In conclusion, this book was an interesting read for me as it made me understand how and why more and more companies and customers are turning to subscription-based revenue models and why it is important for a company to constantly prove its value to its users. This book is a must-read for companies that want to learn how and why customer success can take them to new heights. Have you read Customer Success? Tell me what you thought of the book and what you learned from it. «You can no longer rely on building relationships with every customer,» Steinman said. «You have to figure out how to do it in other ways on a large scale.» In an article dedicated to selling to the right customer, Steinman noted that assessing each customer`s retention risk will go a long way in increasing sales and ensuring that customer`s success with your business. Of course, it`s Steinman`s job as a leader for a customer success technology company to give a positive perspective on customer success. The book is divided into three sections. The first part focuses on what the term customer success means and, as more and more companies, especially in the software-as-a-service (SAAS) industry, move to a subscription-based business model. Instead of just analyzing annual revenue, a company often needs to look at annual recurring revenue to get a real idea of its growth and profitability. The best way for a company to maximize this is to keep its customers happy. «We need a culture and a way to become customer-centric across the company,» he said.
«The Ten Laws of Customer Success» is therefore not a tactical guide for the daily life of a Customer Success Manager. This won`t help you determine your customer segmentation and touch patterns. And it won`t help you determine where to place customer success organizationally. What he will do is provide advice on what the whole company needs to do well to be a great recurring revenue company. It is no coincidence that the first law says» this is a top-down commitment at the company level». Perhaps more than any other organization, customer success cannot be an island. It`s not the group of people who catch everything that rolls from customers to the bottom of the hill. It is not the group of people who make up for the mistakes of all other organizations.
In fact, and this is very important, the primary responsibility of the customer success management (including the CEO) is to force any other organization to think about the retention and long-term success of their customers. This responsibility requires that your CEO and board of directors be 100% committed to the cause. And it can`t be lip service – it takes real investment and very difficult decisions for it to work. At some point in the life of a business with recurring revenue, someone has to make a very difficult call to find out if customer loyalty is more important than your quarterly sales figure. Is anyone willing to say «no» to a potential customer because your ability to make them successful is weak enough? This is a very difficult call and will probably have to be made by your CEO. «The initial expectation of a customer is to have a lot of success with your product,» Steinman told attendees. «We must continue to remember that initial expectation.» Steinman told the Pulse 2015 audience that customer success professionals should constantly think about how to deliver value to customers in the shortest possible time. Another thing I liked about this section was how customers were divided into three categories.
This pyramid with high-contact customers at the top, low-touch customers in the middle, and tech-savvy customers at the base is the number of businesses that are operating effectively. The book includes examples of the benefits each level receives, as well as the subtle differences between them. For example, if a highly tactile customer deserves a defined and personalized onboarding process, a low-touch customer can get one packed instead, while a tech-enabled touch customer would experience training videos. «Customer success has lived in a fuzzy world in the past,» Steinman said, referring to the fact that data and metrics have only recently become an integral part of successful efforts in this discipline. I really enjoyed how the book distinguishes between customer success and other related terms such as customer support or customer experience. The authors` definition of customer success was simple: it`s about creating and cultivating customer loyalty. The distinction between attitude and behavioural loyalty is also highlighted. With the abundance of choices available to a customer in today`s world, your product needs to stand out and make you choose. That is, customer success has important characteristics.
It is a preventive mechanism focused on revenue, analysis and analysis that exists to retain your customers and provide them with a good experience. «You have to tirelessly manage and monitor the health of customers,» Steinman said. [Release Notes: In our CX Book Review series, we discuss books about great customer experiences, the people who shape them, and the culture that fosters them. What books would you like to read? Let us know!] Logically, it follows that virtually all of these ten laws are applicable to all functions.