5 min read
Customer success is increasingly recognized as a crucial factor in delivering both value and profitability, as businesses adapt to the changing economic landscape. This is evident from the results of our recent 2023 Customer Success Community Survey, which gathered insights from over 75+ CS leaders and experts.
Indeed, as businesses navigate these economic challenges, customer success teams are stepping up to the plate, playing a vital role in driving new growth and sustaining revenue. And, as we look ahead, it is clear that enhanced customer-centricity will ensure businesses succeed in this uncertain environment.
But what is the future of customer success in 2023? And what are the latest trends CS teams need to know? And how can both businesses and CS teams prepare to be successful during the current economic reality?
Is NRR the star metric that CS teams need to prioritize?
How will customer success get the recognition it deserves when it comes to revenue?
Is it possible to increase CS team capabilities without increasing headcount?
Will customer centricity finally move from blue sky thinking to a fully realized way of working?
What are the CS roles everyone should be hiring and why?
However, behind these key questions are trends which our CS experts delve deeper into and analyze thoroughly within our community survey report.
For modern customer success teams, net revenue retention (NRR) has long been the north star metric in which to gauge success. And with an economic downturn coming into play, many businesses find themselves in the position of having to deliver a sustainable business model. A constant supply of investment now needs to prove it can deliver.
This is a trend the majority of respondents confirm within our community survey. Yet, within this new reality our experts expect CS teams to monitor more than just NRR. They expect canny customer success teams to measure efficiency and profitability too. Indeed, while NRR is set to become increasingly important, other metrics will prove just as critical when measuring both sustainability and profitability.
Customer success has long taken a backseat to sales when capturing new customers was the dominant plan of action. But with new sales becoming more expensive, increasing revenue from existing customers becomes a key strategy. Yet, just 17% of those in our community survey believe expansion sales should remain the sole responsibility of customer success.
In fact, our experts predict CS teams will play a much larger role in expansion revenue. How, will depend on many different factors, the most important being how CS is aligned with other departments within a business. However, what is certain is that customer success is expected to join the fight alongside sales and be an important driver of revenue for businesses in 2023.
Adapting to economic headwinds is something all businesses and customer success teams are undertaking in 2023. And increasing internal efficiency and team capabilities are two strategies our survey details that CS teams will look to pursue.
Indeed, building and growing a CS team will be easier thanks to the adoption of technology that automates a number of repetitive CS functions. According to our community survey a combined 94% of CS leaders believe that there will be a focus on using technology to assist teams when growing teams in 2023.
According to our CS experts, customer centricity is set to finally leave the slide deck and become a reality in terms of organizational structure and thinking. Yet, the question of whether a business is truly customer-centric in how it operates is still a hotly contested topic according to our CS community – with many certain there is still more to do.
Yet, there is a clear understanding that businesses with a customer focused leadership team are in a better place to pursue customer-centric strategies. One popular strategy being fewer data silos and a greater sharing of customer data across business departments. It is because of the benefits of greater data democracy, among other strategies detailed in our community survey, we expect customer centricity will no longer be ignored.
Finally, analyzing our community survey we are able to see that CS leaders are looking for the experience and skills that will enable them to act on the trends detailed previously. Focusing on customers, using data effectively, driving revenue, and unleashing customer-centricity requires hiring the right people, in the right customer success roles.
Therefore roles that are able to support these strategies and monitor performance will be prioritized. In fact, our research details a key customer success trend of 2023 being the growth of operational CS roles that align and refine – discover, by reading our report.
With increased pressures to deliver value and drive revenue, customer success teams need every weapon at their disposal. Now is the time to get ahead, know which strategies to double down on, which technologies to invest in, and which roles to prioritize. Help your business to stay profitable and make the right decisions, download your copy of The Planhat Customer Success Community Survey 2023 today.
Discover the success factor behind Advanced’s customer success, with Vice President of Customer Success, Mike Osborn.
Discover the key customer success trends for 2023 that will help your business stay ahead of the competition and help deliver value to your customers.
In the G2 Winter Report 2022 Planhat has been named a leader in seven categories – including a brand new category: Customer Journey Mapping.
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