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Customer Success: The Definitive Guide in 2020

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One of the most widely known concept, yet comparatively unknown and inexperienced to most marketers and organizations. According to a Digital Adoption Report, it is estimated that “More than 60% of organizations realized customer success as a formalized field in the last two years, until then relying on third-party consultants and experts to define their business strategies”.

Customer Success or often referred to as “Customer Buy Success” is a proactive art of creating a seamless experience for customers to achieve their potential desired outcome or reactive support through business interactions by making the entire customer journey objective and resolution-led.

Bain & Company defines – “Customer Success initiatives when collaborated with key management principles can lead to an increase in profits of a company by 95%”.

Difference Between Customer Success And Customer Service

To understand the difference between these two terminologies, we’ve to understand what customer success used to mean earlier and how it got transformed into the next version 2.0.

Version 1.0

Earlier customer success focused on mitigating the management related risks and improving the customer’s overall journey.

Version 2.0

However, the updated version of customer success recognizes customer experience and success as and beyond a growth engine where customer needs and value may vary according to businesses. Thus, adopting a more comprehensive, cross-functional approach that is customer-focused and aligned to improve the customer’s overall journey and retaining the customer simultaneously.

Mission & Objective – The vital difference between the two terms based on mission and objective are:

Customer success is concentrated on investing within the long-term, building the lifetime value of consumers through consistent support and investing in their business as if it were their own.

On the opposite hand, customer service focuses on winning the one-time transaction. Helping a customer in need who has issues with their account, the software, or any function that involves your business.

“Your customer makes their own success. By accepting that, you put the customer first.

— Brian Gladstein

Approach – Customer success is concentrated more on empowering customers to succeed together with your product or service within the future, instead of solving issues within the short term.

Meanwhile, Customer service is your second acquisition test behind actually acquiring that customer within the first place, making it an important role within the success of any given customer or company.

Focus Areas & Metrics – In essence, customer success teams are focused on helping customers achieve greater value and are genuinely seeking to enhance their business. Success teams specialise in preventing conflict from happening, giving customers the facility to enhance their business, and developing systems that help customers to seek out continual success.

Whereas, Customer Service or Support roles generally fall into conflict resolution, responding to tickets, answering phone calls from struggling customers, and responding to all or any customer concerns.

Customer Service can be regarded as the baby steps to help in the overall customer success journey. Without customer service, customer success is null and void. If you’re a new customer buying a product from a company, you’ll likely need or expect the after-sales support or services in one way or another.

Why Customer Success Is Important?

The first interaction with customer support or service is going to be critical in determining their propensity to continue doing business with you.

In a study published in 2010, it was calculated that – “82% of consumers would bail on a corporation after one negative experience with customer service.”

While “51% of consumers will never return to a corporation after having a bad experience in customer service.”

Not only will one bad experience cause people to leap ship and test other brands, products, and services, but it often also seals your fate: losing the customer permanently.

“Until you know what it takes to achieve success from your customers’ perspective you will just waste valuable time.

— Jason Whitehead

Customer Success is crucial to any business as bad customer service will have a reach twice as huge as a good experience, but it will take 6 times your good and positive experiences to make up for that bad one.

Customer Success is not only about the communication strategies but also the business processes you induce to keep proving your business value to your customers.

As it is often said, it can either “make your business or break your business.”

How Do You Succeed in Customer Success?

There are various ways or elements that businesses opt to succeed in Customer Success ranging from developing a solution-based platforms to team building models to improve the customer’s overall journey and experience.

Here are some of the points that you can implement to succeed in Customer Success:

1. Solution Focused Approach In order to manage all your communications and interactions with your customers and business clients, you’ll need to build and implement a solution-focused customer success approach for your team to communicate all business interactions with existing or potential clients. These solutions can be anything ranging from software or tools required to connect to your customers in real-time and ensuring fast response, resolution, and success is derived to keep your customers happy.

