Success 101: Mastering Customer Success Key Concepts Flashcards
How many Hallmarks of Customer Success did Salesforce conceive?
Salesforce identified 5 Key Hallmarks of Customer Success
In the subscription economy, what % of lifetime revenues are typically captured at the initial sale?
According to data by Totango, only 5-30% of lifetime revenues happen at the initial sale.
In the ‘Service Era’ the demand for prducts exceeds the supply of solutions.
- True
- False
False. In the Service Era, there is an abundance of choice of solutions for customers to choose from, so “supply’ exceeds ‘Demand’.
According to Geoffrey Moore, over the alst decade we’ve shifted from the Product Era to the ______ Era.
Geoffery Moore refers to the ‘Service-led Era’
To Succeed in the Subscription Economy, companies need to focus on retaining and growing customers, as much, if not more, than acquiring them in the first place.
- True
- False
True. Most revenue (and all profit) from subscription customers is liekly to come in the second year of the relationship and beyond. For this reason, a focus purely on acquisition would be short-sighted.
Customers are now buying _______?
- Products
- Outcomes
- Services
Outcomes. Customers have always cared about the business outcomes. However, now more than ever, they expect their vendors to care too. A s a result, customers are buying solutions based on the outcomes they can deliver, not based on features and functionality.
The discipline of Customer Success is about helping your customer to __________.
Achieve their version of success. A robust Customer Success will help an organization to align around delivering customer outcomes and making customers successful. The definition of success could vary, however, from customer to customer.
Complete this quote:
“Success is never owned, it is ______”
Rented…
Full quote:
“Success is never owned, it is rented. And the rent is due every day!”
Successful Customers will….
Grow/expand, spread the word, improve their own retention.
These are the three main ways that customer success will impact a recurring revenue business. Improved retention, upsell/expansion, and advocacy.
The most successful companies align all departments around the customer journey, making CS part of the organizational DNA.
- True
- False
True. CS is both a mindset and an operating philosophy used to guide the whole organization.
Best practice is to begin mapping the customer journey from the point immediately after the customer subscribes to your product or service.
- True
- False
False. The best companies begin the customer journey in the marketing and sales cycle, before the customer actually becomes a subscriber.
What is the best practice for mapping a customer journey?
A well-mapped and well-understood Customer Journey is a key foundation for building a successful CS strategy. Start off with a simple, generic version, but then look for opportunities to improve it by creating personalized versions for different key customer segments.
The ICP is your company’s definition of what type of customer you can make successful with your product.
- True
- False
True. The ICP outlines customers that you feel would best benefit from your particular service or product. If a customer matches the ICP they are considered to be an ‘on persona’.
What are Executive Business Reviews?
EBRs are regular, strategic meetings between you and your customer and should include all key stakeholders in the relationship but not necessarily all users.
What is a Customer Health Score?
A customer health score should help you identify how well customer are tracking against their path to success and enable your to intervene if they start to deviate.
