While we continue to rely more on self-service, remote service, and Al, the field service industry will evolve. Every industry is an industry, and company varies, so it is impossible to predict how future technology will influence each organization. There is a guarantee technology will lead to fewer on-site visits, so customer success roles will be heavily relied upon to ensure outcomes are delivered, customer expectations are clear, and there is an understood satisfaction.
Impact of customer success
The customer success role won’t be by someone more technical and instead held by someone with a passion for building relationships- after all, the goal of a customer success role is to reduce churn, improve the renewal process, and drive revenue.
- Reduce Churn
Customer churning is the percentage of customers that stop using your organization’s product or service within a specific timeframe. For an organization to be in good standing, churn should be below 10 percent, but the percentage can vary depending on the size of your organization.Example: If your organization starts the quarter with 400 customers and ends it with 380, your churn rate is 5%.
Customer churning is the most important metric to consider when it comes to customer success, as it provides the truth on customer retention. Those in the customer success
- Improve Renewal Process
With newer technology taking over the industry, the traditional process of having contracted customers for life is over. Customers are turning towards SaaS companies that offer free trials or can show a recurring revenue model. Customer success roles will need to have these models on hand to show customers the value of their product. If organizations take the time to engage with their customers and build relationships, they will retain customers and boost their bottom line- proving organizations should invest in relationships with clients.
- Drive Revenue
Customer success helps to increase your organization’s revenue and generate more as well- all at a lower cost. Holding a customer success role means constantly assessing your client’s needs and advising them if they need to add services to achieve those incentives. Though this means you will need to upsell because of the relationship already formed with the client, it will be organic.
Every organization and industry is different, but as technology develops, there will be more value for customer success roles- shifting the weight from transaction to outcome. Technicians will always be needed to do hands-on work, but as technology leads us away from on-site work, there needs to be a replacement. Organizations should start considering replacing that freed space with a customer success role that will handle their remote service work so that you can ensure your client’s expectations remain met. It is best to get ahead and develop your customer success roles. Either way, customers will feel like you are investing in their success.