2. Team-Building Approach – To manage all your business interactions, you’ll also require a team or group of people having knowledge with the customer success field to assist the existing customer base and potential new customers. The number of employees you hire will largely depend upon the size of the organization you have and how many customers you serve daily. Team building approach will not only drive your business to profits but also ensure customer experience, success, and service all at one time.

3. Formulating Strategies – One of the crucial most factors in deriving customer success is how as a business you formulate or bring about the strategies to build a larger customer base and simultaneously ensuring ROI and profits. The strategies will solely depend upon the services/products you sell and provide and what is it customers desire from your business or offering.

One such strategy plan as an example is shown below:

  • Identification of customer’s end goals and objectives
  • Establishing a team-building approach
  • Implement a solution-focused approach to interact and communicate with customers
  • Identify your short-term and long-term goals with a set of expectations
  • Estimate your strategy and share with your larger team to get everyone on the same page
  • Analyze the output responses/results you get from implementing the above strategies
  • Edit/Modify based on above results to further grow your business

4. Customer-focused approach – A customer-focused approach or strategy will not only help your business and team to effectively manage but will also help you in assisting your customers, ensuring the already-set expectations are met and aligned as per your customer. It also focuses on dynamically building your business as per customer needs that are ever-changing in nature to let you evolve your business and not dissolve.

“Smart companies have realized that customer loyalty is the most powerful sales and marketing tool that they have.

— Bill Price

5. Educating and Spreading Awareness with your Customers – By recognizing and anticipating your customer needs prior to what they expect and ask will help in ensuring the sustainability of your business. With the help of a solution-focused approach, you’ll not only provide better resolution but will also retain your customers. By creating a knowledge platform for your customer, success will be assured.

6. Improving Customer Journey – As a business, you can onboard your customers with various guiding steps or knowledge to ensure a seamless journey throughout. It is a great way to delight and make your customers happy by providing various pieces of trainings, tools, resources, and knowledge platform they require to start with.

7. Better Communication within departments and team – You can ensure smooth and noise-free communication within your departments and team to help and route your customers to the appropriate position. Proactive and Reactive support based solutions like enabling chat-bots or secure messaging to customers to help with their queries.

8. Promoting Customer Loyalty – A business can ensure loyalty by providing customers with delightful and positive experiences so that customers feel satisfied and come back to buy your product or service. An effective royalty or loyalty program giving customers discounts/benefits can help your customers to sustain and retain your business.

How to Measure Customer Success?

A well-run customer success program involves many parts of a corporation’s overall success journey. As such, there’s a spread of knowledge that will help organizations measure the worth of their customer success initiatives.

The initial lines are needed to be focused on the measurement value gained by the customer. A customer that knows what proportion they’re taking advantage of their usage from your product or service is extremely unlikely to keep customers moving up the worth path.

Here are some of the tools or techniques you can use to measure customer success:

1. Customer Success through KPIs (Key Performing Indicators) – There are a variety of the ways through which you can measure and assess the success or failure of a customer success program, i.e. – through Key Performing Indicators (KPIs). Whichever KPI your business uses, it’s important to stay in mind the importance of measuring value delivered to both customers and the organization.

2. Customer Success through Churns – Churn in simple terms means, if you’re willing to spend ‘X’ amount of value in deriving your product cost, then you’ll definitely require ‘Y’ value to spend on retaining your customer.

Customers come, customers go—it’s an unfortunate state for any business but a reality and necessary part of any business. As a performance metric, though, customer churn is often highly useful in understanding the explanations why customers churn, it will help your business to measure on why customers retain from the service you provide to them.

“Customer success is about more than delivering service or support.

— Bill Price

3. Customer Success through Net Promoter Score (NPS) – For any organization, the extent to which its customers would recommend their product or services is a crucial metric, which gets measured with the help of Net Promoter Score.

NPS measures this sentiment or part of customer’s feedback and provides an aggregate score for companies to keep an eye on which further analyses which part of your customer will provide a negative, positive, or neutral feedback. This often helps you in projecting potential new customers and customers who are no longer part of your services or products.

