Strategy building is a process. There is a market landscape, your customer needs, and how both evolve. Strategy-building is about laying out these on a map and getting to the details of where things stand and how they move.
Learning on Customer retention cheat sheet and challenges with LogiNext & Amagi.
#1. Customer Success Management
When we talk about CSM (Customer Success Manager), it’s a culture-driven task. Right from the intern to the CEO, everyone is a CSM. They need to think like that and operate like that. It’s not one team but the whole organization.
#2. Customer failure management (and being proactive with it)
If you can retain the customer, the customer will grow. Be proactive with customer failure management. Something will go wrong but how are you going to prevent that? By being more proactive in customer failure management.
#3 The biggest challenges with Churn
The sooner you go live, the better. Churn probability will fall when you go live, but it will never be 0. If we can be more prepared, we can apply more proactive thinking. So, how do you go live quickly? Have a ’Minimum Viable Go-Live’. Once you go live, the customer begins to use the product, and you can start demonstrating value. Now you can think about what integrations and customizations to introduce to build on from there.
#4. Customer Centricity
True customer centricity is very rare. That doesn’t mean saying yes to every request – it’s not a scalable model. True customer centricity can happen if there is an overlap between product centricity and data centricity.
#5. Create Client Champions
People who are on the client side and believe in the product are those who will help you navigate the challenges more efficiently.
#6. Ecosystem Affinity
Ecosystem play helps expand value beyond your product and most importantly increases stickiness and exit costs.
#6 Keep ROI as your North Star
Demonstrate measurable value. That helps you hedge against everything and will help you scale.
#7 Crash landings are real
Learn from it. Grow from it. But don’t burn bridges, you never know when customers come back.
#8. Trust the Process & Systematise it
Systematize and process-ize as much as possible. It will help you with rituals, culture, people empowerment, stakeholder management, efficient onboarding, growth
#9. People are key
Good CS teams are like High Performing Football Teams. You need nimble strikers, creative midfielders, and solid center-backs – All of these in varying degrees in everyone! 3 skill sets to keep an eye out for – Tech-oriented (Tech/Product & Solutioning Skills), Revenue Growth Skills (revenue-oriented & thinks like a CEO), and Customer relationship management skills (stakeholder management skills).
This article was based on learnings from a session at the Annual ’24 – ‘Scaling Enterprise Customer Success & Expanding Customers’ by Dhruvil Sanghvi (Founder, LogiNext), Dhaval Thanki (Executive Vice President, LogiNext), & Srividhya Srinivasan (Co-founder, Amagi media labs).
