We have usually heard about Business Growth but ever focused on Customer Growth? Businesses want to increase revenue and focus on new bookings. All of us celebrate the success of adding new customers. But do we know if those customers grow as the business grows?
Expanding the customer base isn’t the only indicator of Customer Growth. It’s all about how successful your existing customers are. A successful customer is likely to renew the subscription and buy more from you (upsell/cross-sell/expansions). This automatically drives revenue growth.
Each customer has his own success metrics and business objectives for which he buys the product/service. Customer Success teams play a significant role in understanding the business goals and defining success journey for a customer. There can be multiple stages in the growth path:
- Customer Onboarding
- Enabling the Product Adoption
- Monitor product usage
- Track Customer Health
- Customer Engagement