7 Data Sources for Customer Success
As a Customer Success Manager (CSM), you would probably want to know as much as you can about your customer and how much value they are extracting from your company’s product or service. As such, you will need to draw data from multiple sources in order to truly understand which customers are benefiting from your product, and which are not. This infographic list seven different data sources that could give you valuable information about your customer profiles and their chances of churn. One of the most important management aspects of a company is to tracking customers with an excellent customer database software.
Investing in the aggregation and analysis of customer data can have a huge positive impact on Customer Success. A customer’s digital footprint is scattered across many varied data sources, and if analyzed cohesively, they have a complex story to tell, along with right prescriptive actions to take. Customer Success teams are now more data savvy than ever. Every CSM or a CS executive will tell you how critical the customer’s data is for operating efficiently. On the other hand, we are in the age of data deluge, in which it’s easy to get overwhelmed by data. We need to understand which data is useful, which metrics we need to track, and which KPIs to present.
Data collection technologies have made tremendous advancement due to APIs and data exchange protocols. Not only should you collect and aggregate customer data, but you should also make sure to extract useful action items from the data. CSMs should be able to leverage large amounts of customer data to help them better understand their customers’ needs to decrease customer churn and increase up/cross-selling opportunities. It’s all about ensuring customers and users receive value from your solutions. By leveraging data in Customer Success programs, organizations can improve their effectiveness by adopting a quantitative mindset. For example let’s understand about CRM Data. The information in the CRM database regarding the sales process and contract term are good benchmarks to note in the customer relationship. Key data points are the length of contract, main stakeholders, influencers, and their sales process. You can encourage Sales to collect as much data about the customer during the sales process as possible, and record salient observations like decision makers, their characteristics, and organizational culture in the CRM.
Whereas, Customer Data Platform is a type of packaged software which creates a persistent, unified customer database that is accessible to other systems. Wherein data is extracted from multiple sources, cleaned, sorted and combined to create a single customer profile. This structured data is then made available to other marketing systems.
This infographic was adapted from the article, “7 Data Sources That Are A MUST for Customer Success” by Shreesha Ramdas.