{"id":3141,"date":"2020-08-12T01:55:10","date_gmt":"2020-08-12T01:55:10","guid":{"rendered":"https:\/\/wiki.thomasandsofia.com\/?p=3141"},"modified":"2020-08-25T01:08:08","modified_gmt":"2020-08-25T01:08:08","slug":"ecc-customer-success-foundations","status":"publish","type":"post","link":"https:\/\/wiki.thomasandsofia.com\/?p=3141","title":{"rendered":"ECC &#8211; Customer Success Foundations"},"content":{"rendered":"<p><a href=\"\/ecc-the-customer-success-market\/\">&lt; 3. The Customer Success Market<\/a> | <a href=\"\/essential-customer-success\/\">Home<\/a> | <a href=\"\/ecc-measuring-customer-health\/\">5. Measuring Customer Health &gt;<\/a><\/p>\n<h1>11. Foundations Introduction<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/21338518#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/21338518#overview<\/a><\/p>\n<p>&nbsp;<\/p>\n<h1>12. Customer Cohorts<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766716#content\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766716#content<\/a><\/p>\n<ul>\n<li>Cohorts are groups of customers with a shared characteristic<\/li>\n<li>They may have different needs, but use my service in ways very specific to them.<\/li>\n<li>Might have to customize on boarding or training or other areas for them.<\/li>\n<li>Might analyze a cohort across revenue, retention or adoption.<\/li>\n<\/ul>\n<h2>Categorizing Customers<\/h2>\n<ul>\n<li>B2B &#8211; Business to Business<\/li>\n<li>B2C &#8211; Business to Consumers<\/li>\n<li>All businesses are H2H &#8211; Human to Human<\/li>\n<\/ul>\n<h2>Sectors<\/h2>\n<ul>\n<li>Finantial<\/li>\n<li>Pharmaceutical<\/li>\n<li>Manufacturing<\/li>\n<li>Retail\n<ul>\n<li>Fast Moving Consumer Goods (MCG)\n<ul>\n<li>aka. Consumer Package Goods (CPG)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Each has common issues and use common language.<\/li>\n<\/ul>\n<h2>Business Scale<\/h2>\n<ul>\n<li>SMB &#8211; Small to Medium Business\n<ul>\n<li>100 &#8211; 1000 Employees<\/li>\n<\/ul>\n<\/li>\n<li>SME &#8211; Small to Medium Enterprises &#8211; Global\n<ul>\n<li>aka Mid Market<\/li>\n<li>Up to 500 Employees<\/li>\n<li>$10M &#8211; $1B in revenue<\/li>\n<\/ul>\n<\/li>\n<li>Enterprise\n<ul>\n<li>1000+ Employees<\/li>\n<li>Over $1B revenue<\/li>\n<li>Most likely international<\/li>\n<li>DO NOT confuse this &#8220;Enterprise&#8221; with Enterprise Software<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Deal Size<\/h2>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<h2>Contact Frequency<\/h2>\n<ul>\n<li>Low touch\n<ul>\n<li>$1.5M portfolio of 100 customers<\/li>\n<\/ul>\n<\/li>\n<li>High touch\n<ul>\n<li>$3M portfolio of 10 customers<\/li>\n<\/ul>\n<\/li>\n<li>Tech Touch\n<ul>\n<li>Messaging champagnes<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1>13. Leading and Lagging Measurement<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766732#content\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766732#content<\/a><\/p>\n<p>The two fundamental metrics<\/p>\n<h2>Lagging Metrics<\/h2>\n<ul>\n<li>These indicators work backwards and tell you what has happened.<\/li>\n<li>Generally very straight forward, unambiguous and easy to measure.\n<ul>\n<li>Dieting: Your weight<\/li>\n<li>Economics: GDP<\/li>\n<li>Business:\n<ul>\n<li>Revenue<\/li>\n<li>Renewal Rate<\/li>\n<li>Churn<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>These may NOT tell you how you got where you are, they only tell you where you\u00a0 are.<\/li>\n<li>These are important for strategic goals.<\/li>\n<\/ul>\n<h2>Leading Metrics<\/h2>\n<ul>\n<li>Indicators that tell you where things are going or what might happen\n<ul>\n<li>Dieting: Calories consumed vs calories burned.<\/li>\n<li>Economic: Employment statistics<\/li>\n<li>Business:\n<ul>\n<li>Customer Satisfaction<\/li>\n<li>Sales Pipeline<\/li>\n<li>Employee Satisfaction<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>These help predict future outcomes and therefore future success<\/li>\n<li>Help understand what drives performance<\/li>\n<li>May guide you to take pre-emptive actions<\/li>\n<li>These might not tell you if you are achieving the Ultimate Goal.<\/li>\n<\/ul>\n<p><span style=\"color: #339966;\"><strong>The combination of these two help you understand performance and how to improve performance.<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1>14. The Role, The Function, The Principle of Customer Success<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766750#content\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20766750#content<\/a><\/p>\n<p>In a market where Customer Loyalty is NOT OPTIONAL, customer success management is required.<\/p>\n<ul>\n<li>Customer Success Manager is a Role\n<ul>\n<li>The individuals, team and function that focus on the customer experience.<\/li>\n<li>The intent is to make the customer successful while maximising retention and lifetime value.<\/li>\n<\/ul>\n<\/li>\n<li>Customer Success Management is a business function and discipline.\n<ul>\n<li>Approaches<\/li>\n<li>Frameworks<\/li>\n<li>Best Practices<\/li>\n<li>Groups<\/li>\n<li>Conferences<\/li>\n<li>All to support the people, teams, specialists that practice Customer Success Management<\/li>\n<\/ul>\n<\/li>\n<li>Customer Success is a Approach, Philosophy or Principle.