Customer success
Customer success is a business marketing strategy and organizational function focused on ensuring customers achieve their desired outcomes while using a company's products or services. The goal is to increase customer perception of value to reduce loss of customers, typically called "churn" in this field.[1] Customer success practices are used by business-to-business companies with subscription business models, such as companies that sell software as a service (SaaS), because ongoing customer satisfaction directly impacts recurring revenue, and traditional customer service and customer support may not be sufficient to retain customers over time.[2] Companies such as Salesforce developed customer success strategies in the mid-2000s to increase revenue by improving customer retention.[3]
The concept of customer success builds on the earlier models of services marketing and relationship marketing.[2] It is related to the marketing and strategic management practices of customer relationship management, customer experience design, and customer engagement.[4]
Companies may establish customer success departments and hire customer success managers to build and maintain relationships with customer companies.[5] A customer success manager may serve as a point of contact with a client company after a salesperson has sold the customer a solution, helping the customer adopt the product into their business processes.[6]
See also
[edit]References
[edit]- ↑ Hochstein, Bryan; Voorhees, Clay M.; Pratt, Alexander B.; Rangarajan, Deva; Nagel, Duane M.; Mehrotra, Vijay (December 2023). "Customer success management, customer health, and retention in B2B industries". International Journal of Research in Marketing. 40 (4): 912–932. doi:10.1016/j.ijresmar.2023.09.002.
- 1 2 Hochstein, Bryan; Rangarajan, Deva; Mehta, Nick; Kocher, David (2020-02-01). "An Industry/Academic Perspective on Customer Success Management". Journal of Service Research. 23 (1): 3–7. doi:10.1177/1094670519896422. ISSN 1094-6705.
- ↑ Mehta, Nick; Steinman, Dan; Murphy, Lincoln (2016-02-29). Customer Success: How Innovative Companies Are Reducing Churn and Growing Recurring Revenue. John Wiley & Sons. pp. xi–xiii. ISBN 978-1-119-16796-9.
- ↑ Hilton, Bryson; Hajihashemi, Bita; Henderson, Conor M.; Palmatier, Robert W. (December 2020). "Customer Success Management: The next evolution in customer management practice?". Industrial Marketing Management. 90: 360–369. doi:10.1016/j.indmarman.2020.08.001. PMC 7439993.
- ↑ Eggert, Andreas; Ulaga, Wolfgang; Gehring, Anna (2020-06-16). "Managing Customer Success in Business Markets: Conceptual Foundation and Practical Application". Journal of Service Management Research. 4 (2–3): 121–132. doi:10.15358/2511-8676-2020-2-3-121. ISSN 2942-3392.
- ↑ Adams, Rick (2019-06-14). Practical Customer Success Management: A Best Practice Framework for Rapid Generation of Customer Success. CRC Press. pp. xxvii–xxviii. ISBN 978-0-429-59548-6.