Monday, May 6, 2019

5 Customer Success Strategies Every Business Owner Must Know

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Have you heard about customer success management? It’s a new business strategy that’s aimed at delivering optimal value to customers. Many business software companies have increased their profit margins by improving and optimizing the customer’s success with the help of the company’s tech products.

Other big companies have adopted this model and have begun applying the principles too. So far, many business executives have recorded an increase in their profit margins just by incorporating customer success management into its operations.

“Customers don’t buy products often because they haven’t made any progress while using them,” says Kufre Ubong, a Professor of Business Administration in Open University. “Helping clients succeed with your products or services is a great way to encourage them to patronize your brand.”

Here is a list of the 5 most effective customer success strategies every business owner can use to increase customer relationship retention and profit margins. Our strategies include all the key aspects of customer service: utilizing customer story, onboarding, communications, feedback, exit surveys, and customer (reviews) journey.

1. Invest More On Onboarding
Increase customer success by investing more time and resource on the company’s onboarding process.

“When customers get initial value at the onboarding phase, they appreciate the product more. There is also an increased chance of the customer sticking with the product and the company for a long time,” says Gary Billy, CEO of Techie People.

A good customer success team will reduce the chances of the customer losing enthusiasm and getting frustrated with the product. Making a good first impression is worth the money, time and effort required to retain customer relationship.

Many businesses make the mistake of relying on automated support. Automated alerts are only effective after a first success with the product has been recorded.

2. Improve Existing Customer Success Strategies
Improving existing customer success strategies help you stay ahead of the competition. Develop plans that prioritize urgent business needs such as, expansions, onboarding, repairs and promotions.

“It is important to develop systems of measurement that suit the general business objectives. And update data and information to ensure that your CS department continues to be hands-on,” says Gary Billy.

3. Develop smart exit surveys
Make exit interviews easy for all customers to complete. Keep track of all exit interviews. Take note of basic churn whys and wherefores. After linking lost MRR to specific churn reason, take steps to make amends.

4. Make The Most Of Customer Feedback
Strengthen your customer relationship through selecting and acting on feedback from specific customers.

Engage with these customers. Learn about their onboarding or organizational socializing and work experiences with your product. Once every three months, ensure that you interact with your customers and that you find out what matters to them.

Getting feedback from your customers is an effective way to build customer satisfaction and loyalty.

5. Utilize Customer Story and Data
These stories also provide information on your customer’s experience with the product. This information can help you make peculiar and unique questions that make them feel valued.

Final words on customer success strategy:

Improving customer success is a key long-term strategic plan that can help businesses retain their customers. Achieving this feat requires a lot of strategizing and planning. It helps businesses to increase their profit margins by delivering value to existing customers. Applying effective customer success strategies is a smart way to boost customer satisfaction.

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