4. Customer Success through Customer Effort Score (CES) – CES or Customer Effort Score is a method used by organizations to measure a customer’s perceived level of ease at various points throughout the customer journey to understand the level of loyalty your customer offers to your brand or offering.

Gartner, a research organisation states“CES is 25% more predictive of customer loyalty than other subsequent metrics.”

CES also helps in building a new customer base, retaining existing clients, and overall sustaining your business.

Conclusion

While “Customer Success” as a term and a movement might be relatively new, however, most of what’s covered in this definitive guide of 2020 certainly isn’t new. What’s new in this point around is that it has each of those things we as a customer do, the tactics businesses create to build a new customer base, and roll up under the umbrella of Customer Success.

Not just the organization of the Customer Success initiative, but the overarching Customer Success concept within a corporation is all about having the whole organization aligned around this idea of customer experience, success and service.

I believe through this guide, you’ll create initiatives or invest in technology to form each of these items thereon, and if you are doing so you’ll be happier than if you didn’t, but without a top-down list from the organizational alignment or rallying around Customer Success will fail to require hold during a real and meaningful way.

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E-Commerce

Top 3 Price Monitoring Challenges

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Today, the world is highly commoditized and new products are being launched each day. Every business wants to get noticed not only for their products but also for their pricing. Besides, more and more customers have increased price awareness.

Hence, if you want to experience consistent growth in the e-commerce market, you need to focus on the continuous adaptation of your prices. This means that you need to keep an eye on your competitors so you can make the right pricing decisions.

Price monitoring is basically studying the competition to know which pricing decision to make that will make you stand out. Nevertheless, price monitoring has its downfalls.

Why is Price Monitoring Important?

Having a price monitoring strategy in place can give you a competitive advantage and help you meet your business goals. It can help you know competitors that are similarly positioned and those that are differently positioned in terms of pricing. Strategic price monitors are also helpful for identifying your most important competitors and give you insight into their competitive behavior in the marketplace.

Effectual price monitoring in the e-commerce space can be done using tools like web crawlers and web scrapers. When employed correctly, these tools can help you acquire accurate and relevant pricing information so you can set prices for your products that will make you stand out.

Challenges of Price Monitoring

Most of the challenges with price monitoring are posed by accessing and matching data. Some of these challenges include:

1. Scalability

One way that a business can get competitive is by observing the marketplace prices. Price monitoring is a powerful tool that needs to take place hourly, weekly, or on a monthly basis. Frequent price monitoring will give you fresh and relevant data so you can gain maximum advantage.

However, the world of e-commerce is highly dynamic and is subjected to change in different seasons. For instance, the pricing during sale peak may not be the same during off-peak. Most businesses constantly change their pricing in a bid to stay competitive and be updated with the changes.

Therefore, it can be a challenge to acquire accurate pricing information. This is especially true you’re your company needs updated information in order to make informed decisions.

Nevertheless, the scalability issue can be solved by building a customized solution that can help you build exactly what you need. To ensure this, work with a proxy that lets you adjust the scale of scraping by describing the data, the matching algorithms for the product, and the frequency.

By building customized solutions that are highly accurate and flexible, you will be able to collect relevant pricing information to meet your needs.

2. Differences in Website Layouts

Usually, some e-commerce companies have website layouts that differ from one page to another. This makes it difficult to effectively employ price monitoring strategies. Also, some competitors store their pricing information in different product pages or some of their products can go out of stock. 

This can lead to missing or inaccurate data when collecting data. If dropping such competitors is not an option, then you need to find a solution that will help you gather accurate data irrespective of the website layouts. You may also encounter issues during the matching of crawled data because the prices may vary for different products.

In such cases, you may need to develop parsers for each page that you want to retrieve data from. Nonetheless, this solution may not be very effective if the websites that you are targeting keep changing their layouts.

