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.
Earlier customer success focused on mitigating the management related risks and improving the customer’s overall journey.
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.
CES also helps in building a new customer base, retaining existing clients, and overall sustaining your business.
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.
Start of the Working Year: How to Motivate Your Teams Based on Well-Being?
The beginning of a new work year is an opportunity to set new objectives and reinforce the sense of belonging to a given work group. At the same time, it is one of the best ways to strengthen the motivation of your company’s human talent.
Indeed, the beginning of the work year invites people to rethink the results of the previous year in order to face the next work period with greater enthusiasm.
But what are the main strategies that can be used at the beginning of a new work year? What are the positive effects of motivating your work groups?
If you want to know all about the importance of the beginning of a work year, keep reading this blog post. And consequently, you will know how to take advantage of the beginning of a new year to boost the union of your teams and their well-being and achieve the performance you need.
Have a work year kick-off meeting
First of all, at a good start of the work year, it is essential to meet with the work team to set new goals and talk about the organizational challenges to be met.
Communication is fundamental to motivating work teams at all times in all types of work, from big tech companies to small but just wow essays service teams. And an individual or group meeting context is one of the most effective alternatives to do so.
Therefore, in order for you to know which are the elements to take into account in a meeting at the beginning of the working year and to increase the levels of well-being, we detail them below:
Plan the start-of-the-year meeting
Take some time to organize your kick-off meeting. Prepare a guide in which you detail the timing of each of the activities to be carried out during the meeting.
And also, in planning your kick-off meeting, do not forget to detail who will be the participants to attend, along with the teammates who will lead the meeting.
Create a dialogue space where team members can express their expectations for the new work year. In this way, you can strengthen the organizational culture and achieve higher performance.
Try to have a creative meeting to motivate people in your work groups. In fact, you can make your kick-off meetings more dynamic through playful presentation activities.
One idea for your start-of-the-year meeting is to make a presentation with cards containing questions to get to know the new talents joining the teams. At the same time, answer questions related to tastes, hobbies, etc., in order to relax the atmosphere.
Another option is to transmit a message at the beginning of the work year in an original way. For example, you can include your welcome messages in a corporate gift that is useful for your teams.
Carry out gamification dynamics
On the other hand, during the beginning of the work year, gamification strategies can be implemented to relax tensions and improve the bonds between people in the work teams.
In fact, by means of this type of game that you can play at the beginning of the work year, you will obtain the following benefits:
Detect certain job profiles
Indeed, through gamification dynamics at the beginning of the work cycle, you will be able to identify specific roles. This will be useful in case you need to establish new tasks or set leadership positions.
Applying start-up activities at work is an advantageous motivational technique to provide a moment of relaxation before presenting your talent with the objectives to be achieved in the new work period.
Encourage a good working environment
Gamification at the beginning of the work year promotes the generation of healthy work relationships. At the same time, it is a motivational method that contributes to an adequate organizational climate. Consequently, it improves performance, and a higher productive output can be obtained.
It offers an emotional wellness program
Finally, to develop a positive start to the work year, you can incorporate the benefits of a comprehensive wellness plan into the emotional salary of your teams.
According to a report by the International Labor Organization (ILO), in different countries, the number of early retirements has increased as a consequence of the increase in mental health pathologies, which incapacitate people and prevent them from fulfilling their responsibilities at work.
To counteract this disadvantageous context, offering a program at the beginning of the working year that seeks the well-being of the teams can be an effective alternative to achieve motivation due to the following reasons:
It includes psychotherapy
A good emotional wellness plan offers the possibility of psychological therapy if needed. Some companies even offer the option of having psychotherapeutic meetings online.
In this regard, an article by the World Health Organization (WHO) states that every year some 12,000 million working days are lost due to mental health complications, such as depression and anxiety. This represents an economic loss of around one trillion dollars annually.
Thus, offering a therapeutic space at the beginning of the work year improves the emotional health of the people who make up the work groups and optimizes the organization’s motivation and performance levels.
Emotional and corporate coaching
On the other hand, if you want to strengthen psychological security at work at the beginning of the working year, it is essential to give your teams the opportunity to participate in emotional and corporate coaching sessions.
Within this type of meeting, people can set goals to achieve within the personal and work environment. All to improve their quality of life. And a good level of emotional health will positively impact the performance level of work teams at the beginning of the working year and throughout the period.
At the same time, you can give your team members a wellness plan with yoga classes. This ancient discipline is beneficial from a physical, emotional, and mental perspective.
So, whether your teams work in person or remotely, you can give them the option of taking yoga classes at the beginning of the work year.
This way, they will have more resources to handle stressful situations and apply breathing and meditation techniques on each of the working days.
