At the conceptual level, customer success team excellence simply means creating a team that is very good at engaging your organization’s target customers. Whether it’s acquiring new clients or keeping the old ones content, a well established customer success department is one that is simply capable of keeping your organization’s customers, happy content and eager to buy more of your services. So if you want to develop a team of customer success expert then here are several things that they need to do.
Customer Success Team Excellence – What You Need to Know
Perhaps the first and most important feature of an efficient customer success team is the ability to keep old and current customers happy. Remember that it is easier for companies to keep existing clients than to acquire new ones, which means that customer success strategy must always involves a certain degree of long term customer engagement.
Furthermore, retaining control of your existing customers is important because it gives your organization a more secure foothold in your market, and without them any customer engagement initiatives will likely fail. Therefore, one of the most defining characteristics of a good customer success team is its ability to secure your organization’s best and most loyal customers.
Aside from keeping old customers happy, customer success teams also need to acquire new ones. This process can be done in several ways, including market expansion, aggressive commitment, advertizing campaigns and expanding the type of services your company offers, but ultimately any process is permissible as long as it helps your organization attract additional buyers for your products.
Customer acquisition is also important because it keeps rival companies on the defensive. So by actively seeking out new prospect clients, your organization will be able to stay competitive and keep its share of the market more or less growing.
Customer intelligence refers to your team’s ability to acquire new and important information about your organization existing and prospect clients. A good example of this is marketing research, but any study or activity which expands your company’s information about its market and customers can be defined as customer intelligence.
Customer intelligence will allow your teams to understand which products your customers like and which ones they don’t like. This way you’ll be able phase out bad products and optimize the popular ones, thus leading to better customer engagement. Furthermore, good customer intelligence will allow your organization to better understand its customers in regards to their spending and consumption. This information can then be used to help your organization improve its customer engagement strategies, so as to increase sales and optimize its customer engagement policies.
Establishing an Easy and Efficient Payment Process
Another important component of customer success is transactional efficiency. People are more likely to buy the products of organizations which offer easy transactional processes, which means that another important task of your customer success team is to establish an efficient billing and payment system. This system should not only make the buying process easier for your customers, it should also give them several options to choose from. This way, buying your organizations products and services will be a lot easier, and will allow your customers to make purchases more frequently, as opposed to when they have to.
A good customer success team should also be able to understand the basics of demand elasticity and how it applies to your organization’s market. Organizations must always be prepared for market fluctuation in order to avoid some of their worst effects, and this is because customer behavior is best predicted through the fluctuating trends of supply and demand. So by predicting how the demand for your organization’s services will change over time your team will be able to better understand how its customers behave, and how such behavior may be leveraged to maximize sales as well as customer engagement.
Functional support is the broader term for customer support and services. It involves online customer services, tutorials, forums, webinars and anything else that can help your organization make better use of your organization’s services.
Take webinars and online videos for example. Investment banks and financial institutions are fully aware that some of their customers have very limited knowledge with regards to their services, which is why they often produce tutorial videos in order to help their customers understand how their services work. Another good example is online customer support. These kinds of services are quite common, and are designed to address or at least help address the concerns of ordinary customers. Customer service allows organizations to quickly address any concerns that arise as a result of damaged products or flawed services, which of course leads to better customer engagement.
Finally, your organization’s customer success personnel should be familiar with the basics of competitive strategy. Not only will this help them understand how your organization’s product’s prices affect customer demand, it can help them to better predict certain trends in the market.
Take price wars for example. These occur when organizations neglect to understand the behavior and strategies of their competitors, which causes them to engage in behavior not conducive to the long term interests of their own organization, such starting a price war that result in plummeting profits. By emphasizing the importance of competitive strategy to your customer success personnel, your organization will be able to find an optimum customer engagement strategy without exposing your products to the risk of a price war.
Customer success employees who practice all of the items mentioned above will be able to carry out their duties adequately. By incorporating the items mentioned above, your organization will be able to implement an effective strategy that will be conducive to employee engagement, thus resulting in higher sales and a better reputation in your organization’s industry.
Customer engagement also demands that your own organization’s customer engagement team understand certain factors that influence the opinions and buying patterns of your organization’s target demographic. So if you want to create a successful customer success team then these are the goals that they should develop.