Hello, everyone, I’m Swati Chopra, Senior Director of Customer Success at McAfee.
In this article, I’ll be discussing the customer success metrics you should be tracking at each and every stage of the customer lifecycle. With them, you can drive retention and ensure your customer success function is successful in delivering value to the customer.
So first of all: why is it important to define trackable metrics for customer success?
This was research by Forrester, and you’ll see that 72% of businesses say that improving customer success is their main priority. And if you go ahead and look online, you’ll see that every company is trying to set up a customer success unit or trying to improve it.
What is the reason they’re trying to do that? This quote gives you the right answer in just a few words.
Customer success is where 90% of the revenue is, why? Because customer success drives your renewal. And it’s not just renewal it helps with, it helps you expand the business, so your net new also comes from customer success. It’s why it’s the key element for every company, to make sure they try their customer success very aggressively, they're operationally savvy, and they have the right metrics set up in place to track the deliverables of their CSM or their customer success team.