In summary, the beginning of the work year is an ideal alternative to design and present motivation and wellness strategies for your work teams. And at the same time, the start of work in organizations is an indirect way to strengthen people’s level of engagement towards the company, with the aim of further strengthening its corporate culture.
So, take advantage of the start of the new year to unite your work groups. Show a real interest in their well-being. And this way, you will be able to have a new work start with the maximum motivation to achieve all the goals you set.
How Is Government Authority Approaching Cryptocurrency Regulation?
As cryptocurrencies continue to center stage, the government could radically alter the global regulatory landscape. The website will assist traders in their bitcoin journey with the best trading tools, fast payouts, and phenomenal customer support. The post discusses how various governments and financial regulators are approaching cryptocurrency regulation.
Banks in Russia have placed strict controls on crypto transactions, while China orders Beijing Financial Street to halt all crypto trading. Meanwhile, some European countries are heavily promoting blockchain technology as an alternative to current models within government administration and digital systems. You may Trade Crypto at a recommended trading platform and improve your trading skills.
As of 2022, the global cryptocurrency market has skyrocketed from $100 billion to over $2 trillion. 2021 was also the year Bitcoin returned to the spotlight, with crucial news outlets such as CNBC and Fox Business contributing to help push Bitcoin far into the spotlight. In addition, blockchain technology has created many altcoins in recent years. As a result, many governments have started monitoring cryptocurrencies for their potential use for illicit activities such as money laundering.
Although no authority controls cryptocurrency regulation worldwide, each country has its laws regarding this new emerging technology. Below is a breakdown of how various governments are approaching cryptocurrency regulation.
Why is the Government Wary of cryptocurrencies?
Defining what constitutes cryptocurrency regulation can be a complicated and convoluted process. Moreover, the definition of cryptocurrency regulation is highly subjective; thus, deviations in interpretation and application occur. Nevertheless, Japan has taken measures meant to increase transparency, reduce risks, and promote the use of digital currency, even though it is currently not considered a legal tender.
Japan is moving to restrict crypto purchases for minors to curb the crypto market from attracting new investors under the age of 20. Children are not allowed to trade or use cryptocurrencies for commercial transactions. Furthermore, Japan has mandated exchanges must have insurance coverage to protect users if they get hacked, or hackers steal their funds.
Countries like US and Canada have commoditized bitcoin:
In the US and Canada, cryptocurrency can be classified as a “commodity” or “asset,” but this still leaves room for government oversight. Cryptocurrency is also not considered financial, as opposed to fiat currency which is redeemable for money or value from a state’s central bank. The US Treasury has issued rules which enable cryptocurrencies to be regulated under anti-money laundering and counter-terrorist financing guidelines. These regulations allow companies like Coinbase to conduct business in the country. These rules are also based on specific federal laws that apply to securities trading and money laundering.
European countries taking a positive stance towards cryptocurrency:
The European Union (EU) has taken an extremely positive stance toward innovation and blockchain technology. Certain EU countries have attempted to make cryptocurrency regulations more progressive, while others have outright banned crypto. Gibraltar, a British overseas territory in the south of Spain, has emerged as a hub for cryptocurrency and blockchain firms like Coinbase, both of which are based in the US.
The advantage of this approach is that it provides a level of sovereignty and allows companies to be approved by local regulators who may have different agendas. In addition, the EU has shown strong leadership in embracing blockchain technology in recent years, which will likely lead the way in determining what will be considered legal tender in the future.
Some have even argued that the EU could become a “crypto-state” where decentralization and freedom of market choice are taken to their fullest extent. Member countries in the EU have been taking steps to create a single digital currency that would replace national currencies in around 2023. As of now, however, it remains to be seen whether or not people will achieve this. In addition, the EU has begun levying duties on foreign digital currency exchanges like Binance, which could drive up transaction fees for customers outside the country.
India’s strict taxation scheme on cryptocurrency transactions: 30% TAX:
The Indian government has recently made headlines for placing a 30% tax on cryptocurrency transactions. The government aims to protect India’s people and prevent crypto-money laundering. Still, they are also concerned about the rising interest by people in this “virtual currency,” which was not recognized as a legal tender in India. Therefore, the Indian government regulates cryptocurrency exchange and trading operations through the Reserve Bank of India (RBI) to combat money laundering and other criminal activities.
Some exchanges do not follow the RBI rules but can still conduct business in India since 2013. The RBI will determine which companies can be licensed to operate as exchange or wallet service providers. In addition, the RBI has been educating the public and other government agencies about the risks of cryptocurrencies.
