overlook your small mistakes. If your customers aren’t your friends, you should consider hiring someone dedicated to Customer Success.
2. After a Key Account is Lost
All startups have lost customers, even ones that are now unicorns! The key is to listen to feedback, improve, and march forward. Customer service experience doesn’t really serve the purpose. Having a dedicated Customer Success Manager might be a distinct advantage. They won’t worry about their commission, and will focus on the customer 24/7. CSMs will help you gain a firm grip on the relationships with existing customers. They may even help bring back lost customers. CSMs are there to do what is best for your customers, like improving existing customer relations, and building trust that will go a long way.
3. When a Spreadsheet is No Longer Useful in Tracking Customer Engagement
If your spreadsheet and folders are filling up with customer data, it may be time to start considering a comprehensive software to help manage all that information. In order to reduce churn, your company has to come up with customer retention strategies by tracking customer engagement data. On top of a Customer Relationship Management Software, you should also consider purchasing a Customer Success Management Software. To some, investing in Customer Success concurrently with CRM onboarding may sound a bit too early, or you may simply not have the budget to do so. However, at the very least, it is crucial to start considering building out functionality in your CRM and your product that will support KPIs (Key Performance Indicators) for tracking customer health. Then, when you do invest in Customer Success, you aren’t faced with the time and resource hurdles required to align the two. There are many customer KPIs to track, and having a Customer Success platform can serve as a very useful tool!
In an attempt to understand Customer Success Software Vs CRM Software, we get to know that aligning the two systems together is much easier at the start, than if you try and introduce a CS Software later on.
This infographic was adapted from the blog post, “3 Tests to Determine the Right Time to Invest in Customer Success” by Bobby Brown.
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