What is Customer Success?
Customer Success is the practice of nurturing and mediating a company’s client relationships. Customer Success is the responsibility of the Customer Success Manager or the Territory Manager. These professionals typically have two objectives: to retain loyal clients and expand their business. A Customer Success Manager’s day centers around finding out their clients’ needs and determining how the company can fill those needs.
Customer Success is a long-term process. Building relationships with clients takes time and intentional effort. Customer Success Managers work hard to gain clients’ trust and to establish rapport. They will be able to answer their questions, address their concerns and help them achieve their goals. But the real objective of the job is to sell more products. Doing so results in satisfied customers who are committed to the company and to the brand.
Why is Customer Success Important?
Research from Hubspot shows that it is so much harder to win a new customer than retain the existing ones. A leaky bucket is a very expensive business problem.
- Only a 5% increase in customer retention can increase company revenue by 25-95%.
- It is 5-25x times more expensive to acquire new customers than retain an existing customer
- Retained customers buy more often and spend more than newer customers
- Satisfied, loyal customers are more likely to leave good reviews online and refer peers
Role of the Customer Success Manager
The Customer Success Manager is the person in charge of managing a company’s relationships with its customers. They build long-term relationships generally stay with customers for the length of their relationship with the company. The goal is to keep customers as long as possible. Customer Success Managers are a revenue g...