Advice from Customer Success Experts

By Cori Pearce Newsletter

Best Practices for Year-End Planning

If you are part of a subscription-based company, you know that customer success is vital to the growth of the business. The challenge that companies face though is that CS is often still an unclear field and is dependent on both technical and soft skills. For this reason, it can be difficult for some teams to secure the resources necessarily to build out the best CS strategy.

As you are planning your approach for 2018, here are some powerful data points to help shape your case for customer success.

  • Strong customer success programs are reducing some companies’ churn rates to under 1%. (source)

Rising churn rates are any company’s worst nightmare. It’s a costly process to attract the right prospect, close the deal, and bring them on-board as a customer – the last thing you want to do is lose them.  If you put customer success processes in place to make sure you are retaining your customers, overtime it’s possible to reduce your customer churn rate to below 1%. But the simple truth is, that any improvement in your customer retention rates can contribute to huge a growth in profitability.

  • A 10% increase in a company’s customer satisfaction score leads to a 12% increase in trust from customers. (source)

Customer satisfaction is usually comprised of the quality of implementations, execution and other relationship factors. If you are able to establish a proven track record of success with your customer, then naturally their trust in your organization will increase. With this stronger level of confidence, they will be more willing to continue to invest and commit to doing business with you in the future, making them a loyal customer.

  • Those companies who prioritize the customer experience generate 60% higher profits. (source)

It’s been proven that there is clear correlation between a positive customer experience and increased ROI. At the end of the day what matters the most is if you are helping your customers succeed. If your company focuses on the customer experience, it can be used as a form of differentiation to surpass your competition and increase market share.

Since customer success is still a newer discipline and standard best practices are not so well defined, we decided to reach out to some industry leaders and solicit their advice for end of year customer success planning, and we compiled their recommendations in a new eBook – Advice from Customer Success Experts: Best Practices for Year-End Planning.

In this eBook we will provide advice on the following five areas:

  1. Tips for Justifying Investment in Technology and Tools for Your Team
  2. Key Data Insights and KPIs Useful for Customer Retention Forecasting
  3. Customer Segmentation to Prioritize Your New Year Customer Engagement Efforts
  4. Tips to Reduce Customer Churn and Increase Upsells Moving into the New Year
  5. Making Impactful Decision for Budgeting and Next Year Planning

Download your free copy of the eBook today for helpful tips for you and your team as you prepare for your year end.

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Fighting Churn is a newsletter of inspiration, ideas and news on customer success, churn, renewal and other stuff and is curated by ChurnZero.

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