In Argentina, cryptocurrency exchanges were declared illegal in 2018:
In 2018, the government of Argentina made some very controversial and revolutionary moves regarding cryptocurrency. On March 13th, 2018, Argentina’s Central Bank banned all domestic cryptocurrency trading platforms. Furthermore, financial institutions are prohibited from servicing any person or business involved in using cryptocurrencies, so the government is not allowing citizens to use online exchanges based overseas. In addition, cryptocurrency is banned for transactions between peers or services rendered where cash is transacted in exchange for crypto.
Counterfeiting Will Diminish as Bitcoin and Blockchain Evolve
Counterfeiting and fraud in the industry have skyrocketed, yet the adoption rate for blockchain technology has been unimpressive. But this dichotomy will inevitably change as bitcoin and blockchain evolve together. Platforms have a robust algorithm that performs the research for bitcoin traders and makes trading easy. Also, it has helped many beginners to get started with bitcoin trading. One day, nobody will be able to counterfeit goods globally because people on the blockchain will track everything. That day will come sooner than most people predict. So, if you are interested in Bitcoin trading , you may trade with a reliable trading platform like Bitcoin Prime software.
Counterfeiting is a serious problem that costs the U.S. about $250 billion annually. In addition, China spends $2 trillion to maintain copyright and intellectual property protection. However, a more interesting statistic is that only 10 percent of counterfeit goods are successfully seized by law enforcement agencies worldwide each year, meaning 90 percent of counterfeit goods move freely around the world undetected and make their way into consumers’ hands. Furthermore, the current methods for tracking counterfeit goods are archaic and ineffective. For example, barcodes and serial numbers printed outside the product are easy to remove or replace.
Brands can quickly use laser printers to print a new serial number on the box, but that only works for that specific box. So if you happen to be collecting one of those boxes with particular numbers, all is well. But if you ordered every single one with an XXXX ending, you could uncover a counterfeit scheme, which would still take time to unravel and prosecute. So let’s explore how blockchain and bitcoin evolution can mitigate counterfeiting.
How can blockchain reduce product counterfeiting?
A blockchain database is visible to anyone within the company and the world. Everyone can see where the product was made when it was shipped, and by whom. The brand owner could view all of that in real-time without waiting for a monthly report, which can often be inaccurate.
It isn’t hard to imagine that a consumer would also want this level of information. For example, suppose you buy shoes made in China with no information about what factory they came from or whether they were ethically produced. In that case, you must trust Amazon’s ratings and reviews system, which competitors often game. But with a blockchain database, everyone in the supply chain knows exactly where the product was made. And if you are suspicious of a particular factory, you can quickly check its rating on an independent website powered by blockchain technology. So, in this scenario, a consumer can make an informed decision about whether that shoe was produced by people ethically or not.
A blockchain database empowers marketers and brands to authenticate a product’s origin with 100 percent confidence. The brand owner can know everything about where the product was made with exact GPS coordinates for every step along its journey from the source to the hands of the consumer.
Blockchain technology can pinpoint where the product is in real time. In other words, it is possible to know with 100 percent accuracy whether the product is genuine at any moment. Anyone using cheap laser printers or other methods cannot defeat this tracking level. Despite its name, you can’t fake a blockchain database! So if anything happens to that sneaker, the brand owner will know exactly where it went and who possessed it.
4. Track & Trace—
Blockchain databases allow companies to have an accurate history of when and by whom the item was sold, preventing counterfeit goods from entering the supply chain undetected. And, if something happens to the product along its journey through the supply chain, such as theft or damage, it would be easy to track and trace that item back to its origin. For example, with a blockchain database, if stolen from Walmart by a thief in China and shipped off to another distributor across Asia before eventually reaching the consumer here in America, there would be no way for that product to ever get past Customs.
Blockchain databases allow brands and companies to fully control their products with identity verification. Customers can easily verify a company’s authenticity when buying its products by knowing everything about them, including its name, address, and phone number.
a blockchain database will give marketers the ability to understand customer behavior with real-time analytics. For example, a sales rep could see which customers bought more of a particular product and how many times they made their purchase.
This data can benefit marketers, especially when they want to explore marketing tactics like discounts or coupons or increase shelf space by placing new in-demand products at the right time. All this information would come from a blockchain database always up-to-date with the latest customer preferences and behavior information.
Bitcoin use in reducing counterfeiting?
Bitcoin can reduce the extent of counterfeiting because it is an independent currency that does not have a central bank or government and is not affiliated with any country. In addition, it is entirely decentralized, which means the rules are set in stone and cannot be changed arbitrarily by any individual.
People will use bitcoin over other currencies because they want to know the rules can never change without their permission. However, the value of bitcoin is driven by huge masses buying and selling it daily, trading with each other on public exchanges around the clock. So no one person can arbitrarily change its value or rules without all those people opposing it.
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