TSIA’s annual report on The State of Customer Success is quickly becoming a go-to resource for monitoring and tracking the role of customer success in the technology services industry. But what does it mean for you and your business?
We’ve reviewed the report and put together a list of the three major takeaways you need to know.
#1: How to Operationalize the Customer Journey
This report is clear: many of TSIA’s associated companies have made customer success a dedicated function. This number is up 17 percent since 2017, from 53 percent to 70 percent (p. 3). Despite this, data in this report shows that only 28 percent of companies have been able to operationalize their customers’ journeys (p. 5).
One possible explanation for this low rate of adoption is the significant investment in both time and money it takes to fully operationalize customer journeys, including comprehensive journey mapping, creating plans for success, and distributing and enforcing playbooks for employees. The intention of diligently implementing these steps, outside of bettering the overall experience you give your customers, is to empower teams to see exactly where a customer is in the process and better understand how they need to be supported at a given stage in their journey.
TSIA asserts that this investment will unfailingly yield significant results, as companies who do it are “achieving a three percentage point increase on their dollar retention rates” (p. 5).
#2: Taking An Analytics-Centered Approach to Customer Success
The next major takeaway from this report stems from the idea that operationalizing the customer journey provides much-needed transparency in and agency over the process. TSIA encourages users to scale their customer success by implementing an analytics approach to customer success with help from technology to process that information.
According to TSIA, an analytics approach is intended to improve outcomes by leveraging data in the organizational phase of customer journey mapping and monitoring. Obtaining metrics on each stage of a customer’s journey is important, but being able to transfer this data into digestible, meaningful insights is even more crucial to a business-level understanding of what’s working and what isn’t.
#3: The Necessity of Dedicated Customer Success Work Management Systems
Of course, analytics can’t exist without the right technology to extrapolate and interpret them. Work management systems that are designed to improve, monitor, and manage customer onboarding and success initiatives have gained a lot of popularity in recent years. Since the beginning of 2018, the number of companies in the TSIA network that utilize dedicated customer success platforms has increased by 15 percent, from 32 percent to 47 percent (p. 10). That’s a significant jump in roughly a year and really shows the rising commitment to, and need for, these types of systems. This report recommends investing in the kind of technology that spurs automation and increases efficiency via “consumption monitoring, customer experience analytics, and customer success work management” (p. 5).
TaskRay is proud to offer solutions that meet the needs outlined by TSIA for companies looking to revolutionize the way they think about customer success. We understand how crucial it is to offer seamless onboarding and experiences to your customers throughout their journey. Our software makes it easy to enjoy insightful visibility into your processes and gain a step-by-step view of each customer’s journey to maximize their success.
Interested in learning more? Schedule a call with us here.