April 3, 2020

KPIs for Customer Success

Hey everyone! Welcome to Uncomplicate by
Freshworks where we answer one question every day with one expert. In case you
are listening to this on youtube, don’t forget to subscribe to our Channel.
So today I have Emily D’Anzika who’s the partner at Winning By Design and I’ve had the pleasure of associating myself with Emilia a lot of times and a
lot of initiatives before this. I for one know that she has a ton of insights
to add whatever conversation it is. So welcome to Uncomplicate Emilia.
Thanks for having me Praveen. So for some context, Emilia is a very
well-known or a very authentic voice in the customer success space and when we
started this Uncomplicate series a lot of people had asked me hey what are the
metrics to measure when it comes to customer success because it’s a
relatively new field and tons written about what to measure, what not
to measure and it kind of varies at every stages of growth. So Emilia, why
don’t you elaborate on what to measure at various stages of customer
success maturity. Absolutely, so this is a conversation that comes up often
with clients I work with and it depends truly on first how long does it take for
the handoff from sales to customer success. Often an opportunity is closed
and then the customer is left wondering about what happens next
and thankfully with technology you’re able to automate and start the
conversation as you’re assigning a customer success manager you’re able to
send them a quick video and then the partnership with the customer really
begins. It’s just the beginning of the potential lifetime value of the customer.
So, one measure how long it takes from sales to customer success and then what
are the key moments during onboarding, being able to measure in your CRM how
long each step takes all the way to first value is critical
and first value means something different for every company as well you
have to think about what does first value mean for customers. Another really
important metric to measure during onboarding is asking the simple question
what will success look like a year from now and being able to measure that
metric over the course of the year and give updates at least on a quarterly
cadence will be incredibly valuable for your customer. This does not take a lot
of work to ask that question regardless of what stage you are in your maturity
model of your product and your customer lifecycle. Once the customer is live your end
has first value and you can be well before they’re truly live on your
platform, you want to make sure that you’re measuring what else is it going
to take to get to that live and once they’re live really looking at the
metrics and sending them a survey because often a conversation will elicit
different feedback than a survey from perhaps your CEO or your vice president
of customer success. So looking at survey results are incredibly important and
then ensuring that you have projects that you’re able to measure success, each
customer is expecting impact whether it’s reducing churn, deflecting support
tickets, increasing customer adoption, whatever those customer metrics are is
what you want to be measuring and reporting back to the customer. So that’s
just a high-level overview of the beginning of a customer lifecycle
journey and really before you start talking about renewal and expansion you
want to ensure that you’re being you’re being proactive and giving them reports.
You may not be able if you’re a highly transactional company with your customer, you may not be able to meet with them regularly on a
quarterly cadence let’s say. So start thinking about what metrics really
matter to your customers and start automating reports. It doesn’t have to be
all good news because if you send them reports on for example hey we’ve noticed
you’ve only used 25% of the platform, did you know that by leveraging the
following platforms or part aspects of it you can expect to achieve the
following and these type of automated reports can spark conversations that
lead to more meaningful usage of your product and better reporting metrics
that you’re able to send back to the customer once they start better adopting
your platform. I know that’s a lot of information but I wanted to give some
some examples in a short snippet to get the audience thinking about what
should I be looking at or starting to talk to my product team – start using
my technology to get better insights that my customers can actually use. I
think yes you did give a lot of insights but if I have to kind of encompass all of that, it’s going to be ‘measure
success by what it means to your customer and not by what it means to
your product or your company or your team’. When your customer succeeds is when
you succeed. So I think I’m just gonna encapsulate that in just one line. I love
that you you did embody everything I said in probably three minutes in one
sentence. So thanks Praveen. It was a pleasure hosting you Emilia
and cheers to you. Thanks Praveen

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