Leading organizations use customer success metrics (CSMs) to measure the performance of their customer success strategies and team execution.
In this blog at Business2Community, Burke Alder covers the four top-notch categories of CMS. These categories were developed by top customer success leaders.
Customer success metrics lay the foundation of growth. Here is how to measure and monitor it if you wish to improve and grow further:
- Financial Metrics: If the existing list of customers is the lifeblood of software as a service (SaaS) venture, then financial metrics is the heartbeat of the SaaS firm. It provides an aerial view of the overall financial health of the organization which may turn into a strong indicator of the long term growth and scalability.
- Customer Health Metrics: It helps the SaaS companies to identify users that are getting the desired impact from a solution and are likely to renew it. CSM includes more than product usage metrics. By taking a holistic approach at overall customer experience, the SaaS companies can determine the wellbeing of their customer base and may take actions to improve the retention rate.
- Usage Metrics: The way customers use a product or service can establish a unique image of it in the market that should not be overlooked. CSM can help in improving multiple business areas beyond customer success.
- Team Performance Metrics: Team effectiveness reaches far beyond even if the CSMs hit the desired targets or not. The customer success leaders know that renewal quotas only paint part of the picture. The renewal and churn happens for multiple reasons that are not directly related to team performance. Looking at all aspects of CSMs, customer success teams and leaders working together to drive results is vital.
Click on the following link to read the original article: https://www.business2community.com/customer-experience/customer-success-metrics-4-categories-to-measure-customer-success-performance-02182990