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Customer Success: The Definitive Guide in 2020

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One of the most widely known concept, yet comparatively unknown and inexperienced to most marketers and organizations. According to a Digital Adoption Report, it is estimated that “More than 60% of organizations realized customer success as a formalized field in the last two years, until then relying on third-party consultants and experts to define their business strategies”.

Customer Success or often referred to as “Customer Buy Success” is a proactive art of creating a seamless experience for customers to achieve their potential desired outcome or reactive support through business interactions by making the entire customer journey objective and resolution-led.

Bain & Company defines – “Customer Success initiatives when collaborated with key management principles can lead to an increase in profits of a company by 95%”.

Difference Between Customer Success And Customer Service

To understand the difference between these two terminologies, we’ve to understand what customer success used to mean earlier and how it got transformed into the next version 2.0.

Version 1.0

Earlier customer success focused on mitigating the management related risks and improving the customer’s overall journey.

Version 2.0

However, the updated version of customer success recognizes customer experience and success as and beyond a growth engine where customer needs and value may vary according to businesses. Thus, adopting a more comprehensive, cross-functional approach that is customer-focused and aligned to improve the customer’s overall journey and retaining the customer simultaneously.

Mission & Objective – The vital difference between the two terms based on mission and objective are:

Customer success is concentrated on investing within the long-term, building the lifetime value of consumers through consistent support and investing in their business as if it were their own.

On the opposite hand, customer service focuses on winning the one-time transaction. Helping a customer in need who has issues with their account, the software, or any function that involves your business.

“Your customer makes their own success. By accepting that, you put the customer first.

— Brian Gladstein

Approach – Customer success is concentrated more on empowering customers to succeed together with your product or service within the future, instead of solving issues within the short term.

Meanwhile, Customer service is your second acquisition test behind actually acquiring that customer within the first place, making it an important role within the success of any given customer or company.

Focus Areas & Metrics – In essence, customer success teams are focused on helping customers achieve greater value and are genuinely seeking to enhance their business. Success teams specialise in preventing conflict from happening, giving customers the facility to enhance their business, and developing systems that help customers to seek out continual success.

Whereas, Customer Service or Support roles generally fall into conflict resolution, responding to tickets, answering phone calls from struggling customers, and responding to all or any customer concerns.

Customer Service can be regarded as the baby steps to help in the overall customer success journey. Without customer service, customer success is null and void. If you’re a new customer buying a product from a company, you’ll likely need or expect the after-sales support or services in one way or another.

Why Customer Success Is Important?

The first interaction with customer support or service is going to be critical in determining their propensity to continue doing business with you.

In a study published in 2010, it was calculated that – “82% of consumers would bail on a corporation after one negative experience with customer service.”

While “51% of consumers will never return to a corporation after having a bad experience in customer service.”

Not only will one bad experience cause people to leap ship and test other brands, products, and services, but it often also seals your fate: losing the customer permanently.

“Until you know what it takes to achieve success from your customers’ perspective you will just waste valuable time.

— Jason Whitehead

Customer Success is crucial to any business as bad customer service will have a reach twice as huge as a good experience, but it will take 6 times your good and positive experiences to make up for that bad one.

Customer Success is not only about the communication strategies but also the business processes you induce to keep proving your business value to your customers.

As it is often said, it can either “make your business or break your business.”

How Do You Succeed in Customer Success?

There are various ways or elements that businesses opt to succeed in Customer Success ranging from developing a solution-based platforms to team building models to improve the customer’s overall journey and experience.

Here are some of the points that you can implement to succeed in Customer Success:

1. Solution Focused Approach In order to manage all your communications and interactions with your customers and business clients, you’ll need to build and implement a solution-focused customer success approach for your team to communicate all business interactions with existing or potential clients. These solutions can be anything ranging from software or tools required to connect to your customers in real-time and ensuring fast response, resolution, and success is derived to keep your customers happy.

2. Team-Building Approach – To manage all your business interactions, you’ll also require a team or group of people having knowledge with the customer success field to assist the existing customer base and potential new customers. The number of employees you hire will largely depend upon the size of the organization you have and how many customers you serve daily. Team building approach will not only drive your business to profits but also ensure customer experience, success, and service all at one time.

3. Formulating Strategies – One of the crucial most factors in deriving customer success is how as a business you formulate or bring about the strategies to build a larger customer base and simultaneously ensuring ROI and profits. The strategies will solely depend upon the services/products you sell and provide and what is it customers desire from your business or offering.

