How Customer Success is Linked to the Overall Health of Businesses
"Customer Success brings a very human element and philosophy into the business. If at the end of the day, we aren't creating more value for others, then I would argue the business has no soul, no hope, and no future". - Steven M. Rose, CSM at Syndigo.
Excellent customer service is impactful. Whenever I experience it, I feel appreciated and that I made a good investment by purchasing the product or service from the company that sold it to me. It makes me respect their business and trust it. On the other hand, when a company takes too much time to solve issues I have, it makes me feel frustrated. I also feel scared about losing my money, disappointed, and angry with the business that is responsible for the situation.
Customer success is what allows enterprises to gain and retain clients. It makes them feel satisfied, and that they are achieving the original goal they had when they bought the product.
There are three main reasons why customer success contributes tremendously to the health of businesses:
1. It increases the overall revenue of companies: When clients feel fulfilled, they are more likely to keep being loyal to the company. This means that they will keep bringing their money to exchange it for products. In the short and long term, this represents consistent cash flow. When the company has excellent reviews from good experiences of its clients, it attracts more customers and in consequence, earnings too.
2. It reduces customer acquisition cost: Once businesses have steady customer success, new customers will be more attracted to it. For this reason, companies do not need to invest much money trying to acquire those purchasers. Instead, the funds can be invested in improving the quality of the products or services.
3. It helps companies to increase their customer referral rate: Clients that have excellent experiences with customer service will love the company and will tell others about it. These types of testimonies are very impactful because they are organic and make them more credible. The entrepreneur, John Fleming, once said: "As every marketing professional, every Hollywood producer, and corporate giant knows, the most powerful form of advertising is word of mouth. That is why television commercials spend millions of dollars on hiring actors who speak just like your mother, your spouse, your best friend or your children: because they are imitating personal word of mouth". In this way, customer success contributes and supports the marketing department.
Overall, customer success has the power to make companies more profitable and trustworthy. It connects consumers with the humane part of businesses, showing their values and the reason why they exist.