Customer Success: Your Most Powerful Weapon in the Battle for Customer Retention
As part of my more than 20 years with Cisco, my family and I were fortunate to spend three years on assignment in Singapore. When we relocated back to the U.S. in 2016, we had an immediate need to purchase two cars. Without a specific vehicle preference in mind, we relied heavily on the recommendation of friends who had recently navigated the hurried car-buying experience upon their return to the States. Our friends enjoyed such a positive experience with a local BMW dealership that my wife and I purchased the exact same two cars from the same dealer – a testament to the power of customer satisfaction and advocacy.
After we drove away with our cars, the dealership went above and beyond to ensure our happiness and success. First, we both received welcome emails with tips on how to use various car features. A few days later we were contacted via phone by a “BMW Genius” to schedule a personal walk-through at the dealership, where our questions were answered and we were taught about a range of features, buttons and services that we hadn’t yet used.
Since then, our post-sale digital journey has continued with tips on features we haven’t activated and other personalized opportunities that have created greater stickiness in our relationship with the dealer. The value and utility of the cars has far surpassed our expectations, and our customer experience has been five-star well beyond the initial point of purchase.
Join me on November 28 at 2 p.m. ET for my webinar, Why Invest in Customer Success
Our B2C service experience is anecdotal of what also happens in the B2B world when a company makes customer success a priority. For me, it served as a reminder that those organizations that invest in helping customers succeed will come out on top. Here’s why:
- Customers Derive Value from Service Utilization – It’s important to invest just as much (and arguably even more) in helping customers utilize a service as in attracting and closing new business. In fact, it’s now essential to create touches immediately after the land phase to steer customers towards critical features that encourage service adoption. Also, the insights that you can glean throughout the entire lifecycle will allow you to ensure customer health, better personalize their experience, and deliver ongoing value realization.
- Value Delivered Breeds Loyalty – When customer success is an organizational priority, every motion a company makes is with intent to deliver value to the customer. And when done right, a company is rewarded with a customer’s loyalty (case in point: my personal experience with BMW). Investments in customer success will permeate everything that influences the customer’s experience, enhancing ease of use, personalization, and responsiveness (particularly when problem resolution is required). Collectively, these improved characteristics will serve to build even stronger, more profitable relationships between you and your customers.
- Customer Success Translates to Business Growth – According to a recent report by McKinsey, high growth requires an appropriate level of investment in customer success. New customer acquisition will always be an important part of the revenue growth equation, but the less obvious and equally critical growth driver lies in a company’s commitment to customer success. Investments in customer success can translate to higher customer retention and renewal rates, as well as greater levels of customer advocacy.
As the subscription economy makes it necessary for all of us to pivot towards more customer-centric operations, Cisco partners have a distinct advantage. We have made strategic investments in the programs, tools, insights and methodologies that our partners need to embrace customer success. I hope you’ll join me on November 28 at 2 p.m. ET for my webinar, Why Invest in Customer Success, where we’ll focus on customer-centric culture and the many enablement resources available to drive growth for you as a Cisco partner.