One such strategy plan as an example is shown below:

  • Identification of customer’s end goals and objectives
  • Establishing a team-building approach
  • Implement a solution-focused approach to interact and communicate with customers
  • Identify your short-term and long-term goals with a set of expectations
  • Estimate your strategy and share with your larger team to get everyone on the same page
  • Analyze the output responses/results you get from implementing the above strategies
  • Edit/Modify based on above results to further grow your business

4. Customer-focused approach – A customer-focused approach or strategy will not only help your business and team to effectively manage but will also help you in assisting your customers, ensuring the already-set expectations are met and aligned as per your customer. It also focuses on dynamically building your business as per customer needs that are ever-changing in nature to let you evolve your business and not dissolve.

“Smart companies have realized that customer loyalty is the most powerful sales and marketing tool that they have.

— Bill Price

5. Educating and Spreading Awareness with your Customers – By recognizing and anticipating your customer needs prior to what they expect and ask will help in ensuring the sustainability of your business. With the help of a solution-focused approach, you’ll not only provide better resolution but will also retain your customers. By creating a knowledge platform for your customer, success will be assured.

6. Improving Customer Journey – As a business, you can onboard your customers with various guiding steps or knowledge to ensure a seamless journey throughout. It is a great way to delight and make your customers happy by providing various pieces of trainings, tools, resources, and knowledge platform they require to start with.

7. Better Communication within departments and team – You can ensure smooth and noise-free communication within your departments and team to help and route your customers to the appropriate position. Proactive and Reactive support based solutions like enabling chat-bots or secure messaging to customers to help with their queries.

8. Promoting Customer Loyalty – A business can ensure loyalty by providing customers with delightful and positive experiences so that customers feel satisfied and come back to buy your product or service. An effective royalty or loyalty program giving customers discounts/benefits can help your customers to sustain and retain your business.

How to Measure Customer Success?

A well-run customer success program involves many parts of a corporation’s overall success journey. As such, there’s a spread of knowledge that will help organizations measure the worth of their customer success initiatives.

The initial lines are needed to be focused on the measurement value gained by the customer. A customer that knows what proportion they’re taking advantage of their usage from your product or service is extremely unlikely to keep customers moving up the worth path.

Here are some of the tools or techniques you can use to measure customer success:

1. Customer Success through KPIs (Key Performing Indicators) – There are a variety of the ways through which you can measure and assess the success or failure of a customer success program, i.e. – through Key Performing Indicators (KPIs). Whichever KPI your business uses, it’s important to stay in mind the importance of measuring value delivered to both customers and the organization.

2. Customer Success through Churns – Churn in simple terms means, if you’re willing to spend ‘X’ amount of value in deriving your product cost, then you’ll definitely require ‘Y’ value to spend on retaining your customer.

Customers come, customers go—it’s an unfortunate state for any business but a reality and necessary part of any business. As a performance metric, though, customer churn is often highly useful in understanding the explanations why customers churn, it will help your business to measure on why customers retain from the service you provide to them.

“Customer success is about more than delivering service or support.

— Bill Price

3. Customer Success through Net Promoter Score (NPS) – For any organization, the extent to which its customers would recommend their product or services is a crucial metric, which gets measured with the help of Net Promoter Score.

NPS measures this sentiment or part of customer’s feedback and provides an aggregate score for companies to keep an eye on which further analyses which part of your customer will provide a negative, positive, or neutral feedback. This often helps you in projecting potential new customers and customers who are no longer part of your services or products.

4. Customer Success through Customer Effort Score (CES) – CES or Customer Effort Score is a method used by organizations to measure a customer’s perceived level of ease at various points throughout the customer journey to understand the level of loyalty your customer offers to your brand or offering.

Gartner, a research organisation states“CES is 25% more predictive of customer loyalty than other subsequent metrics.”

CES also helps in building a new customer base, retaining existing clients, and overall sustaining your business.

Conclusion

While “Customer Success” as a term and a movement might be relatively new, however, most of what’s covered in this definitive guide of 2020 certainly isn’t new. What’s new in this point around is that it has each of those things we as a customer do, the tactics businesses create to build a new customer base, and roll up under the umbrella of Customer Success.

Not just the organization of the Customer Success initiative, but the overarching Customer Success concept within a corporation is all about having the whole organization aligned around this idea of customer experience, success and service.

I believe through this guide, you’ll create initiatives or invest in technology to form each of these items thereon, and if you are doing so you’ll be happier than if you didn’t, but without a top-down list from the organizational alignment or rallying around Customer Success will fail to require hold during a real and meaningful way.

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Finance

Pros and Cons of Cryptocurrency

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Cryptocurrency inspires passionate opinions across the spectrum of investors. Some view it as the future of money and investing, while others see it as high-risk speculation with more than its share of problems. Here, we’ll explore both sides of the argument to help you decide if cryptocurrency is right for you.

