At Cami.AI we interact and serve customer success leaders everyday. As such we listen closely to our customers, our partners, and our platform users for their insights and ideas. As we kickoff a new January, let’s take a look at the top five emerging trends/predictions that we believe will impact customer success teams in 2022.
5. AI and Machine Learning
Leveraging advanced software for increased productivity and unlocking new business capabilities is on the table in 2022. While other corporate departments have enjoyed this type of sophisticated technology for years, CS teams have been sidelined from adopting machine learning and artificial intelligence because of availability issues or cost. That’s no longer going to be the case. The CS profession is seeing an infusion of new and exciting services that are delivering astonishing results. (Full disclosure, Cami.AI is one of them).
4. Even More Data
As CS teams deploy more and more tools to monitor and engage with customers, the aggregate data is going exponential. We’ve seen this same phenomenon in the marketing department a decade ago with the invasion of MarTech, and it forever changed marketing leaders’ disposition, “the modern marketing challenge is a data challenge”, remarked many. CS leaders will be crossing this same bridge, for instance, how would you manage a new terabyte of rich customer data every month? How are you making sense of it all?
3. Customer Intelligence
Customer intelligence is a new and interesting initiative that we’re hearing from most CS leaders. Firms are investing in tools and processes that allow CS teams to better understand their customers, from usage software to external news analysis feeds, to industry analysis, to competitive reports, and more. CS teams will be expected to narrate and even predict the state-of-the-state of their customers’ ecosystems. All of this to better forecast any fluctuations in retention or upsell outlook.
2. Employee Retention
The Great Resignation continues and its impact is being felt everywhere. CS leaders will have to ensure competitive and respectable working environments to retain their employees. While each company is unique, there is a need for each company to determine their respective work-from-home policies, their benefits packages, and anything else their employees communicate as essential items. We do think CS enablement tools adoption will rise in 2022 as CS leaders seek to eliminate barriers to productivity.
1. Customer Retention
In 2022, CS leaders will again be in the spotlight to keep customers happy and maintain revenue streams as much as possible. As the pandemic and other economic factors apply drag to the economy, attention will be diverted to keeping customers. Retention was always a top-of-mind function for CS departments, and 2022 will see no pause in these expectations. Retention forecasts need to be as accurate as possible, and intervention playbooks should be battle tested and at the ready.
Bonus Item: CLV
Investors are still watching Customer Lifetime Value (CLV) and its outsized impact on valuation. Mathematically speaking there are two interesting multipliers at play for CLV:
- Customer retention percentages have a multiplying effect on CLV. Every 1% increase in retention rates can result in 3%-5% or more on topline CLV amounts.
- CLV has a multiplying effect on Valuation. Every 1% increase in CLV can result in a 5% or more impact on a company’s Valuation.
HAVE AN OUTSTANDING 2022!
~ The Cami.AI Team
Cami.AI is the first smart platform specifically built for CS leaders, by CS leaders. Cami for short, leverages machine learning to aggregate data from all relevant systems throughout the customer journey. Insights provide deep transparency and a data advantage for common CS objectives of onboarding, engagement, adoption, renewal, upsell, customer health, and department-wide acceleration.