\n<ul>\n<li>Must be adopted by the whole company<\/li>\n<li>Engineering &#8211;\n<ul>\n<li>Build a product that meets the needs of the customer<\/li>\n<li>Adapts as the customer&#8217;s needs evolve<\/li>\n<\/ul>\n<\/li>\n<li>Sales and Marketing\n<ul>\n<li>Qualify end customers that are the best fit for the problem the service solves.<\/li>\n<\/ul>\n<\/li>\n<li>Executives\n<ul>\n<li>Provide the strategy, direction and resources that support Customer Success<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #339966;\"><strong>When the BUSINESS is focused on Customer Success, Customer Success is Guaranteed<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1>15. The Purpose of Customer Success Management<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20243758#content\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/20243758#content<\/a><\/p>\n<p>&#8220;Customer success is not done to prevent churn, retain or upsell.\u00a0 It is done to assure the customer achieves their desired outcome.\u00a0 Everything else comes from that.&#8221;<\/p>\n<p>As a CSM I will be expected to:<\/p>\n<ul>\n<li>Prevent churn (or accurately forecast it)<\/li>\n<li>Renewal<\/li>\n<li>Retention<\/li>\n<li>(All lagging indicators)<\/li>\n<li>This is NOT my purpose<\/li>\n<\/ul>\n<p>As a CSM, my PURPOSE is:<\/p>\n<ul>\n<li>To help people Sales People and Core Prospects when they need it the most.<\/li>\n<li><span style=\"color: #339966;\"><strong>To intimately understand the outcome my customer is intending to achieve with our service.<\/strong><\/span>\n<ul>\n<li>Are they looking to increase their customer loyalty?<\/li>\n<li>Reduce costs while innovating?<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #339966;\"><strong>Whatever My customer is trying to achieve, KNOW IT and make them successful at it!<\/strong><\/span><\/p>\n<ul>\n<li>Understand why they subscribe to our service<\/li>\n<li>What they need to be successful<\/li>\n<li>How can I achieve this while doing the same for all my customers and ensure my own business is successful too.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1>Quiz 1: Market and Foundations Quiz<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/quiz\/4957700#content\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/quiz\/4957700#content<\/a><\/p>\n<h3>A lagging indicator is better or worse than a leading indicator?<\/h3>\n<ul>\n<li>Better<\/li>\n<li>Worse<\/li>\n<li><strong>Both are needed.\u00a0<\/strong>\n<ul>\n<li>Lagging indicators are often quantitative and goal-centric while leading indicators are better predictors of success.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Customer Success is:<\/h3>\n<ul>\n<li>A role, the individuals that make customers successful<\/li>\n<li><strong>A principle. It is a whole company approach to making the customer successful<\/strong>\n<ul>\n<li>Customer Success is a whole company approach to making the customer successful.<\/li>\n<\/ul>\n<\/li>\n<li>A discipline and a business function.<\/li>\n<\/ul>\n<h3>The Subscription Economy is a reference to which of the following?<\/h3>\n<ul>\n<li>Businesses that sell subscription software<\/li>\n<li><strong>Businesses that sell outcomes rather than products<\/strong>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<\/li>\n<li>Businesses that sell operating systems and databases as a service<\/li>\n<\/ul>\n<h3>The term &#8216;Enterprise&#8217; refers to which of the following?<\/h3>\n<ul>\n<li><strong>Application class and company size<\/strong>\n<ul>\n<li>Enterprise can refer to both the size of the business (Large Enterprise) and the class of the application (Enterprise versus Department).<\/li>\n<\/ul>\n<\/li>\n<li>The class of the appkication software as distinct from dpartmental<\/li>\n<li>The size of a customer as opposed to Small, Medium, Midsize, SME or SMB.<\/li>\n<\/ul>\n<h3>What are High Touch customers<\/h3>\n<ul>\n<li>Customers that raise many support cases<\/li>\n<li><strong>Small volume, high value customers<\/strong>\n<ul>\n<li>High touch customers have typically made a large investment and there thend to be few of these in a CSM portfolio.<\/li>\n<\/ul>\n<\/li>\n<li>Customers that have consistently high levels of adoption<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&lt; 3. The Customer Success Market | Home | 5. Measuring Customer Health &gt; 11. Foundations Introduction https:\/\/www.udemy.com\/course\/essential-customer-success\/learn\/lecture\/21338518#overview &nbsp; 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 ..<\/p>\n<div class=\"clear-fix\"><\/div>\n<p><a href=\"https:\/\/wiki.thomasandsofia.com\/?p=3141\" title=\"read more...\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":["post-3141","post","type-post","status-publish","format-standard","hentry","category-customer-success"],"_links":{"self":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/3141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3141"}],"version-history":[{"count":8,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/3141\/revisions"}],"predecessor-version":[{"id":3229,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/3141\/revisions\/3229"}],"wp:attachment":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}