How a Customer Success Strategy Increases Revenue
Become a brand that invests in their client’s future. A solid customer success strategy is a two-way street for value: your client’s value in your business, and the profit you make by securing and maintaining them.
Did you know that consumers tend to remain loyal to brands that have high-quality customer service? You probably did. But did you know that that high-quality user experience can directly translate into increased revenue for your small business? 84% of companies that emphasize user experience have reported an increase in revenue. By implementing a customer success strategy, you can both minimize costs and increase your profits.
What is customer success? It is guiding your clients through your offerings and helping them reach their goals. Implementing a solid customer success strategy will increase your revenue by helping you to retain clients, increasing upsell opportunities, and preventing losses. By understanding the difference between customer success vs. customer service, you will be able to turn your client’s progress into your own profit.
Customer success is the new customer service, and we’re here to help you make the change.
What is Customer Success?
Customer success is placing value on your client’s ability to use your service to accomplish their own goals. It is emphasizing your investment in helping the client succeed. And if they become successful through your business, then you are successful.
It is anticipatory. It’s about crafting their experience from the first moment they click onto your website, not just when something goes wrong. What will the client want to know about your service right away? How can you guide your clients to information that they need not only to use your product but to accomplish their goals with your business?
A Customer Success Strategy that Increases your Revenue
It is far less expensive to retain clients than it is to go out and acquire new ones. Even a 2% increase in client retention is a profitable equivalent to cutting costs by 10%. By spending less time pursuing new leads and instead investing in your existing client base, you’ll maximize profit while accruing minimal new costs. Additionally, your ability to upsell will increase dramatically with clients who are loyal to your small business because of your investment in their experience.
Don’t underestimate the power of feedback, particularly in this case. Learn how and why your clients are using your product so that you can proactively market your services with this purpose in mind. Learn what isn’t working for your competitors, and fill in these gaps. You’ll be able to sell your product by communicating how your business will outperform your competitors’ ability to help your clients succeed.
Customer Success vs. Customer Service
It is vitally important to be able to craft outcomes. We go over this in a little more detail in a previous blog post on designing your website. To summarize, you need to put together the features of your service with the ultimate user experience in mind.
How is this different from customer service? Traditionally, customer support is reactionary; you solve problems as they occur. With a customer success strategy, you are developing a relationship with the client from the very beginning and anticipating any problems they might have.
Here are a few examples of the differences between a traditional approach to clients and a success driven method.
Good Customer Support |
True Customer Success |
Answer the phone when a client has an issue. |
Provide online tools that help the client troubleshoot their own issues, chat quickly with an agent, and then call for additional assistance. |
Fix an issue when a client tells you there is something going wrong. |
Provide regular reporting and communications with customers letting them know how things are going. Give them continual data to prove success. |
Offer additional services when the client contacts you with a need |
Set markers and triggers that will flag you that customers could utilize additional services, parts, or products based on the data you are gathering. |
Respond quickly to any inquiries on your website. |
Provide a rich description of your business offerings with buy now, on-demand trials, or other ways to experience your products without requiring the customer to wait to hear back from you. |
Turning Customer Support into Customer Success
There will always be some aspect of client support to your business. You should be focused on finding the right solution for the client, and make sure that the client finds value in the experience and maintain open communication. Users will always have questions, and you will have to provide answers and guidance.
With a customer success strategy, the guidance begins as soon as the service is provided. Instead of being reactionary to a user reaching out for advice, you’re the first one to extend the hand. Offer advice on how your client can utilize your business to succeed. You’ll need to learn how to define progress for each client and direct them to content that will help them achieve their goals.
Understand the key performance indicators that will help you guide future clients. Depending on your business, this may be incredibly straightforward or somewhat complex. However, it is necessary in order to uncover how your business can lead clients to their end-goals.
Our Summary
By investing in user experience with your small business, you will be able to retain clients and minimize costs associated with reaching new clients. This, in combination with the upsell potential with loyal clients, will help you to increase your revenue. Turn your support team into a success team by guiding your clients and helping them succeed, leading to your own increased revenue as a result!
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