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11. Foundations Introduction

https://www.udemy.com/course/essential-customer-success/learn/lecture/21338518#overview

12. Customer Cohorts

https://www.udemy.com/course/essential-customer-success/learn/lecture/20766716#content

• Cohorts are groups of customers with a shared characteristic
• They may have different needs, but use my service in ways very specific to them.
• Might have to customize on boarding or training or other areas for them.
• Might analyze a cohort across revenue, retention or adoption.

Categorizing Customers

• B2B – Business to Business
• B2C – Business to Consumers
• All businesses are H2H – Human to Human

Sectors

• Finantial
• Pharmaceutical
• Manufacturing
• Retail
  • Fast Moving Consumer Goods (MCG)
    • aka. Consumer Package Goods (CPG)
• Each has common issues and use common language.

Business Scale

• SMB – Small to Medium Business
  • 100 – 1000 Employees
• SME – Small to Medium Enterprises – Global
  • aka Mid Market
  • Up to 500 Employees
  • $10M – $1B in revenue
• Enterprise
  • 1000+ Employees
  • Over $1B revenue
  • Most likely international
  • DO NOT confuse this “Enterprise” with Enterprise Software

Deal Size

• Some customers may make a large purchase from me, which would make them a Large customer, even while perhaps being a an SMB in the real world.

Contact Frequency

• Low touch
  • $1.5M portfolio of 100 customers
• High touch
  • $3M portfolio of 10 customers
• Tech Touch
  • Messaging champagnes

13. Leading and Lagging Measurement

https://www.udemy.com/course/essential-customer-success/learn/lecture/20766732#content

The two fundamental metrics

Lagging Metrics

• These indicators work backwards and tell you what has happened.
• Generally very straight forward, unambiguous and easy to measure.
  • Dieting: Your weight
  • Economics: GDP
  • Business:
    • Revenue
    • Renewal Rate
    • Churn
• These may NOT tell you how you got where you are, they only tell you where you  are.
• These are important for strategic goals.

Leading Metrics

• Indicators that tell you where things are going or what might happen
  • Dieting: Calories consumed vs calories burned.
  • Economic: Employment statistics
  • Business:
    • Customer Satisfaction
    • Sales Pipeline
    • Employee Satisfaction
• These help predict future outcomes and therefore future success
• Help understand what drives performance
• May guide you to take pre-emptive actions
• These might not tell you if you are achieving the Ultimate Goal.

The combination of these two help you understand performance and how to improve performance.

14. The Role, The Function, The Principle of Customer Success

https://www.udemy.com/course/essential-customer-success/learn/lecture/20766750#content

In a market where Customer Loyalty is NOT OPTIONAL, customer success management is required.

• Customer Success Manager is a Role
  • The individuals, team and function that focus on the customer experience.
  • The intent is to make the customer successful while maximising retention and lifetime value.
• Customer Success Management is a business function and discipline.
  • Approaches
  • Frameworks
  • Best Practices
  • Groups
  • Conferences
  • All to support the people, teams, specialists that practice Customer Success Management
• Customer Success is a Approach, Philosophy or Principle.
  • Must be adopted by the whole company
  • Engineering –
    • Build a product that meets the needs of the customer
    • Adapts as the customer’s needs evolve
  • Sales and Marketing
    • Qualify end customers that are the best fit for the problem the service solves.
  • Executives
    • Provide the strategy, direction and resources that support Customer Success

When the BUSINESS is focused on Customer Success, Customer Success is Guaranteed

15. The Purpose of Customer Success Management

https://www.udemy.com/course/essential-customer-success/learn/lecture/20243758#content

“Customer success is not done to prevent churn, retain or upsell.  It is done to assure the customer achieves their desired outcome.  Everything else comes from that.”

As a CSM I will be expected to:

• Prevent churn (or accurately forecast it)
• Renewal
• Retention
• (All lagging indicators)
• This is NOT my purpose

As a CSM, my PURPOSE is:

• To help people Sales People and Core Prospects when they need it the most.
• To intimately understand the outcome my customer is intending to achieve with our service.
  • Are they looking to increase their customer loyalty?
  • Reduce costs while innovating?

Whatever My customer is trying to achieve, KNOW IT and make them successful at it!

• Understand why they subscribe to our service
• What they need to be successful
• How can I achieve this while doing the same for all my customers and ensure my own business is successful too.

Quiz 1: Market and Foundations Quiz

https://www.udemy.com/course/essential-customer-success/learn/quiz/4957700#content

A lagging indicator is better or worse than a leading indicator?

• Better
• Worse
• Both are needed. 
  • Lagging indicators are often quantitative and goal-centric while leading indicators are better predictors of success.

Customer Success is:

• A role, the individuals that make customers successful
• A principle. It is a whole company approach to making the customer successful
  • Customer Success is a whole company approach to making the customer successful.
• A discipline and a business function.

The Subscription Economy is a reference to which of the following?

• Businesses that sell subscription software
• Businesses that sell outcomes rather than products
  • The subscription economy refers to the growth of businesses that sell subscriptions to services to support a need or outcome rather than a product which delivers the outcome.
• Businesses that sell operating systems and databases as a service

The term ‘Enterprise’ refers to which of the following?

• Application class and company size
  • Enterprise can refer to both the size of the business (Large Enterprise) and the class of the application (Enterprise versus Department).
• The class of the appkication software as distinct from dpartmental
• The size of a customer as opposed to Small, Medium, Midsize, SME or SMB.

What are High Touch customers

• Customers that raise many support cases
• Small volume, high value customers
  • High touch customers have typically made a large investment and there thend to be few of these in a CSM portfolio.
• Customers that have consistently high levels of adoption