Thus, it is crucial to use a real-time crawler that includes an e-commerce parser. A good web crawler will gather pricing information on different pages using parsers that don’t require frequent maintenance on your part. Additionally, there are proxies that can help you collect the pricing data notwithstanding the website design.

3. Geo-Location

The acquisition of data from websites in different geographical locations is another challenge. If your competitor is from a different location, accessing pricing and product information from their websites may be as easy as acquiring information from a company in the same location.

Besides, some websites have restrictions that make it difficult to access their information if you are out of a certain geographical location. This is where proxies come in handy. Proxies can bypass geographical blocks and give you access to websites all over the globe regardless of your IP address.

Conclusion

Over the years, the world of e-commerce has experienced a great transformation from manual competitor monitoring to automated price monitoring. Technology like crawlers has made it possible to get reliable data from websites throughout the world.

However, as we have seen above, there are challenges associated with the automated process. To overcome these challenges, you need to invest in the right proxy. The best UK proxy will let you perform web scraping and web crawling to effectively monitor and track prices. Follow the link here to get more information about the UK proxy.

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Investment

Differences between XMR and BTC

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In this technologically developed world, most aspects of life have been transferred into virtual reality. The Internet also influences trading, shopping, and banking. Currently, many platforms offer you to use their online money to conduct any transactions. Digital money has some advantages over traditional currencies. First, it does not belong to any government, and its monitoring is decentralized. Second, the popularity of cryptocurrencies is determined by the market, not a single banking system. Each transaction done through cryptocurrencies is transparent for the users, and they make a separate block in a system. The system’s security is guaranteed, and it is almost impossible for hackers to break the system. Albeit these advantages, the usage of cryptocurrencies is banned in many parts of the world. XMR and BTC are examples of cryptocurrencies. If you are interested in their differences and how to transfer XMR to BTC, you are recommended to learn each of them separately first.

What is XMR?

Thanks to its high level of privacy, Monero, known as XMR, has gained popularity among users. It was launched in 2014, and the transactions done through this platform are entirely private. The system does not show any information about the users and the ways the transaction is done. Furthermore, the system of Monero allows to use of individual CPUs, so there is no need to purchase new hardware. Because of its opaque nature, XMR can also be used in a dark web without any high potential risks.

How Does Bitcoin Function?

Bitcoin, abbreviated as BTC, is launched in 2009, and the founder of this cryptocurrency is still unknown. Unlike many platforms, BTC offers lower transaction fees, which makes more investors mine through this platform. This digital money is controlled by a single government or banking system, and as an individual unity, it is not valuable. The system is based on a blockchain system. Throughout its history, this cryptocurrency has gone through many ups and downs. However, its wide popularity has triggered to creation of many other similar currencies. To make instant payments much more accessible for investors, BTC uses peer-to-peer technology. Thanks to its advanced technology, there are some risks connected with this digital money as well. It can be used for illegal actions, money laundering, etc. To avoid those risks, the investors are highly recommended to keep security tips.

Main differences between XMR and BTC

If you have not decided which platform is worthy of joining, you are welcome to check the main differences between those widely used cryptocurrencies.

Privacy

Although the transactions done through the BTC platform are not connected with your identity, they contain information about your online wallet. With some research, anyone may have access to your personal information within a short time. On the other hand, XMR does not have that problem, and the investors do not need to worry about their security. The system guarantees their anonymity, and hacking the information from this platform is almost unlikely.

Mining algorithm

Both BTC and XMR use various algorithms; the first uses SHA-256, while the other applies to CPU. The transactions through the BTC platform are done more quickly, thanks to the algorithm that is used.

Adaptive block size

When many transactions are done through the BTC platform, it may slow down the process for each one. Yet, Monero has a more flexible block size, which automatically expands the blocks when the number of truncations gets higher.

Besides these differences, you may check the FEG prices for each one to make sure which one is the best option for you.

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Work

World’s Best Cities for Remote Work

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Since 2010, the number of remote workers has increased by 400%. The popularity of this type of work setup stems from the immense flexibility it offers in comparison to traditional office-based jobs.

