Why Customer Success Is So Important
For tech providers, driving Customer Success within your account base is more important than ever. Dhaval Moogimane outlines three key factors driving this critical economic imperative.
Customer Success & Retention
It’s no secret that a key ingredient of the subscriptions business model is an ongoing trusted-adviser relationship with the customer that helps them achieve their business outcomes.
This makes it imperative that tech providers transform to a ‘customer first’ mindset focused on making every customer a highly satisfied one. The natural outcome of this is strong customer retention for the provider, which is a critical driver of success in the subscription economy.
Customer Success Delivery Is Harder than It Sounds
Customer Success means ensuring that your users adopt your products and derive the expected value from them.
While this definition is simple, many enterprises find the sustained, efficient delivery of Customer Success to be profoundly difficult. Why? Because measuring customer KPIs and providing an integrated and outstanding experience at scale to deliver those KPIs throughout the customer lifecycle is complex. For most tech companies, this requires new processes and capabilities and significant cross-organizational coordination.
Waterstone Helps Tech Companies Deliver Customer Success
We help tech companies redefine their customer experience, establish KPIs and transform the operating model to deliver customer outcomes at scale. Whether you are transforming your customer journey, launching a customer experience program, redefining your sales or post-sales model or enhancing and/or scaling your existing Customer Success organization, we can help you develop and execute a clear path forward, including:
Achieving success in subscriptions starts with delivering a remarkable customer experience across the entire lifecycle. However, aligning your organization to deliver that experience can be difficult to accomplish. We work with you to define a shared vision of the desired customer outcome at each stage of the journey, understand the variations by segment, outline the ideal customer experience and develop the cross-functional imperatives that must be addressed for you to be able to deliver that experience. Finally, we map out a detailed operational blueprint across functions for you to deliver the experience.
Customer Success Operating Model Design
Companies often find it difficult to put in place the comprehensive, cross-functional operational blueprint needed to deliver the customer experience. Our proven analytical approach to segmenting customers, setting the appropriate charter for sales and post-sales teams, optimizing roles and responsibilities across functions, aligning metrics and adjusting capacity will provide you with the organizational model and operational framework you need for successful execution. Each operating model recommendation we make is grounded on the economic impact it will have on your business.
Customer Success Enablement and Scale
Driving success across a diverse and large customer base requires optimizing for scale. We work with you to craft a post-sale customer engagement model in lock step with your sales land-and-expand motions, formulate adoption paths for customers and codify field activities into playbooks, dashboards and systems to drive consistency and proactive engagement across your customer base.
Customer Success Economics
Prioritizing Customer Success investments requires analyzing both customer acquisition costs (CAC) and cost to retain customers (CRC). We help you analyze your net retention performance across critical segments, measure CAC and CRC ratios and understand your Customer Success return on investment. We also design and price new converged-services subscription offerings to capitalize on the growing trend to offset CRC costs by monetizing services that integrate support, training and Customer Success.
Turbocharge your Customer Success results with Waterstone’s Customer Success PowerOps service. Our unique subscription service blends strategy, analytics and technology configuration to power continuous improvement in your Customer Success management and, ultimately, increase your customer retention and expansion. Working in close collaboration with your CS Operations team, we analyze and improve the effectiveness of your current program and practices, deliver advanced business insights and incorporate leading Customer Success practices to refine your operations.
How to Assess Your Company’s Customer Success Maturity
Partners Dhaval Moogimane and John Zuk outline Waterstone’s Customer Success Maturity Model, which measures the key competencies necessary for becoming a Customer Success-centric enterprise. Use this model to chart an improvement roadmap and as a scorecard to measure your progress.
Increased Net Retention and Adoption with Customer Success Transformation
A SaaS provider with $1B+ in annual recurring revenue needed a Customer Success strategy to improve net retention and drive adoption of a new product platform across its installed base. We redesigned the Customer Success model, organization and practices and developed the 18-month transformation roadmap and investment case to achieve their goals.
Improve Your Net Retention Rate to Best-in-Class
Designing and executing the right customer engagement model across your entire organization can be a challenge. We apply analytical rigor and bring a wealth of proven industry practices to transform your company to be customer first.