Hi and welcome to our weekly roundup about what’s new in Customer Success. Each week, we scour the web for the best and brightest, so that you don’t have to! Below, are the top articles from companies, pontificators, and vendors. Enjoy!
– Jeff Nickerson, Roundup Curator at Sparked
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—————————–From the companies and pontificators:
The Key Ingredient To Disrupting With Machine Learning
Another great article from Tomasz Tunguz. In this piece he covers the differences between B2B and B2C relative to Machine Learning. Since proprietary data sets are at it’s core, having access to them are critical for ML. We especially liked his explanation on which sector is winning, and why. Love it.
6 Performance Tips for Customer Success Teams
According to Bian & Company, increasing customer retention rates by just 5% can increase profits anywhere from 25% to 95%. This can represent a sizable revenue boost for companies, and as we know one of the main keys to retention is keeping your customers satisfied. Brianna Valleskey shares some of her tips for Customer Success teams that can help them directly impact company revenue. Read it.
Let’s Stop The Data Deluge Becoming A Tsunami
Within five years there will be over 50 billion smart connected devices in the world, each one developed to collect, analyse and share data that can be used to engage audiences and transform businesses. That is a lot of data to collect and analyze, but what will you do with it? In this article by Jessica Davis she explains the when and the how. Read it.
How to Lose a Customer in 10 Ways
It is no secret that it’s much cheaper to keep a current customer verses acquiring a new one. Still, many Fortune 500 businesses focus on the wrong aspect of the customer journey. They devote millions of dollars toward sales and marketing, but then very little on keeping them happy. In this article, Christine James gives us ten reasons that customers will likely churn away from your business. We think that #8 is the one that companies most often overlook. Read it.
Customer Experience is the New Key Differentiator
Marie Pergolino gives some perspective into how important Customer Success will be in the near future. It has never been easier for customers to explore the competition that exists for nearly every product or service. In the era of ubiquitous access to competitor product information, loyalty grows increasingly more elastic. Smart businesses will prioritize customer experience as it becomes the key differentiator going forward. Love it.
—————————–From the Customer Success & Analytics vendors:
How to Calculate and Increase Customer Lifetime Value
From Brandwatch, content writer Kit Smith gives us advice on defining CLV, and audience segmentation. Additionally there are some great tips on what you can do to improve CLV for your company. We think he nailed it with this tip, “Improve onboarding and support. Some product categories require an onboarding process. Successful onboarding is key to ensuring your customers are getting the most out of their purchase. The more they benefit, the longer their customer lifetime is likely to be”. Read it.
Churn is a Symptom, Not a Disease
What do you do once you have Customer Churn under control? Many companies may never get to ask that question, and just as often don’t really understand why. Writer, Loncoln Murphy explains why for some companies these Churn rates never seem to go down. His take is that businesses don’t ever seem to address the underlying reasons that their customers are churning in the first place. Churn is an indication that something else is wrong, it isn’t actually a problem itself. Love it.
How to Keep Existing Enterprise Customers Happy
From tenfold we found this article that will be useful for business with large B2B clients. Since the size of your customer is a factor in how you work with them, it’s reasonable that keeping them satisfied will create unique challenges for your Customer Success teams. There are some really useful tips here that we think will resonate with you. We especially liked the section on communication. Read it.
How Much is Bad Data Costing Your Company?
From the Kissmetrics blog we found this piece on a topic we don’t hear much about, data quality. With corporate data growing at an estimated 40% per year, the cost of managing and organizing that data can add up very quickly. The problem of bad data isn’t one that stops at the door of your IT or Data Science groups, it reaches much further than that. This ultimately is an issue that affects your entire business, with productivity, security and making cost effective decisions at the top of the list. Love it.
Customer Experience Secrets Revealed – 3 Tips to Employ Right Now
We put a lot of emphasis on Customer Success and always enjoy tips on how to provide that something special you can provide to your customers. In this article by Gary Magenta for Business2Community, he does just that. He explains a couple of those little nuances that you can to to make your customers feel special and help them have a real connection to your business. Love it.
—————————–From us at Sparked:
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