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.
Earlier customer success focused on mitigating the management related risks and improving the customer’s overall journey.
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.
CES also helps in building a new customer base, retaining existing clients, and overall sustaining your business.
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.
What to Remember When Buying a House in 2021
Purchasing a property is a life goal that many people worldwide have. Dreaming of how they will decorate the interior to the ideal location, some people spend their whole lives dreaming of these moments.
While that is very well the case, some things should be remembered when going through the purchasing process. Whether you are buying your first home or are purchasing another to add to the portfolio, read on to find out a little more.
Be Aware of Your Finances
You need financial stability to buy a property. Make note of your available finances as early as possible. This enables you to know what your budget is and to view properties that fit within this budget.
Ensure you do not end up in financial difficulty; know your credit score before signing any paperwork. The higher your credit score, the lower your mortgage interest rate.
Conduct financial planning with services provided by the likes of The Home Loan Expert. Minimize how much you will be paying back over time by using services like these. Save yourself thousands of dollars.
Make a note of all costs associated with buying a house. This includes the price of the property itself but extends to include real estate fees and associated costs.
Choose a Suitable Location
Decide on where you want to live before launching headfirst into the buying process. Understand the pros and cons of the areas you have selected.
You want to be happy in your new home. This process is the ideal way of distinguishing this.
Are you purchasing a home as a parent? Consider the location of your property for ferrying your children to and from school.
Compare the distance you will be commuting to get to your place of work also. Know this information as soon as possible to minimize any obstacles forming in the future.
Choose a location that is within budget and which provides you with the amenities you desire. Evaluate how safe an area is with online resources.
The safety of an area impacts the cost of a property. You do not want to be losing value on your home. Ensure the property you are purchasing is safe to protect your family and belongings.
Conduct Relevant Checks
Ensure you analyze the interior of the property thoroughly. Highlight any potential or existing issues you notice and distinguish what needs to be done to solve these issues.
Check any renovations on the property are up to date. Ensure there are permits available. This ensures the property renovations were appropriately conducted. It also protects you in the future if you choose to sell the property.
Conduct checks on water and electricity supplies to ascertain they are in full working order. Older homes might not be compliant with modern wiring systems and building codes. This is something you want to avoid, for it could be costly should something go wrong, and the system needs rewiring.
Beginner Business: 5 Things You Need To Know
Starting a new business can be a daunting process. With so many different aspects of your new venture to consider, it can be easy to get overwhelmed so it’s important to stay organised and in control. When you are starting a new business, you need to ensure that you have a clear plan in place from the very beginning to stay on track towards your goals and ensure that you do everything necessary to get your startup off the ground successfully.
The day you finally open your doors to the public, will likely be one of the most memorable and exciting days of your working life. However, to get there, you will need to ensure that you follow the proper steps. Starting a small business is no easy task and you will need to get yourself up to speed with marketing, bookkeeping, single touch payroll, staff management and all of the other components of your business operations to ensure that your new venture has every chance of succeeding when you launch.
Follow the five steps outlined below that new businesses need to follow to start a new business in Australia.
Conduct Thorough Research
Before you move forward with anything, you need to be sure that you conduct thorough market research. Knowledge is power and the more information you can gather the more informed your decision-making will be. Consider if there is a demand for your offerings in the area you will be serving, who your customer is and where the best location is for your new business premises. You will also need to pay close attention to what the competition is doing to understand how you can stand out and gain an edge over your competitors.
Create An Effective Business Plan
Having a well-thought-out and well-written business plan is crucial in securing funding for your new business. Whether you go to a bank or a private investor, you will need to show potential investors how your business is going to be profitable. Your business plan will also act as a roadmap to help guide you on your journey as your business evolves. Remember, as your goals or circumstances change, you should update your business plan to reflect what is happening so you always have a document you can rely on for guidance, especially through the early stages of your startup.
Register Your Business
Registering for an Australian Business Number (ABN) in Australia is free of charge. The Australian government makes it easy for you to apply for your ABN and tax registrations such as PAYG, GST and FBT all from the same portal. The process can be completed in just a few minutes online and there is a lot of information on the Business Registration website to help you through to complete the necessary forms.
