Maintaining strong relationships with existing customers is one of the best ways for companies to grow rapidly. Now, if you thought achieving a high level of customer satisfaction would be enough to get you there, then think again. While high customer satisfaction levels are certainly important to attract new customers, it is customer success that will retain them in the long term.
The two are fairly similar in nature, but customer satisfaction is defined by the customer’s experience with your product or service. Customer success, on the other hand, looks at how well the customer was able to fulfill his/her desired outcome.
This is why a proper customer success strategy will help you increase retention and subsequently boost your profits. In fact, according to a study by Bain & Company, a mere 5% increase in retention can raise profits by 25% to 95%. Moreover, at least 70% of companies agree it is cheaper to retain an existing customer than acquire a new one.
In this blog, we will outline a few tactics which you can help you understand more precisely, the desired outcome of your customers and grow your business effectively.
The first step to building a customer success strategy is to analyze what success looks like for your customers. Your whole customer experience must be crafted around helping customers extract maximum value from your product or service with minimum effort.
Providing customers with educational content on your product or service can help them understand its various features and nuances accurately. It makes your company look more accessible and user-friendly and distributing this content online can attract new customers and grow the business.
It may be tempting to market your product or service to a wide audience, but if they are incapable of making the most of it, you will be left with fewer successful customers. Creating an Ideal Customer Profile for your sales and marketing team can help you reach out to the right audience and sell the product to people deemed qualified to get the best out of your product or service.
Understand why the customer would like to use your product and personalize their onboarding experience accordingly. Train each customer with a customized approach that is specific to their goals so that no customer feels uncomfortable adapting to the product or service. This process can also be automated with the help of content generated based on their responses while purchasing the product.
If you can help your customer understand what needs to be done to fulfill their goals, they will find an unambiguous pathway to their desired outcome. Map out the various important actions the customer needs to take through the customer journey, right from pre-sales to maintenance and application and provide the resources and training necessary for execution at every stage.
Customer success can lead your company to greater success, but consumer desires keep changing every day and it is important to keep track of these changes. Keep your customer information updated at all times and make sure to revise your customer success strategy accordingly and steady growth will follow your business.