Today’s leading organizations are increasingly seeing the wide impact that effective customer success has on their entire business. Not only does strong customer success help companies retain customers and keep them engaged, but it can also serve as a major engine for growth.
According to a recent report from Edison Partners, one of the key characteristics of the fastest-growing companies is a commitment to customer success, an area that is mostly untapped for many organizations.
On average, the best-performing organizations spend six times more on onboarding and customer retention efforts, which enables them to grow existing customer annual recurring revenue by 35 percent. Beyond that, these organizations retain revenue at 17 percent higher rates and also have Net Promoter Scores that are 40 points higher than run-of-the-mill businesses.
Add it all up, and having a solid customer success strategy enables companies to scale their businesses faster. In addition to new logo growth, these organizations are also driving expansion among their existing customers who are increasingly realizing the true value they get from each product and service.
Why are boardrooms and shareholders taking notice of customer success?
When companies prioritize customer success, great things happen.
When customers have exemplary experiences every time they interact with your brand, the renewal process becomes considerably easier, which reduces churn and drives revenue. Since it’s much easier to sell to an existing customer than a new one—and, particularly for technology companies, it’s much easier to get existing customers to spend more over time—customer success has an immediate impact on the bottom line and improves net revenue retention.
For this reason, boardrooms and shareholders are increasingly taking notice of customer success. Boards understand that CS is directly tied to revenue, and shareholders understand that companies that prioritize CS are more likely to increase in value over time.
That’s because higher retention is associated with higher multiples.
We created Gainsight to help organizations such as yours unlock the true promise of customer success by democratizing it across the organization. In fact, our data shows that Gainsight customers have net revenue retention statistics that are 10 points higher than the average organization!
With all this in mind, let’s take a look at how specifically Gainsight can help your organization become customer success champions.
How can Gainsight help with customer success?
Having a great customer success program starts with having the right strategy in place. But strategy alone isn’t enough to get you to where you ultimately want to be. You need to have the right technology to support your strategy, and this is precisely where Gainsight can help.
1. A Single Source of Truth
Organizations today are collecting more data than ever before. But all the data in the world won’t do you good if you’re not able to analyze it effectively. Gainsight enables teams to aggregate all disparate customer data into a single source of truth. This allows them to make decisions using all of their data instead of dealing with outdated or incomplete information.
2. Automating Workflows and the Customer Journey
With Gainsight, you can automate key workflows and communications throughout the customer journey. Not only does this drive efficiency and allow your team to scale, but it also increases the chances that customers have enjoyable, seamless journeys across the entire lifecycle, which increases the chances of long-term customer retention.
3. Analytics Made Easy
A robust customer success platform also enables you to easily analyze all customer data to uncover actionable insights and demonstrate the impact of your efforts to your board and shareholders. This makes it easier to tell your growth story and convince investors of the merits of your growth trajectory.
4. Helping You Meet Your Goals
With a purpose-built customer success management solution in place, it becomes much easier to create and track progress toward specific measurable customer success goals. You’ll be able to tell whether certain investments or strategies are paying off, and you can rethink your approach when things aren’t working the way you hoped.
Ready to learn more about the power of a customer success platform?
At this point, you understand the importance of customer success and how having the right technology in place can help your team effectively execute your CS vision.
That said, not all customer success platforms are the same. If your organization wants to learn more about how to use the power of a customer success platform and industry-leading tools to more effectively tell your brand’s growth story to investors and shareholders, the team at Gainsight would welcome the opportunity to speak with you.
If that sounds interesting to you, schedule your free personalized demo today to learn more about how Gainsight is uniquely positioned to help organizations such as yours thrive.
While you’re at it, check out our complimentary webinar, “Investing In Customer Success: Why Your Board Cares About Your CS Strategy,” to find out more about what board members to look for within an organization’s customer success framework.