Here’s something you might not have thought about: the absolute best way to understand customer success is by looking at metrics and comparing your core KPIs with your main competitor. It’s called benchmarking, and it will give you a completely fresh perspective on how you’re doing right now.
Customer success is one of the most important things to focus on when it comes to growing your business: it’s all about getting customers to return again and again and making sure that each time they come back they leave with a smile on their face.
What is customer success?
Customer success is the best and most reliable metric for gauging how well your company does at retaining customers and achieving higher levels of growth. It’s a pretty simple concept: taking care of your customers results in more revenue, which helps you expand and become more profitable by having long-lasting relationships. It includes factors like customer satisfaction and loyalty, as well as whether or not they’re achieving their goals with your product.
What are the various metrics?
Retention metrics can be hard to pin down because they’re not always easy to track, but there are a few things you can do:
- Look at how many customers stick around for longer than 90 days after signing up for your product or service. This will give you an idea of how well your onboarding process works.
- Track how many times a customer uses your product or service in a given month, and how many times they use it during their lifetime. This will indicate whether users feel like they’re getting value from using your product or service.
- Another metric is the amount of revenue generated by existing customers—this helps you figure out how much profit each customer is contributing over time.
How can you increase retention?
There are many ways to do this, but one of the most effective is by making sure your customers are satisfied with their experience. This means that if a customer has a problem or complaint, you should be able to address it immediately. If you have a staff member who is particularly good at handling problems and complaints, make sure that person is always available for customers.
Another way you can increase customer retention is by offering incentives for repeat purchases or referrals. For example, if someone buys something from your store for the first time and refers to another person who also buys something from your store, give them both discounts on their next purchase. This will encourage repeat purchases from both people and also help make more sales overall.
Overall, customer success is more than just having loyal customers. That’s why finding the best metric(s) possible is so important. Once you’ve defined your successes, you should plan an actionable plan of attack to get there, which will take into account other factors outside of customer service.
Above all else, it will be helpful if you continue to benchmark your core KPIs because defining success can be tricky: your idea of what constitutes success might be significantly different from your competitor, who might have a completely different idea as well. Success is going to require a combination of great support, effective service, and positive communication—you’re not going to get anyone thing right on its own.