SBI, The Growth Advisory Are You Maximizing Recurring Revenue with Customer Success?
Joining the SBI podcast show is Nick Mehta, the CEO of software company Gainsight, the global leader in the customer success category. Many CEOs are moving their revenue models to recurring revenue as this type of revenue creates more enterprise value than transactional revenue. As a result CEOs have become strategically focused on revenue retention, customer renewal rates, and customer life time value.
Nick literally wrote the book on customer success and with his company Gainsight, created the category. If generating more revenue that is recurring is on your strategic priority list, this show is for you.
Why this topic? Business models are changing from transaction-based revenue models to subscription-based revenue models. Companies dependent on recurring revenue must pay special attention to customer renewal rates, revenue retention, and customer lifetime value. As a result, reactive customer service approaches, built to lower the cost to serve, are being replaced with proactive customer success approaches, built to increase the revenue per customer.
When your customer becomes more successful as a result of using your product, they buy more of it. And when your customer is unaware of how you have contributed to their success, they attrite.
Greg and Nick leverage the How to Make Your Number in 2018 Workbook. Turn to the Sales Strategy section and flip to Phase 15, Customer Success found on pages 411 – 416.
Listen to the first segment as Nick describes what is customer success, what type of businesses should be investing in it and what value customer success promises to create.
The second segment of the show is focused on how customer success lowers the cost to serve customers and increase the lifetime value of a customer. Also, how do companies fund a customer success department.
Our final segment of the show explains what is the profile of the leader of the customer success department, who should this person report to and how should this person be measured and compensated.