3 Tips to Stay Ahead in The Customer Economy

We are living in the subscription economy. Or as I like to call it, the Customer Economy!

The ability to provide a great customer experience while delivering desired outcomes is the very essence of Customer Success. It’s also the foundation of every business that is striving to stay ahead in the Customer Economy.

As Dana Niv, Strategic Customer Success Manager at WalkMe says, “Today’s B2B customers feel empowered. They demand a whole new level of customer focus, expecting companies to know them personally, recognize their challenges, and cater to their needs.”

In other words, your customers know they have the power. It’s no longer a secret.

If you’re still with me, allow me to share three tips that I believe are essential to staying ahead in the Customer Economy.

Customer Success is a Company Mindset, not just a Department

In a recent interview, Dan Steinman talked about the exciting and promising future of Customer Success. He talked about how important it is for the Product team and the Customer Success team to be on the same page.

“The only real scalable thing in your company is your product.” He said, “If you’re going to scale Customer Success, it has to start by doing things within your product. Nothing is as impactful than delivering on something in your product that makes a difference with regards to user adoption and clear ROI.”

When Product Success and Customer Success come together, world’s collide. In a great and scalable way!

Dan went on to talk about the relationship between sales and CS.

“If Customer Success is not a slide in your sales deck, you’re not doing it well enough.”

I’ll give you a minute to take that in…

Prospects these days aren’t only thinking about your product and what it can do for them. They are also thinking about what your company can provide as far as service and client experience. This can only be accomplished well if the CS team is on the same page with sales, product, marketing, and other departments.

The customer journey involves all departments to some extent. Make sure all of them know what they need to do to provide a legendary experience.

Full interview can be found here:

Track the Health and Success of your Customers

One of my favorite books on CS is The Startup’s Guide to Customer Success by Jennifer Chiang. You can’t find a more detailed book regarding what you need to do to become a successful startup.

In the book she quotes Jeff Cann, Senior Director of Client Experience at Sysomos. Here is what he had to say about tracking customer success metrics:

“There is an incredible amount to learn from customers outside of that 1:1 opportunity that you have a responsibility to know. Product usage behaviors, areas of your application customers may have challenges with, NPS, the frequency of support requests. All of this information is critical to understanding the health and success of your customers and you owe it to them to be diligent with how you not only learn from it but act on it.”

Understanding the health and success of your customers is vital. Some metrics are quantitative and others are qualitative. Both are important when determining how your customer is performing with your product or service.

ClientSuccess goes into detail about these metrics and how you can best use them. See what they have to say here: https://www.clientsuccess.com/blog/6-metrics-help-calculate-customers-health-successscore/

Be Ready and Willing to Adapt

As JFK said, “Ask not what your customer can do for you, ask what you and your product can do for your customer!”

I may have misquoted slightly but you get the idea.

Customers understand that the software and technology landscape is constantly changing and evolving. If they get the feeling that your company isn’t one step ahead of the game and not willing to adapt, they will shop around for a new vendor.

One of the first career lessons I learned is when I was still in college. I was working for the student housing office and they were rolling out a lot of new policies and initiatives. Many of these initiatives didn’t make a lot of sense to me. So I asked my direct manager why we were doing all of this extra work that, to me, just added a lot of unnecessary tasks for us.

He told me that any business that isn’t constantly innovating is not moving forward. He explained how vital it is, even for a student housing office for a university, to always be thinking of ways to innovate and adapt to inevitable changes. This lesson has stuck with me ever since.

Irit Eizips, CEO and CCO of CSM Practice, spoke with Nick Mehta, CEO of Gainsight, about the importance of Customer Success in today’s business ecosystem. Listen to their conversation here.

What are your thoughts? In today’s customer-centric world, what are some ways businesses can stay ahead and really ensure their putting their customers first?

Start-ups: Creating Your Customer Journey

The Customer Journey. Like Americans and budgets, most business owners know they need one but few actually create one and implement it.

*Dave Ramsey has entered the chat*

The Customer Journey has evolved in recent years. Back in the day it mainly consisted of getting the customer interested in your product and selling it to them. Now, it involves all internal departments working together from the time your customer first hears about your product all the way through to when they are a happy and productive customer.

This can only be accomplished through consistent collaboration between sales, marketing, CS, support, product, and executives.

Salesforce recently explained in an article why every organization needs a Customer Journey Map and how to create one.

“The Fourth Industrial Revolution is redefining customer expectations every day, with the average consumer now using 10 channels to communicate with businesses. All these touchpoints create increasingly complex customer journeys, making it more difficult to always ensure a great customer experience. But customer experience is more important than ever and according to recent research from Salesforce:

80% of customers now consider their experience with a company to be as important as its products.

69% of consumers want to talk with a company in real-time.

60% of customers in the UK expect the customer experience to be connected.

Read the full article here: https://www.salesforce.com/uk/blog/2016/03/customer-journey-mapping-explained.html

Now that I have your head spinning, let me let you in on a little secret that’s really not a secret at all: The companies that implement this the soonest will be the companies that win in the end.

Hence the title.

So, Ms. or Mr. Start-up owner, if you’ve read up to this point, you’re probably wondering how to best map out a quality customer journey. Well, the truth is, there is no one-size fits all for a successful journey map. And that’s how it’s supposed to be. Every start-up is different regardless of how similar your product or service is. Every client is different also.

The most successful journey maps ensure that the product can be tailored to meet the needs of each client. When needs are met, outcomes are achieved. When outcomes are achieved, customers becomes long-term and successful.

Like Jeff Bezos says, “We innovate by starting with the customer and working backwards.”

When mapping out your first customer journey, here are 3 questions I recommend asking yourself. I call this The 60/24/3 Rule:

  1. If I could put 100 of my niche customers in one place for 60 seconds, what would I want to say to them to get them interested in my product or service?
  2. If every new client had 24 hours to use my product or service before they could get a full refund, what would I do within those 24 hours to get them to sign on for another 3 months?
  3. If every client that signed on for 3 months could get a full refund after their term was done, what would I do within those first 3 months to ensure they see long-term value in my product or service?

Answering these questions will give you a pretty clear vision of how you want to attract your niche customers, what their first experience as a new customer will be like, and what you will do to consistently show them value.

How potential customers hear about you is vital. But the first experience they have as a new client and the 90 days following are the two most critical parts of your customer journey. These two components are what will help mitigate buyers remorse and affirm to the customer that they made the right choice by signing with you. This will ultimately help reduce churn and pave the way for a more loyal and happy client base.

Remember, each journey map is different depending on the product or service, and the individual needs of your clients. If you are part of a SaaS or Digital Marketing start-up, and are looking to construct your customer journey, I would love to connect.

Gainsight created a great video about the importance of journey maps and how to create them.

Feel free to reach out and we can collaborate on how to give your customers a great experience during their time with you.


Additional Resources

The Key to Start-up Success

Back in the good ol’ days when we could gather in large groups, I attended the Silicon Slopes Tech Summit in Salt Lake City.

Among the incredible line-up of speakers and presenters, the one that stood out to me the most was Brian Halligan, CEO of Hubspot. I honestly don’t remember much of what he said but I do remember one golden-nugget of wisdom he shared.

“These days, your product or service will seldom make you stand out from your competition. The companies that will truly win in the end will be the ones that make Customer Experience a priority.”

Brian Halligan, CEO, Hubspot

This simple piece of advice is what gives me, personally, a vision for the future of Customer Success. CS is what will catapult companies towards massive growth and customer satisfaction.

If I could give advice to anyone starting a business, it would be this:

Figure out who your target customer is and invest in them first.

Your customer may not always be “right” but they are always the most important!