Traditionally for most startups, the value in existing customers is realized second to finding and landing new brands or new business. But as this post by Tomasz Tunguz illustrates, Customer Success plays several roles in generating revenue and saving cost.
First, customer Success is a significant channel of revenue generation by way of exploring expansion opportunities within an existing account. Your Customer Success advocate creates a steadfast relationship and raptor with the client to become a trusted advisor. Through this role, and constant touch points with the client, needs are identified and solutions are proposed expanding the product’s footprint. Another venue of expansion opportunity arises when successful relationship cultivated by the Customer Success team poses as a marketing tool for other departments who have similar needs of your product.
Secondly, a successful Customer Success team gains new business and saves all costs incurred in acquiring new clients. By helping the client realize the full capability of the product, advising on how the product can be integrated in the client’s existing technical architecture, and keeping the client aware of all product enhancements the CS team increases customer satisfaction and reduces churn.
Although Customer Success is loosely defined at most SaaS companies, sometimes falling under the sales umbrella and other times under a support platform, it can be a differentiator for a SaaS company’s longevity as an aid to a great product.