Customer Success - Part 1
Consistently Grow Recurring Revenue and Customer Lifetime Value (CLV)
Customer Success is the process, organization and roles that technology companies use to ensure customers obtain maximum value from technology purchases.
Based upon the Alexander Group’s client work, benchmarking and external research, technology companies that ignore or postpone investment in customer success lag their competition both in overall revenue growth and in their ability to maximize customer lifetime value. Tech companies that proactively invest in Customer Success drive superior revenue growth and customer lifetime value (CLV).
Traditional post-sales functions, including implementation services, customer support and renewal management, are not set up to continuously engage customers in a way that creates meaningful usage and utility. Many technology companies realize this, which in turn has led them to invest in Customer Success. Yet the function is still emerging.
In part 1 of this video series, Ted Grossman and Chris Semain of the Alexander Group discuss customer success issues: charter and business model. To learn two additional common issues technology companies are currently trying to address, watch part 2 of this video series.