It’s a simple formula. If Customer Success = CLV, and CLV = Valuation, then Customer Success is Valuation. But why?
Work is an integral part of our day-to-day lives. It plays a major role in structuring our personal and social identity and is a means of livelihood. Steady income creates options and equips us with the power to access essentials such as food, electricity, education, etc., and non-essentials such as electronic devices, wifi, furniture, etc. For too many, it feels like a healthy work-life balance is simply unattainable. Checking and responding to emails at all hours, work meetings at dinner time, or being unable to separate from our work laptops on weekends… for so many, this has become routine. One may even say, “Isn’t that expected?”, but although it may feel like employees are required to do this, morally, ethically, and spiritually they aren’t (and they shouldn’t).
In the span of a few months, Covid 19 had changed everything. From the way we meet our friends, travel, shop, eat to the way we work, everything is suddenly different. At work, this change is felt across our customer base and our own internal teams, because we’re humans after all.
In just a span of a few months, Covid 19 had changed everything. From the way we meet our friends, travel, shop, eat, or even the way we work, everything is suddenly different. Even our business’s CS teams and our customers are no exceptions. Your customers are humans after all… just like your employees.
The role of a customer success manager i.e. a CSM has transformed drastically in recent decades. For starters, it’s no longer grounded to its traditional role of transforming customer engagement. Instead, it aims to forge strong relations with customers such that it helps businesses grow, making it an important pillar of growth. Today, the responsibilities of a CSM have become very demanding. It expects them to coordinate between different departments, onboard new customers, advocate for the company, drive renewals, encourage upsells and cross-sells, build deeper relationships with the customer, have the ability to produce reports on all activity at a moment’s notice, and so much more! In a job that challenges and expects someone to be at top of all things all the time, how does this get done?
In every successful customer journey, there comes a point when you know that your customers are ready for more. But imagine a troubling scenario where the upsell hints are being missed or lost in the data. This can be really frustrating when your customers have already been deriving value from your products or services for months. They are comfortable and satisfied in the current engagement but could certainly benefit from more. This is the critical point in the mutual business relationship but either the signals are lost or the subtle indicators of a golden upsell opportunity are left undetected and unacted upon!
Spoiler Alert: This sales veteran admits the sales department has a lot of shared responsibility for successful customer experiences! But first, how do you define successful customer experiences?
A successful onboarding experience is a critical step to beginning a strong and prosperous customer success process. It is the proverbial first step that your customer takes towards building a relationship with your brand But this isn’t just about teaching new users how to use a platform. It is about ensuring whether they are using it for what it was intended in the first place. Your onboarding is only successful if it meets or exceeds your user’s expectations and helps them achieve their goals.
This blog is inspired by one of our conversations with a Customer Success Manager whom we interviewed during one of Cami.AI’s product demo and feature discovery calls.
No matter how advanced artificial intelligence gets, it is still a drop in the vast ocean of human intelligence. Human intelligence is a result of consistent learning from experiences that help them gain knowledge and comprehend their surrounding situations, whereas AI learns from data and its programmed interpretations. Machines cannot think on their own, instead, they are programmed to consume data to mimic and simulate human behavior. However, rational decision-making is still a very human trait, and hard to mimic.