The story of CS is still in its early stages, but is entering a pivotal point in time. A time that calls for innovative technologies and an approach that helps companies take that vital next step.
At this moment, the truest measure of value is when a customer decides to invest money in your partnership a second (or more!) time – or even better – increase their investment in that partnership.
Happy customers renew and buy more. And when your customers expand their investment, you grow your business.
Everything else you do is ultimately driving towards that main goal of renewal & expansion.
This is not an easy challenge for most companies though, especially growing and large organizations. Solving it can yield fantastic returns and success for the company.
First, let’s take a few steps back to better understand how we got to where Customer Success is today…and where it is headed tomorrow.
7-10 years ago most companies were product-, service- or hardware focused using a more traditional business model. Customer Success did not broadly exist in its current form. Customer Relations and Customer Support were mainly support functions. However, over the coming years, industries and businesses became more and more software-, cloud- & digital focused and started using new revenue models such as a SaaS (Software-as-a-Service) model.
These new models took off and companies now had more recurring-, subscription- or long-term partnership-based customers than ever before. As this customer base grows over time, the recurring customer revenue becomes a larger part of the company’s total revenue, eventually becoming the largest part of that revenue.
This led to companies investing more in their customer portfolios and teams. Companies have gone from only having customer support teams (reactive functions) to creating customer success teams (proactive functions) that are increasingly focused on creating value and improving churn versus only managing issues and incoming requests.
With that, a new software category has fully emerged, Customer Success Tech, with products ranging from more specialized software solutions (focused on onboarding, survey, usage etc) to more holistic solutions (CSM platforms), which has helped companies in this first transformation going from support to success.
Now, we are in the beginning of the next transformational part of this journey. Companies now realize that the true success of their Customer Success team ultimately comes from driving revenue: lower churn and in particular higher expansion (which of course is a function of renewed and new revenue).
But no one is truly helping companies solve the challenges in this transition.
- How can you help every rep (CSM, Account Manager, AE, Renewals Manager etc) work like an Enterprise-level superstar to maximize revenue and expansion? And how do you scale it?
- How do you optimize every customer relationship to tap into the opportunities in your customer base?
- How do you reduce or remove all the manual work your reps are doing to drive expansion – from mapping companies in manual sheets to forecasting in a Google Doc to collaborating on plans & goals ad-hoc?
These, and many similar questions , have not been answered in solving how companies can drive, optimize and level up their customer revenue and expansion.
RevSetter is the first software truly focusing on helping you drive Customer Expansion and taking your Net Revenue Retention and growth to the next level.
Regardless if you are part of starting your company’s journey into Customer Success or if you are part of a major global brand, RevSetter can help you streamline your processes, find more opportunities and close more expansion deals.
Learn more or book a demo to see how RevSetter can help you.