What distinguishes different results in customer success for high versus low performing companies?
If you are reading this, you have likely been spending time trying to research which tactics have the best results. Well, you came to the right place.
This post, brought to you by Stiddle, will outline the top strategies used to increase your customer success to reach the goals that you envision for your business.
Understand your target customers
Being aware of your target customer is a key step to grow your customer success. Think about it- how can you make your clients happy if you don’t know who they are?
One way of determining your target market is by using segmentation to divide your customers into categories based on their demographics such as age, gender, etc.
Recognizing who your products/services are aimed for allows you to understand what they want and provides you a way of formulating your business’s objectives around them.
Customer onboarding is the process of introducing potential clients to what your business/brand is offering and permits an opportunity to demonstrate the benefits of your product/service. Think of onboarding as the first impression you give to an individual; therefore, you want it to be unique and memorable.
Why is onboarding important? Not only does it grow your customer audience but it also increases the chances of creating loyal customers who come back in the future for more.
When first starting out in your customer onboarding procedure, it may be useful to invest in tools that standardize the execution of your onboarding.
Furthermore, here are some target customer onboarding metrics that you can use.
Customer Lifetime Value: An estimation of a business's net profit based on a future relationship with a customer- measures a customer’s value.
Churn Rate: When it comes to onboarding, it is important to decrease your customer churn rate, which is the rate at which customers discontinue their relationship with you. The mathematical formula for calculating the churn percentage is: customers that churned in period x / total customers at the start of period x.
Net Promoter Score (NPS): The NPS is another tactic to track customer loyalty by measuring “the willingness of customers to recommend a company's products or services to others”.
Tailoring your business’s customer experience based on your target audience is an efficient method for increasing your customer success rate.
“80% of customers are more likely to purchase a product or service from a brand that provides personalized experiences” since it generates a relationship between them and the business.
Furthermore, not only does customer personalization increase the chances of one purchasing a product/service, but it also has shown to be another method of expanding customer loyalty. Constructing a connection with a client produces a bond and has led many to come back and purchase more from the seller in the future.
Thanks to technology, you are no longer required to spend extra time formulating personalized information for your targeted audience, you now can rely on AI to do that work for you. At Stiddle, AI is the core component in our software and is highly beneficial for digital marketing.
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Utilizing analytics resources is another measure to ensure your business is tracking your customer experience.
Data-driven analytics provide organizations a way to create solutions for underlying factors that may be holding their business back from growth and allows a way of arranging solutions as a result.
Additionally, obtaining feedback from your customers is a strong method for enhancing your customer experience.
Collecting data about your customer’s opinions allows for your business to make future decisions based on what your clients are looking for. One way of getting customer feedback could be through the distribution of surveys- which is a cost-effective method.
However, getting feedback is not an instant way of acquiring a greater customer experience. Once you understand what customers want, it is then in your hands to implement changes for their satisfaction.
Customer relationship management
What is customer relationship management (CRM)? CRM is what helps manage customer data.
CRM is accomplished through the use of CRM software that uses automation to technologically organize a customer’s life cycle. There are countless types of CRM software available that you can choose from depending on your business type and goals.
Although there are many companies like Salesforce and Microsoft that offer customer relationship management tools, there are three categories that CRM falls into: Operational CRM, Analytical CRM, and Collaborative CRM.
Operational CRM: “Is software that focuses on streamlining customer interactions with sales and marketing”.
Analytical CRM: “Is all about data—storing it, processing it, and making it useful with insights into business processes”.
Collaborative CRM: “Is built for facilitating communication between team members”.
There is no ‘best CRM type’ it purely relies on the long-term objectives your business holds. Thus, it is necessary to do research to gain an understanding of which type/types of CRM will benefit your business the most.
You now have a deep understanding of ways you can increase your business’s customer success!
We are excited to help you excel!
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