It’s 2024. Customer expectations are rising, economic factors are uncertain, and businesses are adapting, prioritizing retention and maximizing the value of existing customers.
When it comes to metrics, Net Revenue Retention (NRR) is taking center stage. Companies are looking to maximize NRR by focusing on efficient product usage, cost-saving strategies, and proving ROI.
But who is ultimately responsible for owning the expansion of existing customers?
Our CEO, Jen, sat down with Stephen McBride (Sr. Manager, Customer Success at Hubspot) to talk about the integral role of Customer Success when it comes to expansion.
Hubspot’s Stephen McBride on the Role of Customer Success in Retention & Expansion
- CSMs need to excel at helping customers calculate the ROI they’ve achieved with the product.
- A tight ROI calculation ensures customers realize the value of their investment, making them more likely to stay and expand their usage.
Focus on Adoption & Usage
- Customer Success teams are evolving into advocates and shepherds, guiding customers to make the most of the product.
- Emphasis on adoption and usage ensures customers not only stay but thrive, becoming loyal advocates themselves.
- Data from tools like Gong is instrumental in understanding customer interactions.
- AI can help pinpoint critical customer touchpoints and interactions, providing valuable insights for CSMs.
- AI can significantly reduce the time CSMs spend researching and digging through data, allowing them to focus more on customer-facing activities.
- While AI can provide draft responses, personalized and tailored communication is still the gold standard in Customer Success.