One of the key drivers for growth in the B2B SaaS industry is the customer success based business models. These models exponentially increase the revenue goals of such organizations. So, as an enterprise, you’d require an ‘Enterprise Customer Success Management‘ system in place!
Many softwares are widely available and it becomes important to choose one that is compatible with the enterprise domain. Hence, it’s critical for you to know in detail about it. There have been various incidents where the lack of using the right software, limits the strategic goals of an enterprise organization.
The explosion of this new phenomenon that is taking a stride across most tech boardrooms has left companies and businesses more confused than ever and needs better assessment techniques for selecting the right solution offered by many B2B startups.
Why is CSM necessary for an established Enterprise?
It might seem daunting to bring about a change in the hierarchy of the company. Especially when the product involves challenges and multiple teams work toward optimizing the customer experience. It is a real game-changer to get constant feedback from the actual end-user.
Pursuing this data leads to a path that is pure growth and greater revenue returns than running a much anticipated expensive marketing campaign to onboard new customers.
The way tech enterprises work now is entirely different than their predecessors. SaaS is the future. And offering tailored solutions specifically designed for companies by careful assessment of the business processes involved in the enterprise, collecting and managing the vast amount of customer-centric data, quantifying everything possible for better experimentation and effective optimization is critical in the fast-paced environment that exists currently.
Having the right CSM team working parallelly, constantly monitoring the customer behavior and generating quantifiable data, differentiating and segmenting the types of customers and factoring the needs of each type, providing key insights to the corresponding marketing, data analytic, and sales teams for better addressing the customer needs and optimizing the company solution towards more practical product results in the generation of such a highly-optimized high-value product that the customer cannot justify denying its value.
Doing so, results in exponential growth provided that same logic keeps iterating over the entire product front of the company while always having a CSM team continually observe, quantify and gauge the quality and be an advocate for the client.
6 Logical Factors involved in Enterprise Customer Success Management
Data-Centric Solution Modeling
Any customer success management (CSM) platform needs customer data, to begin with. The data is then categorized and organized via filters that constitute the global behavior of a particular subset of all customers.
These groups shall share the same problems associated with the product and will require similar solutions. The core value of an enterprise customer success management is being able to address group concerns on a global level by bringing about meaningful changes to the product thereby increasing product-market fit and happy, faithful, and repeat customers.
While addressing issues and bringing new and improved features is one of the responsibilities of being the frontrunner in a particular domain, taking time off to reconstruct a product or a service is not the best course of action.
Continuous associativity with the customers is a prime factor that brings about meaningful changes that affect product placement and business growth.
It is important to make sure that the customer feels the company is proactive and builds trust thereby giving genuine feedback that the company can back its decisions.
Feasibility of Data Utilization
Data quantification might easily be the hardest task for a good Customer Success tool. Excess automation results in low quality and unreliable data which makes it difficult to base core business decisions upon, whereas traditional data collection methods and surveys just aren’t quick enough to address the individual needs of thousands of daily customers.
When choosing a software solution, it is important to know the functionality of the platform and understand the underlying design parameters used to gather customer data.
Customer Success Manager and Value Creation!
The natural expectation for any business post Customer Success Manager adoption is the user base growth and reaching factored lifetime value in terms of the actual live customer data while constantly reducing the gap percentage.
The goal is to constantly acquire new customers all the while optimizing the solution for existing customers. As a result, user experience increases exponentially while acquiring customer trust through communication and revamped features.
Getting the customers accustomed to a mode of communication is necessary as getting feedback and letting that affect any business processes at any level is highly critical.
Learning about the company and their experience with a product from the customer standpoint is what helps the CSM team eradicate bad and unpleasant experiences associated with the enterprise product. Having good communication practices and incentivized professional customer success sessions with customers help the CSM team in doing what they are good at most.
It is important to note the power of the customer and the value the feedback has over any business. It is better to let the customers be involved indirectly in core enterprise strategy than letting them complain about the company over at a competitor’s.
Suggested Read: 7 steps to a Solid Customer Feedback Loop
Whatever the core business strategy is for increasing the growth and revenue of the venture, it is clear that CSM plays a major role. Even though the principles of Customer Success sound reasonable from a management standpoint, the way solutions are computed varies significantly from one another.
The effectivity of the organizer tool, existing features, the relevance of the software with the type of customer, ease of use, responsivity rate, the barrier to the solution (amount of time from opening a complaint to being solved), usability, user experience, and many such arguments play a prime role in the successful implementation of a CS solution. Customizing CS tools to the niche of the enterprise domain is a useful consideration.
It’s that extra mile of effort on the 50 user base enterprise accounts that keeps the big giants happy and satisfied. There is a need for companies to deliver just what is appropriate. Customer Success makes sense in the context of the customers wherein the orchestration of customer success is customer success management and you must know where you fall in it.