3 Ways a Customer Success Platform Helps Reduce Churn and Grow Revenue
As a customer success leader in 2020, you’re either currently working with a customer success management platform or actively looking to invest in a new solution. Modern CSMs are turning to customer success solutions to drive customer satisfaction, retention, and growth for customers.
One thing that all CSMs are familiar with is customer churn. Unfortunately, no matter how much effort a CSM puts into their accounts there will be customer churn. With a customer success platform, however, CSMs can proactively work to reduce churn and actually increase revenue.
Here are three ways a customer success platform helps reduce customer churn and increase account revenue:
1. A solution can help CSMs identify if a customer account is at-risk of churning.
While there has been more unexpected churn than normal over the last few months, most customer issues can be seen well in advance – if a CSM has the right tools and resources. Working with a customer success platform gives a CSM visibility into where these red flags are popping up, can help identify any patterns across accounts, and allows account managers to address these issues early on instead of reactively waiting for the customer to give notice.
2. The platform allows CSMs to map out an entire customer journey to easily pinpoint areas of potential growth and expansion.
One of the biggest benefits of a dedicated customer success platform is the ability to map out the entire customer journey from onboarding to adoption to renewal to expansion. With clear visibility and strategic action points for every step of this process, a CSM can work to deliver amazing customer experiences and capitalize on available growth opportunities.
3. It can also gather and stratify detailed metrics and data to help CSMs and customer success teams make better, more informed decisions.
Succeeding in the modern world of customer success management does take more than gut feeling – it requires data. With a customer success platform, CSMs can automatically gather relevant metrics and insights (without manual number-crunching) and visualize this information in clear, actionable ways. With these insights, customer success teams can make better decisions for both individual customer accounts and the larger organization to drive customer growth and reduce churn.
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Modern customer success platforms do more than just allow CSMs to plug-and-play with different account scenarios. Today, CSMs can easily track engagement and usage rates, measure customer sentiment, gather feedback, and stay on top of customer communication with ease. With all of these value-adding features working towards a common goal – long-term customer retention and growth – CSMs and customer success leaders will be well equipped to take on even the most unexpected customer conversations and issues.
There is still time left in 2020 to take action and put proactive processes in place, especially if you’re dealing with an increased number of at-risk customers due to the ongoing economic crisis of 2020. With ClientSuccess, CSMs can mitigate customer churn while proactively growing and expanding existing accounts. You can learn more and get started here.