First a quick recap from The Top Strategy for CX in 2018…
We can thank both the cloud race and rise of digital for fueling today’s obsession with the customer experience. The Customer Experience, or CX, is dominating the subscription economy because it’s never been easier to replace a product or service with a solution of similar or equal value. Give the customer a reason to leave, and they will. Don’t give them a reason to stay and they may go find a better experience at a better price point. The fact of the matter is, in 2018, there’s a flavor for everyone and subscription businesses have to adapt.
According to SalesHacker.com, over 700 new SaaS businesses launched in 2017 — which means there’s even more options available today and the ‘buyers’ market for B2B technology will only tip further in their favor. Add to this fact that more revenue is generated from existing customers, than net-new, and the reality of delivering a strong CX becomes blistering clear.
The Underdog is Mastering the Customer Experience…
Today’s underdog of success for subscription-based businesses has to be building and executing Customer Lifecycle Management (CLM). Existing customer are more likely to spend more, more likely to offer referrals, provide real-time feedback and build case studies for marketing…the list goes on. Check out more on the topic here: where I write about why existing customers are so important to the long-term success of your business.
The underdog of success for any subscription-based business is the process of building and executing Customer Lifecycle Management (CLM).
What is Customer Lifecycle Management (CLM)?
CLM is a process and methodology-based discipline. Completely customer-centric, CLM is used to improve the user experience by establishing a cadence, or touch-point schedule, to strategically add value and drive adoption at the right time with the right customer.
Remember, CLM is Alive! CLM is a living organism within your company. For it to grow and prosper, it must be a fundamental aspect of your culture. That means all internal orgs are onboard and bought-in. And as your teams collaborate to deliver delightful journeys for clients, you learn what works and what doesn’t. Behaviors, trends and user feedback are the holy grail. They feed the CLM ‘engine’. Allow outside-in feedback to act like the code of your CLM algorithm, tailoring the process based off commonalities of your users. In other words, instead of deciding how to segment your customer base, let them. Not literally, but by using their feedback and experience as your guide for how to group clients into buckets, or groups, that have similar needs, wants, desires or shared benefits using your product.
In the future, CLM will no longer be a by-product of your Customer Success or Inside Sales teams efforts to book business. The entire company will be focused on achieving (at least) one common goal: an incredible customer experience.
A lot is next. Follow us on https://saastrendz.wordpress.com as we will continue to tackle best practices and key insights for effectively managing the customer experience and lifecycle in the subscription economy.