One of the key selling points of remote work is the ability to work from anywhere. If you’re a remote worker, then you basically have the option to live and vacation in foreign countries without the limitation of having to be in the same office every day.

With this freedom, why not consider relocating (even temporarily) and experiencing some of the best cities in the world? In this article, we provide a rundown of some of the best cities to live in. Since remote workers aren’t confined by geographical offices, this is a delicious possibility that you can seriously consider.

Before we dive into our list, let’s get a better understanding of what remote work is.

What Is Remote Work?

Remote work refers to a work arrangement where one’s job responsibilities are performed from outside the office. In contrast to traditional office-based jobs, remote work can be done from home, from a coffee shop, a rented working space, or even the beach.

The rise of remote work has given way to a unique job economy for professionals and the forward-thinking companies who employ them. It has also led to the development and popularity of collaborative apps that help teams work together and manage projects from different locations. Some examples are Slack, Trello, Asana, and Proofhub.

There are lots of advantages to being a remote worker. Remote workers eliminate the time and expense spent on commuting, have more freedom to work the hours they want, and of course, they get to work from anywhere.

With that in mind, let’s take a look at some of the best cities that you can live in as a remote employee.

Best Cities for Working Remotely

We’ve chosen these cities based on the quality of life they offer. These cities also have accessible digital infrastructure and stable and fast internet speeds so you can perform your duties seamlessly.

San Francisco, USA      

San Francisco tops our list. In terms of safety, healthcare, and the climate, this city ranks moderate to very high.

As with all the cities in this list, the Golden City provides excellent and stable internet connection with downloads of up to 1,000 megabytes per second (Mbps) and uploads of up to 35 Mbps.

It offers an exceptional work culture, amiable people, and easy access to resources. The only drawback is the higher cost of living compared to other US states. Where 100 indicates an average cost of living in the United States, San Francisco is rated at 269.3.

Dubai, UAE      

Dubai offers a high quality of life and is ranked as one of the best places to live in the Middle East, if not globally. It has an international community with as many as 200 different nationalities and 8.84 million expat residents.

This city is also one of the safest places in the world. You can enjoy sandy beaches, sumptuous dining, and world-class entertainment. A hub for international business and tourism, you’ll have no problem getting internet coverage here as there are a good number of providers with stable and fast internet to choose from.

Dubai offers a low cost of living and a zero income tax scheme. They even have a special program for remote workers called a virtual working program. Remote workers can apply to live in Dubai for a year with many of the same benefits that local residents are entitled to.

Delhi, NCT, India

India has a fast-growing population with a gross domestic product that is only second to China. The National Capital Territory of Delhi is where the 3 branches of the country’s government sit. It ranked 62nd in the list of World’s Best Cities for 2021.

Delhi is popularly referred to as the heart of India and one of the most hospitable places on Earth for tourists. It’s a great city for foodies and travel enthusiasts.

Because it is a fast-growing city, it offers many opportunities for locals and tourists. The cost of living is also low. The estimated monthly cost for a family of four is around $1,300.

Internet in Delhi is fast and stable. It isn’t unusual to enjoy speeds of up to 100 Mbps.

The only drawbacks to living in Delhi are the pollution, the hot summers, and personal safety. However, as long as you don’t go out at night unaccompanied, you should be fine.

London, UK

London offers an incredible remote working infrastructure. The average internet speed is around 54 Mbps.

Paired with gender equality, culture and leisure opportunities, and great healthcare, it’s easy to see why London is regarded as an ideal city for remote workers. You’ll find diverse remote working spaces here ranging from coffee houses and cafes to libraries and coworking spaces.

As Britain’s largest metropolis, London offers a history that spans almost two millennia. It is a rich and diverse cultural center. Thanks to the easy transportation the city offers, remote workers can explore this expansive city without putting a dent in their bank accounts.

