First, the marketing team supplies the sales team with leads. Next, the sales team converts these leads into paying customers. Lastly, the customer success team ensures that these customers derive value from your product and stay with your company.
Customer success teams have been a relatively recent addition to the revenue-generating arm of businesses. For businesses with monthly subscription business models, customer success teams are particularly important, as these teams work to ensure that monthly revenue continues to grow over time. When customer success teams reduce churn, the sales and marketing teams stop trying to fill a metaphorical leaking bucket.
For any team to be successful, team members need to be focused on improving specific, measurable key-performance-indicators (KPIs). Additionally, data on these KPIs must be easily accessible and constantly displayed so that team members can track their progress over time. One way to keep your team up-to-date on their KPIs is by displaying them on a digital smart sign. This digital sign can be placed on a wall in the team office, and team members can track their progress with relevant KPIs at a glance. Below, we will review several important KPIs for customer success teams, and we will discuss how you can display these KPIs on a digital signage dashboard with office TV display software.
1. Rate of cross-sells and upsells
This metric is the number of successful cross-sells or upsells as a percentage of the total number of cross-sell or upsell attempts. For example, if a company has a 50% rate of cross-sells and upsells, this means that one successful cross-sell or upsell occurs for every two attempts. This metric is one way to telling how much value your customers receive from your product and how easy it is for them to interact with your product. If your customer has a valuable and seamless experience with your product, they are more likely to continue to buy from your company and contribute to your company’s revenue growth.
2. Customer Effort Score (CES)
Another important KPI is the Customer Effort Score (CES). Put simply, this metric measures how easy it is for a customer to use your product. To measure CES, simply ask your customer on a five-point scale whether it was “Very Easy” or “Very Difficult” to complete a recent action. You can have CES scores for actions such as purchasing a subscription plan or finalizing account setup. Whatever process you measure with a CES score, be sure to ask the customer immediately after they complete the action. An immediate response will help provide your business with more accurate CES data.
3. Product stickiness
For your customers to stay with your company, it is important that they consistently receive value from your product and (ideally) come back to your product each day. Product stickiness is a broad term that describes how frequently your customers use your product. One way to quantify “product stickiness” is by dividing the number of daily active users by the number of monthly active users. You want this number to be as large as possible, as a larger number indicates that a higher percentage of your users interact with your product daily. One way to improve this metric is by sending reminder emails to customers who have not recently used your product. These emails can include product tutorials and tips on how customers can get the most use out of your product.
4. Most common issue
While customer support teams focus on dealing with everyday bugs and customer questions, customer success teams must pay attention to overall trends in this customer support activity. One important exercise for customer success teams is categorizing and tallying similar customer support issues. While every customer issue is not exactly the same, these issues can be grouped into buckets of related issues. For example, issues with the sign-up process can be grouped together. Teams can then analyze this data and examine where their customers are having the most issues. The customer success team can then coordinate with the company’s software developers to address the root cause of these reoccurring issues.
5. Time to value
Another important metric for customer success teams is time to value, which simply measures the time from a customer purchasing your product to when they actually derive value from your product. Ideally, your team will reduce this metric over time. If the time to value is too long, perhaps customers are not clear on how to use your product and need some additional guidance or support calls. If a long time to value is not addressed, customers will churn unnecessarily without ever having used your product.
Displaying these KPIs with a digital sign
Tracking these customer success KPIs is one thing, however, this tracking is meaningless if the data is not shared with your team frequently. Often, teams hide this data behind a sign in page or in hard-to-navigate software. In these cases, KPIs can quickly become out-of-sight and out-of-mind for your team. To avoid this problem, you can display your KPIs on a digital sign in your office so that your team’s KPIs are always clearly visible to everyone.
To launch a digital sign, you will need digital signage software and a digital signage player. You will also need a data visualization tool such as Grafana for digital signs or Google Slides for digital signs. To learn more about digital signage, check out our tour page. If you’re ready to get started now, sign up for an account with Screenly here.