Much like marketing automation revolutionized marketing teams, new CSM solutions have the capacity to accelerate the productivity and efficiency of Customer Success teams.
In this installment, we'll explain how CSM solutions with Customer Analytics can also improve product value and help create more effective marketing campaigns.
We'll also highlight how these analytic capabilities provide Customer Success teams with the data they need to inform product managers, marketers and management as to what's working, what's not working and what needs improvement.
Previously, we’ve described how CSM solutions can collect a variety of customer data (i.e. behavior, attributes, subjective) and apply predictive analytics to determine which customers need attention.
Another form of analysis called descriptive analytics can similarly be applied to this rich set of customer information. In our last installment, we showed how analytics can be used to measure the impact of, and improve CSM practices.
These same analytic tools can also help businesses identify where improvements can be made in their product and in their marketing.
We call this type of analysis Customer Analytics.
Capturing and analyzing detailed product usage to understand how customers use a product is not new. There are several analytics solutions that show product teams how frequently individual features are used, as well as let them apply analytic tools like cohorts for tracking stickiness or funnels to see how easily users complete tasks.
CSM solutions that incorporate similar analytics can deliver much more valuable insight than basic analytics tools because they are not limited to product usage data.
Rather than simply viewing which features are used most frequently, for example, you can understand feature usage by different customer segments (e.g. by industry, stage, size, geography).
Customer Behavior Analysis
Even more interestingly, you can compare and analyze behavioral differences between successful customers (e.g. those with a high health score) and accounts who are at risk of churning. You might discover that certain features used mainly by successful customers provide more value, and initiate campaigns to drive usage of those features by other customers.
By understanding the profile of successful customers, marketing teams can target more potential leads that fit this mold. Focusing acquisition programs on customers who are more likely to succeed with your solution can accelerate the growth of your company.
Customer Analytics can also help to understand the factors that affect success within different segments, allowing the marketing team to create campaigns and product messaging that more directly target customer pain points.
Customer Analytics also provides Customer Success teams with the data they need to inform product managers, marketers and management as to what’s working, what’s not working and what needs improvement. Critical feedback no longer has to be based on anecdotal evidence – indisputable data accelerates the improvement process from conversation to action.
The actionable insight from Customer Success analytics is substantial.
To learn more, grab our eBook: Customer Analytics that Drive Customer Success.