The last decade has witnessed a global boom in the field of customer service. Today’s customer is more vulnerable. He has more options than ever, he has access to more information and the birth of monthly subscriptions has changed the game entirely.No wonder, emerged effective customer success models.
They can now instantly switch or jump from one vendor to another. Changing their demands is like the new talk of the town these days. And why shouldn’t it be? They have all the choices. As a result, they are demanding the best of service from you!
So now the questions dwell upon you, as a Customer Success Leader – how do you wish to play your cards right? Research states that as low as a 5% increase in customer retention rates can boost our profits by 55%.
High customer engagement score takes a notch up in higher revenue generation and higher profitability. Rake through your brain and find the best of customer success strategies – to retain them, happy and satisfied.
Let us begin by understanding what exactly is meant by a customer success model. It is nothing but a model that outlines the process of how the company must engage a consumer throughout the whole journey they spend together.
It strives to produce both proactive and reactive functions played by the support and service teams. All that matters at the end of the day is to minimize the churn rate as low as possible and create opportunities for cross-selling and upselling.
That is when the efficacy of customer success models come into play. If executed properly, a customer success model will act as a ladder to the pinnacle of customer success. Here are a few such models that when performed efficiently can lead to massive customer retention as well as engagement.
First CSM: Take sufficient time to understand your clients
Well, it is rightly said as a customer could be one of your biggest fans or it could be your worst detractor, and it should not be a big mystery which bucket they fall into.
Talk to your clients individually and try to build a firm relationship with them. Be there for them when they need you. On the other hand, you could take help from an automated system that translates the sentiments of an individual on a scale. This way you can turn customer success into a growth engine.
This will help deliver a data-driven pulse on the score of customer satisfaction. As a customer success leader, it is your duty to be as supportive as possible. An understanding leader is a strong point from keeping your clients switch to other companies.
As Paul Teshima, CEO, Nudge Software rightly quotes it, “Besides the obvious focus on customers, customer success leaders have to embrace the tension they create when their team is successful. CSMs are firefighters because they can put out fires, they are stretched thin because they know the customer better than anyone else. If you are not running around like mad, you are not pushing hard enough for your customers.”
Second CSM: Have the requisite quantity of employees
Note that with the pace that your company grows, so will your client base. Now you will be working with a larger platform with more number of employees. And that is why you should be very careful about how much staff you are deploying behind it.
Having more than a requisite number of employees can result in frustrating your customers or could potentially hamper your churn. Also, take into account if your client demand is on the run and you cannot hire more representatives, you can always seek customer service tools. As customer success models rely on it.
Third CSM: Lending a helping hand, always!
Nobody wants to be left unheard. Especially when it comes to clients, they want to receive service as easy and as early it can get. Remember, a customer always has other options.
If one sees a slight delay in delivering even the basic service promises, they are most likely to switch. Additionally, you can even build a knowledge base for them to delve into.
Now this can augment your churn rate and also cut a sorry image on your company and you would not like to have that, would you? Channelize your network via Facebook or chat or Twitter and embrace them service immediately.
Fourth CSM: Customized and Personalized Remedies
Gone are the days when it was ‘one size fits all’ policy. Another great way to build rapport with your clients is by rendering them individualized customer service efforts. This makes them feel more valued and less like another candidate on your sales sheet, so to say.
Start recording customer engagements and you can even store it for future use. Strive to deliver above-and-beyond solutions to your personalized clients. Something that makes them feel heard and rendered.
Remember you are in a rat race. You need to be ever-alert and on your toes to grab as many clients as possible. The inability to do so may result in some serious churn rates.
Fifth CSM: Solve long-term needs too
Being in the customer success team, you will have to be well-versed to identify issues or opportunities you see for that customer. When you get to solve a customer’s issue, look for any other opportunity that they might have overlooked. This is how you have successfully flipped that customer into an engaging one.
Use a helpful customer success model and let your clients know that you can take as much time as they need and that you are genuinely interested in doing business with them and care for their issues.
Nonetheless, remember when your customers succeed, you succeed. If you deliver an outstanding experience for all your clients out there and follow the aforementioned steps and right customer success model, you should be assured to beat the cut-throat competition.
Zero in all your energy and focus on the customers to drive an enormous marketing and sales lead. They are your most undervalued growth asset, so to say but it is time you invest in time financially and emotionally.
Goes without saying, this is easier said than done. But with the right staff, technology, and strategies, this should be plausible in the least.