Customer Success Analytics - How To Retain More Clients

Image

Customer success is anticipating the questions or challenges your customers might have then offering answers and solutions proactively. This Customer Success strategy lets you enhance customer happiness and increase customer loyalty, boosting retention and revenue.

Using Customer Success software you can collect data from the various sources through which customers interact with your brand. The software then converts this data into valuable insights that you can use to create better strategies for your sales, marketing and product development efforts.

This enables you to offer more relevant experiences to your customers in all their interactions. Providing personalized experiences is what compels your customers to stay with your brand and become loyal customers.

Customer analytics help business-to-business (B2B) software-as-a-service (SaaS) companies understand if they're meeting—or working toward—key growth metrics and milestones and continuing to grow and gain market share. If you want to help your B2B SaaS company keep heading in the right direction, you need to use customer analytics to build a customer experience that meets or exceeds your customers' expectations.

You can use customer health scores in your customer analytics efforts. A customer health score is a metric Customer Success teams use to determine whether a customer is healthy and will remain loyal or is at-risk for churn.

Customer health scores can also help you predict future events, including whether or not your customers will buy more of your goods or services or recommend you to their friends and family. This helps you determine what you need to do to mitigate any risks or make the most of future opportunities.

In addition, you should monitor the Net Promoter Score (NPS), a metric that measures customers’ loyalty to a company, to get insights about how satisfied your customers are. NPS helps you quickly address your customers' concerns and increase retention.

"[Companies] with an eye toward the future are boosting their data and analytics capabilities and harnessing predictive insights to connect more closely with their customers, anticipate behaviors, and identify [customer experience] issues and opportunities in real time," according to McKinsey & Co.

How to Use Customer Success Analytics:

You can use Customer Success analytics to:

  • Better understand the overall health of your company

  • Use actionable insights to enhance operations, processes and services

  • Create forecasts of possible customer churn and identify potential mitigation strategies

  • Justify pricing changes

  • Observe customer conversion and/or adoption rates over certain periods of time

  • Prioritize future business objectives or upgrades

Benefits of Analytics

The benefits of customer analytics include:

  • Lower lead generation and customer acquisition costs

  • Higher customer satisfaction and retention

  • Increased sales and revenue

  • Better brand awareness

  • Increased customer engagement

  • More streamlined and effective customer service

Best Practices

Although companies in different industries might approach Customer Success analytics differently, there are some general best practices you should keep in mind, including:

  • Determining the outcomes you're trying to achieve

  • Identifying the data inputs that mean the most to your company. These will be your key performance indicators (KPIs).

  • Collecting and collating the data you need

  • Cleaning and consolidating the data into one, actionable customer view

  • Understanding what the data is saying by looking for patterns and anomalies across your key KPIs.

  • Using the conclusions to make smarter business decisions

Customer Intelligence vs. Customer Success Analytics

Generally, customer intelligence is an attempt to use data to create insights (intelligence) about customers and can be used anywhere in the organization. Customer Success analytics is more specifically related to the common metrics and KPIs used in data-driven customer success, e.g., net churn, gross churn, net revenue retention, time-to-value.

How Can Planhat Help My Company?

Planhat can help your company grow and become customer centered by reducing churn, increasing upsell/upgrades and boosting visibility.

Planhat does this by integrating data from multiple systems into a flexible and powerful platform on top of which you can manage onboarding, renewals and other processes, collaborate and communicate with your customers and surface and visualize insights to everyone in your company.

Planhat pairs Customer Success analytics and customer intelligence methods (e.g., standard KPIs) to increase visibility (e.g., through advanced filters) and power action (e.g., through automations based on certain KPIs).

Why Planhat Is the Best Option for Your Business:

Planhat is the most powerful Customer Success platform on the market in terms of the depth and breadth of its features thus offering the flexibility and power to go after mission-critical use cases.

Customer success is a company-wide effort and as such Planhat has included unlimited users in all its plans, unlike other vendors. To find out more:

  • You can learn more about Planhat here.

Customer Success vs Customer Support: Advocacy Champions

To build a successful SaaS business you need to understand the difference - and unique possibilities - between customer success and customer support.

How to prepare and build your CS strategy for 2022

Join our webinar with Marie-Ève Chartrand and Gurprem Sagoo to learn how to review the current year, set up new objectives, and then plan your 2022.

Best Tools & Strategies for SaaS Customer Success

Simply implementing SaaS customer success is valuable, however, it becomes even more important to create customer success strategies for your company.

Learn more about
Planhat

Drop your email and let us show you our platform!

We use cookies to ensure you get the best experience on our site. Learn more

Get a Demo

We look forward to showing you Planhat.
Tell us a bit about yourself.

Thank you! 🙌

Thank you for your interest in Planhat.
You will hear from us soon!

Error!

Sorry, an unexpected error occurred. Try again later!

Thank you! 🙌

Thank you for subscribing to our newsletter.
Please check your email inbox!