Customer Success: The Popular Customer Engagement Strategy
Forbes has revealed that 96% of customers say that customer service is an important factor in deciding their loyalty toward a brand! Customer success services have gradually become a priority for businesses. Though employees were trained on it earlier, it was never a mainstream business function. But the tables have changed, and now companies have realized the importance of customer success and how it can catapult to a huge revenue stream. The cost of acquiring a new customer is way more than retaining an existing one. So, it’s a sound business decision to focus on the existing customers and engage them systematically to find new business opportunities for them. Moreover, today customers make buying decisions based on their experience with the brand. American Express has reported that the majority of Americans have avoided making a purchase, particularly due to a bad customer experience. Another study revealed that 90 percent of Americans’ purchasing decision is based, at least partially, on customer service! So it’s vital to focus on providing an enhanced customer experience that helps in building brand loyalty.
Let’s discuss customer service and how it helps businesses strengthen customer relationships and forge a strong bond with them.
What is Customer Success?
Customer success is a business strategy aimed at providing an enhanced customer experience, retaining customers, and finding new business opportunities via cross-sell and up-sell with existing customers. Customer success services prioritize customers and keeps the business focused on continuously meeting their requirements and generating demand for new products. Continuous customer engagement helps companies increase profits by building brand loyalty, reducing attrition, and increasing customer retention.
Why Should Businesses Integrate Customer Success into their customer engagement strategy?
- Brand Loyalty:Businesses can ensure the customers are taken care of with follow-up calls and messages and getting feedback which is a valuable aspect of planning future deliveries. Brand loyalty helps businesses open doors for new sales opportunities while retaining existing relationships. Satisfied customers will likely stay with the business and make frequent purchases when necessary. Forbes says that 87% of customers will make repeat purchases from a company when they have had a great experience compared with a meager 18% of customers who had a bad experience! Happy customers refer their family and friends giving businesses the opportunity to increase sales.
- New Sales Opportunities:Customer success strengthens the customer’s relationship with the business. Customers feel appreciated for being associated with the brand. Continuous engagement lets the company understand the customers’ mindset, pain points, and preferences. The agents can gather this data and analyze it to present customers with add-on products that can improve the existing user experience. They can suggest upgrades to the current products and expand the relationship scope with them. Customer success activities provide the agents with a golden opportunity to cross-sell, upsell and boost sales.
- Better Customer Experience (CX): Better CX is integral to the success of an organization. Enhanced customer experience is the differentiating factor of a business and helps it steer ahead of the competition. A few bad experiences with the brand can ruin the relationship and prompt customers to switch to competitors. However, streamlined customer engagement processes lay a strong foundation for strong customer relationships and encourage the customers to remain loyal to the business. The agents keep in touch with the customers via email, chat, messaging platforms, social media, and phone and use these mediums to understand their concerns and strive to meet their expectations. Better customer experiences also build the reputation of the business. The rippling effect of word-of-mouth publicity becomes visible in more customer acquisitions.
- Reduced Operational Costs: With continuous engagement in the customer success model, call centers or contact centers receive fewer complaints. Customer success services keep the customers engaged, and agents can immediately resolve their problems before they snowball into bigger issues. Businesses need not hire any additional workforce to resolve the customers’ grievances. Ticket management becomes easier and simplified with fewer customers landing at the call centers. Businesses can get a high ROI from their call center operations by reducing the number of support tickets and minimizing the cost of managing them.
- Success in a competitive marketplace: Proactive customer success activities and personalized engagement help businesses in creating a USP for themselves. It can differentiate itself from the competition and retain customers. Customer success services allow businesses to delve deeper into customers’ issues and resolve them proactively and not giving them an opportunity to consider a competitor company. Excellent customer service helps companies create strong relationships. It is a prominent reason for business continuity that helps the business thrive and succeed in a competitive marketplace. It also strengthens the company’s position in the market as it earns goodwill, improves the brand image, and builds a solid brand reputation.
Customer success model is rapidly becoming an inherent part of the customer relationship management process. Though it targets existing customers, it commences a new beginning for the company with more business opportunities. It helps in building loyalty and increasing revenue with more sales.
If you need assistance with customer success services and create a well-defined strategy to execute it efficiently, it would be best to hire experts. Markable Solutions is a leading customer service management company helping businesses create a result-oriented customer success ecosystem. Our 45-day quick start program for customer success management will help you implement a robust customer success strategy, provide an enhanced customer experience and discover new cross-sell and up-sell opportunities. Increase profitability and maximize revenue with the right customer success strategy backed by experts.