Of course, if you want to invest in crypto or become a trader, or are interested in crypto in any other way, you should first get enough information on this topic so as not to lose your money. So, if you’ve decided to buy ethereum (EHT) on changelly, you should first do your research to be sure that this will actually bring you profit. Thus, your funds will always be safe and you won’t appear in debt.

Advantages of Cryptocurrency

Cryptocurrency has several potential advantages, including:

  • Global and easy to send: Transactions can be made 24/7, and because they’re digital, there are no cross-border issues or fees. An investor can always find a platform to sell or exchange their coins if there is an available internet connection.
  • Decentralization: Cryptocurrency is not subject to government or financial institution control. At the same time, they are available in many countries, which makes them easy and comfortable to possess.
  • Private and secure: Transactions made with cryptocurrency are generally irreversible, which protects sellers from fraud. In addition, personal information is not required to make a transaction, further increasing security. Many people value this anonymity and prefer digital coins over any other payment method.
  • Low transaction fees: Because there are no intermediaries, such as banks or credit card companies, cryptocurrency transactions have very low fees. This is a big advantage over traditional methods, such as wire transfer, which can have high fees (sometimes up to 10%) or more.
  • It might be the currency of the future: With the development of technology, it is possible that cryptocurrencies will replace traditional fiat currencies in the future. If this happens, it could mean big profits for investors who get early.

Disadvantages of Cryptocurrency

Cryptocurrency also has several potential disadvantages, including:

  • Volatility: The prices of cryptocurrencies are highly volatile and can fluctuate widely. This means that investors could potentially lose all of their investment, or even see it increase significantly. However, this is true for many types of investments so, it is not something that is inherent only to cryptos.
  • No regulation: Cryptocurrencies are not currently regulated by any government or financial institution. This could change in the future, but for now, it means that there is little protection for investors if something goes wrong.
  • It is still new: Cryptocurrencies are a relatively new asset class, and as such, they are not well understood by the general public. This lack of understanding could make it difficult to find buyers or sellers when the time comes to sell.
  • It is not always accepted: While some businesses do accept cryptocurrencies, many do not. This means that investors may have to convert their coins back to fiat currency in order to make a purchase. This conversion process can be time-consuming and expensive.
  • Negative impact on the environment: Cryptocurrency mining consumes a lot of energy. For example, Bitcoin mining is estimated to use as much electricity in a year as the entire country of Argentina. If cryptocurrencies continue to grow in popularity, this could have a negative impact on the environment.
  • New assets are untested: When new assets are introduced, they are untested and unproven. This means that there is a higher risk that they will not succeed. This is why it is important to do your research and invest in assets that you believe have great potential.

In Conclusion

So these were some of the pros and cons of cryptocurrency. We hope that this article helped you in understanding it better. If you are someone who is looking to invest in Bitcoin or any other digital assets, do your own research before taking the plunge. Cryptoassets are a high-risk investment and you can lose a lot of money, so always be sure that you can afford to lose your investment before buying any coins. However, if you dig deep into this market, your future profit may be worth any initial losses. So it’s all up to you!

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Law

What Does a Real Estate Attorney Do?

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If you’re buying or selling a piece of property, you should probably hire a real estate attorney to help. In fact, many states require an attorney to be present at closing. Even if yours does not, it is always a good idea to have an attorney present on your side.

They will review all paperwork in advance and advise on any problems or omissions with the documentation. Many are available for service by appointment only, so it is important that you give yourself enough lead time to make an appointment before your closing date. A lawyer can also provide advice about whether or not you need title insurance, as well as assist you with preparing your mortgage documents.

What Real Estate Law Covers

Real estate lawyers specialize in the area of real property law. They represent buyers, sellers, landlords and tenants who are involved in real estate transactions. They also provide legal advice on issues such as zoning laws and property tax regulations. Real estate law encompasses the purchase and sale of land, meaning anything attached to the property or structures may be under the purview of real estate attorneys. These may include appliances and fixtures. If a client wants advice on how to sell their house quickly or buy one at auction, an attorney is their best resource.

The Attorney’s Responsibilities

Real estate attorneys are experts in preparing and reviewing documents relating to the purchase of a house or commercial property. They also advise clients on the laws of real estate transactions and know how laws vary between states, counties and cities. If you’re planning on buying or selling a property, a real estate attorney can help you navigate what could be a confusing process.

For most buyers, the purchase or sale of a property is likely the largest financial transaction of their lifetime. The role of a real estate attorney is to take the confusion and anxiety out of property law, providing peace of mind and assurance to their clients. A real estate attorney can handle details such as reviewing contracts, transferring funds, performing title searches on the property, and negotiating with other parties if necessary. In addition, real estate attorneys can help resolve disputes regarding title insurance policies or chain of title issues.

