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For any business in general, it is important to know how much customers matter. Customers stick-on or retain with the company when they realize the value. Customers choose products that deliver the value they sign up for. Value realization, especially for SaaS companies, is a huge metric to under
For any business in general, it is important to know how much customers matter. Customers stick-on or retain with the company when they realize the value. Customers choose products that deliver the value they sign up for. Value realization, especially for SaaS companies, is a huge metric to understand how long-term success looks for the customer. Business value realization is achieving and understanding the actual business value due to the product or solution or service. It is essentially the continual realization of value by customers. When this realizations top, the chances of a customer churning out are higher than ever.
A demand most businesses have is to generate more ‘value addition’ from products, customers, and solutions. Value realization is an ongoing process. It is about showing the actual or tangible business value that is accumulated over time.
To measure value realization, certain KPI’s need to be clearly set. Once these expectations are established, it can be calculated. KPIs may include-
These measures drive customer success by helping customers achieve business objectives and track projects.
There is a need to check the ongoing value realization features often. Business stakeholders need to enable efficient changes to increase the ongoing value realization.
The value realisation cycle has five steps.
Value definition is one where value is defined for the customer. During the point of sale, it is possible that sales representatives promise a certain value. It is this value that sets their expectations.
Value delivery is when this value is delivered to customers through integration, customer engagement, implementation, content, and support. Value delivery is when customers adopt the product, use it, get the desired value.
Value realization is the ‘aha’ moment. When the user feels that he or she has received what they signed up for. This is the moment most customers look for. When the product or solution solves their problem or reduces their effort, customers feel like their purchase is worth it.
Validation is where the user confirms the importance of value. When they like the product or are sure about the results, it is possible to add value.
Optimizing for value is when customers feel that the expected value is reached. This sets the stage for upsells or increased selling. This is where it is possible to realize the value of the product on an ongoing basis.
To keep this in check and complete the process, it is necessary for businesses to undertake four types of tasks. These tasks will lead to increased success of the company.
Customer feedback is the pillar of customer success. Capturing suggestions for improvement is necessary for companies to ace their customer success. Customer feedback will help improve, fix issues, and improve customer retention.
It is also necessary to communicate well with customers. If the customers receive a good experience, they will promote the business in their circle. Communication in a timely manner will improve the ability of companies to coordinate with customers. An improved coordination and communication will go a long way in increasing the ongoing realization value.
Another activity that businesses do is by periodically measuring metrics for success in a consistent way. Since every company decides on certain key performance indicators, they need to be measured. These metrics are defined previously and need to be checked on time. One key metric to measure value realization is TTV. Time to Value is the time from contract signing to going live(months or weeks).
Create incentives and rewards that will improve how customers perceive the company. This will include any benefits that will enhance customer experience.
Ensuring that customers realize the inherent and full value of your product is important to reduce customer churn. By driving ongoing value realization, it is possible to convert users into advocates.
Aligning your team with your customer success goals will drive value. The impact of a team-oriented CX program will ensure ongoing stability and performance. This will also facilitate better effective organizational processes. This will scale customer success efforts and will quickly remediate at-risk customers. When CX makes value a priority, customers also appreciate the genuine interest in their success.
With greater resources, changes of better support are more. This is what is necessary to endure ongoing value realization. Good customer success teams will ensure faster and more effective organizational change. It will also lead to better product adoption and consumption. Better teams will make for better processes that offer the best, customized value to customers.
Undertaking quarterly or annual assessments are also important. Creating an end-to-end business adoption plan with content as the central focus will help streamline customer success operations. Measurement and benchmarking of customer success metric regularly on a timely basis will also ensure renewals. This exercise needs to be ongoing to support upselling, cross-selling, and expansion activities.
Customer success requires businesses to be proactive, agile, and responsive. With experienced customer success resources, it is possible to drive growth with proven processes. It is also necessary to note that the concept and notion of value will change over time. It is necessary to thus define what is perceived as a value from time to time. There should be communication between customers and companies over what is value. 21
Setting the expectations right and managing them will shape customer notions and expectations. Proactively creating value for customers without their prompting is necessary to shine for any business. The key element here is to use the right medium with the right content using the best communication strategies. This will help create a long-term sustainable strategy for maximized customer lifetime value.
Kruthan Appanna is a Customer Success Analyst with 5 years of experience. Passionate about leveraging data-driven insights to drive customer satisfaction and retention. Skilled in building strong client relationships and providing strategic solutions.
Published December 22, 2020, Updated June 07, 2023
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