Warsaw, Poland

Warsaw, Poland has a great international community. English is a second language so you won’t struggle with language barriers. Thanks to the modern infrastructure and transportation, everything is easily accessible at a fraction of the cost you would incur in most cities around the globe.

Warsaw is a relatively cheap place to live in with a cost of living that is almost 40% lower than the UK. This includes rent, food, and transportation. It also has a solid all-inclusive healthcare insurance system that’s free for all working residents and their families.

The average internet speed in Poland is 54.5 Mbps, slightly above the global average of 54.33 Mbps.

Bucharest, Romania

Bucharest outclasses its competitors with its low cost of living, access to cheap working equipment, and availability of food delivery companies among other important factors.

It was ranked the number 1 city for remote work by broadbanddeals.co.uk. By living here, you’ll enjoy stable internet speeds of 52 Mbps and a low cost of living. The estimated monthly cost for a single person living in Bucharest is around $555.

Budapest, Hungary

Budapest, often referred to as the “Paris of the East,” is the vibrant capital of Hungary. Remote workers will enjoy exploring this historically and culturally rich city that is subdivided by the famous River Danube.

The average download speed in Budapest is 31.1 Mbps. As a country, it has the 20th fastest internet in Central Europe so you should have no problem continuing your work here.

The cost of living is fairly affordable at $622 for a single person excluding rent.

Houston, USA

The large city of Houston is a popular choice among remote workers due to its many coworking spaces that inspire productivity and make focusing on work a breeze. This is a dynamic city with first-class attractions like the Space Center, the Museum of Fine Arts, and the Houston Zoo.

The cost of living in Houston is rated at 96.5, a few points lower than the United States’ average. A single person’s monthly expenses amount to about $843 excluding rent.

Residents enjoy faster internet speeds compared to the rest of Texas and the United States. Almost 90% of Houston enjoy internet speeds over 250 Mbps.

Houston offers big-city amenities at pocket-friendly prices. It also has a healthy immigrant ecosystem and an impressively strong sense of community for a city of its size.

Kyiv, Ukraine

The largest city in Ukraine, Kyiv is a cultural hub and a fantastic jump-off point for exploring the country’s cultural diversity and history. It is home to the infamous and abandoned city of Chernobyl.

Kyiv offers co-working spaces, affordable accommodations, reasonably priced food, and friendly professional communities. Ukraine also has Digital Nomad visas that are designed for people who wish to work in the country, remotely or otherwise.

In September 2020, Ukraine ranked 59th in the world in terms of fixed broadband internet access speed with an average download speed of 59.13 Mbps.

For remote workers on a budget and looking to experience a city with a lot of character and history, the city of Kyiv is an affordable and beautiful option.

Las Vegas, USA

Despite all the hype and its reputation as “Sin City, “ Las Vegas is an affordable place to work remotely while giving you access to its art scene, casinos, and world-class entertainment.

While the cost of living is 11.6% higher than the national average, the city offers affordable housing with a cost of living that is still lower than other cities in the state of Nevada.

If you don’t want to lease a place, you can easily find exclusive deals at hotels in downtown Las Vegas. Most, if not all, will provide you with a specific allowance for food and beverages per day.

New York, USA

The Big Apple is a top-tier city for telecommuting if you can afford it. A single person will spend about $1,358 per month excluding rent.

New York is world-famous for its dizzyingly fast pace, high energy, traffic, constant hustle and bustle, 24-hour life, and creative spirit. It’s overflowing with experiences and attractions like the Statue of Liberty, Ellis Island, Broadway, the Brooklyn Bridge, Central Park, and more.

You won’t have any problem with internet connectivity here. Ninety-nine percent of residents enjoy internet speeds of 250 Mbps or higher with fiber-optic technology readily available to several households.

Remote Work: Your License to Explore New Places

If you’re lucky enough to work remotely, then you have the flexibility of exploring working from different places. Even if you just visit for a few months, it’s refreshing and valuable to experience different cultures and other ways of living every once in a while. With this list of the world’s best cities for remote work, why not explore the possibilities of being based someplace else?

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