Real estate attorneys may also provide legal representation for either a buyer or a seller when a dispute winds up in a courtroom. This may mean hiring a surveyor or title company to work through the details. You can trust our real estate attorneys to help you protect your investment and improve your business by offering comprehensive legal solutions for all of your real estate needs.

Qualifications

A real estate lawyer is someone who has earned a law degree and passed the state bar exam to practice law in a particular state. To become a real estate attorney, you will need to first earn a bachelor’s degree at an accredited college or university and then complete three years of law school.

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Business

What Makes You Stand Out: How to Set up a Resume Writing Service?

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Resume writing services are a powerful supporting tool for people who want to craft a winning resume, change their life and step up their careers. Such services are there to turn one’s set of skills and accomplishments into an engaging and bot-beating resume that will serve the applicant well. Although there are many players in the market of such services already, one can still find space for their brand new enterprise. If you want to kickstart such a business of your own, here are the tips you will find useful.

Why start a resume writing company

Like many online businesses out there, resume writing can bring you profits relatively quickly. Its profitability is proportionate to the expansion of the job market that thousands of potential employees enter every day. The more positions and professions are in demand, the more job seekers will be out there with their expertise to offer. Thus, building a business and hiring writer for professional resume writing services is a prosperous business idea. Just like the job market itself, it will grow with the right approach. If you are eager to try this business, keep in mind the following steps.

How to set up a resume writing service in several steps

A resume writing business is quite similar to any other kind. Naturally, you need to build your strategy around the needs of your target audience and the conditions in the market. Start with the basics and move on to expand your organization so your clients can get more interviews and bring up more customers based on their recommendations.

Create a business plan

Any business starts with a plan, and resume writing is not an exception. This stage requires the business to define what exactly they sell, how they position their service, and what pains of their clients they want to ease. Essentially, a business plan starts with your vision of the product and the expectation from customer experiences consequential to using your service. This part of the preparation is your homework on how you want to sell, work, and compete. Create a SWOT analysis for your project and come up with the business model you are about to build.

Study your competitors

Resume writing companies are not news today. If you want to enter the competition, you need to study the companies that already provide services for people who apply for new jobs. It is worth spending some time on research and classification of your competitors. Pay attention to the services they offer, how they market them, and what journey their users make. Try making a few orders from such services to pinpoint their strengths and weaknesses to use the observations to your advantage in the future.

Develop a portfolio

It is hard to sell services if you do not have anything to show to your clients. Thus, the initial stage of work will be dedicated to creating the portfolio rather than working on clients. To craft an appealing portfolio, one must showcase their writing skills at their best. Make sure the samples in your portfolio are diverse and can communicate that you can help with an application for any profession, as well as provide all the materials necessary to make it successful. In the portfolio, go for the samples that you are proud of.

Research your audiences

Almost every person that uses the help of a resume writing service has aspirations and goals they want to achieve. To win the love of your customers, you need to understand their motivations and expectations. On top of that, your service must understand the hiring process from the employer’s perspective. Ultimately, they are the ones making the hiring decisions. If you are familiar with people who order your resumes and people who read them, you have all the chances to succeed.

Come up with the right marketing.

Based on what the audiences expect from the service, you need to create the whole communication and marketing strategy. Make sure to craft the right message and repeatedly communicate it in your marketing. The more relatable and appropriate for the market the advertisement is, the easier it is for customers to resort to your career resources. Take time and budget to invest in marketing.

Maintain the expert persona

When people order a resume from service, they expect it to be completed by a career advice expert. Thus, a business must maintain such expertise in its communication. This expertise must be manifested in the content of your website, questions you ask your clients about the order, and interpersonal interaction with the employees. For example, it is a good idea to post relevant content with tips for people looking for a job or trying to switch. Become a trustworthy resource of career consultation to increase trust in your company.

Keep up with your market.

The job market is an extremely vibrant environment. Every day, new ways to track applications and choose candidates emerge. In these conditions, a resume service must be the first to know about that. If you are concerned with the question, ‘how to set up a resume writing service,’

research the applicant tracking process in detail and learn how ATS bots work to provide the best service possible. If you keep up with the technologies in this market, you can use every applicant tracking system to your advantage and help your clients apply successfully.

The bottom line

Just like any other company like Resume Genius, writing a business starts with a plan. Preparations to create a company may take some time. However, the more detailed plan is crafted, the easier it will be to enter the market. Naturally, the main focus of such a business is the customer and the problems it solves for them. So, if you wonderhow to set up a resume writing service, start with the research. Once you know enough about your audience, you can develop a portfolio and approach new clients to help them. As long as you keep up with the industry, your business will bring profit.

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