Survey Says: Investing in Customer Success is critical to Boosting Customer Loyalty Study after study have proven that it is easier to keep a customer than it is to find and close a new one, so why aren’t companies succeeding in improving their revenue retention metrics?
The answer is simple:
They don’t know specifically ‘what’ to invest in, how much to invest, or how to allocate customer success resources appropriately.
Here at ServiceSource, we focus on improving the entire customer journey experience (CJX) from lead identification through landing, onboarding, expanding, and renewing customer relationships.
Many of our clients come to us with customer retention goals. When we dig deeper to uncover insights around the factors that lead customers to build loyalty or churn, we often uncover what we and the industry have known for many years ─ there is a gap between the customer experience companies believe they are delivering, and the customer experience that their customers say they receive.
Salesforce states that 73 percent of B2B buyers are expecting more today than ever before, and nearly half of those same buyers say that most experiences fall short of those expectations. McKinsey stated just a few years ago that B2B customer experience (CX) ratings (less than 50 percent) fall far behind that of B2C (65-85 percent).
To get a broad market view of this issue, we surveyed 500 B2B leaders to learn where they perceive gaps in their Customer Journey Experience (CJX) execution and where they plan to invest for the future. The results illuminated the gap between perceived importance and actual effort invested in customer success processes.
Our survey results revealed four key takeaways:
For many companies, the prospect of improving their entire customer success delivery seems daunting in a period of declining budgets. So, where should you start? According to our research, onboarding has the biggest gap between what customers expected, 38%, and where the surveyed leaders planned to invest in improvements, 20%.
To find out how you are doing with your onboarding and other customer success motions, we recommend performing a voice of the customer survey. While NPS can give an overall impression of your products and services, it fails to capture the gap between company perception and customer perceived value.
If you don’t have the capacity to do your own performance analysis, ServiceSource can help. Our detailed CJX analysis uses qualitative and quantitative analysis to identity strengths and weaknesses and create a plan to improve the CJX across the entire continuum. Let us help you understand 1) What areas of customer success to invest in to achieve your goals, 2) how much to invest, and 3) how to align customer success resources more effectively.
To learn more about our market survey and take a closer look at the results, read our whitepaper 20/20 Vision: Illuminating the Customer Journey Experience or contact us.