July 09, 2018
Webinar - Driving Revenue Growth with Customer Success 2.0
By Erik Linask, Group Editorial Director
The relationship between businesses and customers has changed – it’s more complex with many more potential touchpoints, driven by technology and the trends advances in technology have created. Mobile, social, digital, they all create many more opportunities to connect and to exert influence and build – or damage – customer relationships.
Customer success is no longer about simply about adding the plusses and minuses from acquisition and attrition. Customer Service teams that have traditionally been loss leaders within organizations, have been transformed into Customer Success teams and now are part of the revenue chain. New strategies, new accountabilities, new roles and job functions, and new tools are all part of this Customer Success 2.0 world, where customer success teams are becoming growth drivers.
What most studies show us, however, is that many organizations are lagging behind. While most do have a customer success strategy in place, they are focused on existing models and have not evolved into revenue generation strategies.
A Regalix Research study shows that, while 72% of businesses have a clearly defined customer success strategy, reducing churn (66%), increasing product usage (65%), and increasing renewals (57%) top the list of priorities. Up- and cross-selling (38%), increasing revenue per customer (32%), and referrals (16%) are much lower on the list.
Advocacy isn’t even part of the discussion in most cases, even though it’s not a new concept. In fact, we’ve all placed high value on feedback from colleagues, partners, family, and friends, and have used that information to make purchasing decisions. What’s more, the age of social media has taken advocacy and influencer marketing to a whole new level, to where it really should be part of any customer strategy.
I recently moderated a panel discussion that focused on the Customer Success 2.0 concept, what it means, how to plan and make the transition, and how to determine value and success of programs. What I found particularly interesting was the feedback and comments participating panelists who drive these programs in their organizations and the advice they offered to others who are just starting along the path. The panel included:
- Leah Chaney, Vice President of Customer Success, AskNicely
- Annie Woo, Senior Vice President, Consumer Service, Mindbody, Inc.
- Aaron Thompson, Partner, SuccessHACKER
For anyone with a role in customer service or revenue generation functions, this session offered a lot of insight based on real-world experience that every business could use in their own growth strategies. If you didn’t have a chance to join us for the live discussion, I encourage you to spend a little time listening to the on-demand version of the panel (How Today’s Customer Success Teams Drive Growth) to understand how customer strategies are changing and how they can be leveraged to drive new revenue opportunities.
Edited by Erik Linask