Depending on the type of business that you are starting, you might need a little, or a lot, of capital to get your startup going. For example, a web designer working from home will need very little in the way of upfront investment, while an entrepreneur opening a new restaurant will need to pay for premises, supplies, staff, kitchen equipment, and much more. There are many ways that you can secure funding for your startup in Australia. The government offers various grants and funding programs that you may be eligible for, you can apply for a bank loan, look for private investment or use your personal savings. Whichever route you choose to go, you will need to ensure your startup is adequately funded to ensure you are financially secure moving forward.
Market Your Business And Prepare For Your Launch
Once you have secured funding, you will need to start marketing your business and prepare for your grand opening. Launching your business is an exciting moment for every entrepreneur. However, with the right preparation, you can ensure that your business is set up for success and that you launch your new venture in style.
Is it Promising to Study E-Commerce For Students of the UK?
E-commerce, is selling or buying services or goods via the internet. And the transfer of data and money that happens during buying or selling is also known as internet commerce or electronic commerce. In recent years, e-commerce has become very popular, almost 96% of the population in the UK uses the internet, and 86% of those people are expected to make at least one purchase through the internet in a year. Making e-commerce careers extremely attractive to young university students.
Everyone can benefit from a career in eCommerce. Starting from independent freelancers, small businesses, and even large corporations. You surely have heard someone say, “you need to check this online clothing store” or “this essay writing service is a must” basically, eCommerce has endless opportunities. You can find many retail stores that sell directly to clients or wholesales that sell to retailers, subscription services, or digital products, and even the best essay writing services and online courses are purchased and paid online.
The development of the eCommerce market is amazing, and the United Kingdom has the largest e-commerce market in Europe, with total projected revenue of 200 million euros. Although the eCommerce market also plays an important part in the broader economy of the United Kingdom. Almost 8% of the GDP is attributable to eCommerce, and that number is expected to rise, as more and more retailers shift towards online retail stores. Also, selling services or products online has a lower cost than the traditional methods have. Basically, e-commerce reduces the variable and fixed cost, and people are able to get their services and products for a lower price. These are some of the many reasons why teachers implement lessons of e-commerce in education.
There are five e-commerce perspectives, B2B, B2C, C2C, C2B, and D2C.
- B2B or Business to Business refers to one business selling services or products to another business, like a wholesaler and a retailer or manufacturer and wholesaler. This kind of e-commerce usually involves software, raw materials, or combined products.
- B2C or Business to Consumer is the most popular model of e-commerce. This means that the sale is taking place between a consumer and a business, like when you buy a dress from an online store.
- C2C or Consumer to Consumer happens when a service or product is sold from a consumer to another consumer, this kind of sale takes place on platforms such as Fiver, AliExpress, eBay, etc.
- C2B or Consumer to Business happens when an individual sells their product or services to a business. This encompasses photographers, freelance writers, consultants, etc.
- D2C or Direct to a consumer is the newest model of e-commerce. This refers to a brand that is directly selling to customers without going through retailers, wholesalers, or distributors. The most popular D2C items are the sold subscriptions via platforms such as Facebook, Instagram, Snapchat, Pinterest, etc.
And all of them bring many benefits. Some of the biggest ones are the simple and faster consumption that allows a quick delivery, easy returns, and 24-hour sales. The companies are no longer restricted by physical or geographical barriers, and consumers from all around the world can shop on any e-commerce site. It offers a personalized experience to the customers, and most importantly, it requires minimal expenses to launch such a store.
However, to be able to succeed, e-commerce jobs require skills such as software development, SEO, Data analytics, Writing skills, Design, Artificial intelligence, etc.
With that said, it is promising to study e-commerce because it opens many career doors. To start with e-commerce, you can work as a Marketing specialist, SEO content writer, Administrative assistant, etc., and once you get the needed experience, you can work as a User experience designer, Community builder, Developer, Business analyst, etc. basically the options are endless because e-commerce powers the future of many businesses.
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