The Impact of Customer Success on Business Practice | Global Edition

Customer success has changed the way business operates. Think of how products were generally sold. There was no need for continuous touches with the customer, and therefore no need to create a model for continual engagement. Today we have high-touch, low-touch, tech-touch and hybrid models in between—all designed to keep the customer loyal to your business.In this special global edition, we hear from our Canadian team:· Bibi Sofowote, Producer and Host of Interesting Humans Podcast · Sarah Poonawala, Channel Account Subscription Specialist at Ingram MicroWith the advent of subscriptions comes an increased need for partner engagement. Subscriptions cater to the needs of all business types from enterprise to SMBs and jive with the shift from capital expenditure to operational expenditure—falling somewhere in the middle of both models.It only costs about 10% or less of your annual recurring revenue (ARR) to maintain customer success management. And it costs six times more to recruit a new user than to retain one. The emphasis should not be on what is being sold at the beginning of the lifecycle journey but on maintaining a healthy partner relationship. Customer success enables customer retention. The customer success manager can ensure the customers utilize all the product features, not only one or two as is the common practice, and therefore increase the chance of renewal due to an increase in the value realized from products and services (solutions).Want to know more? Connect with the Canadian CX team on our Express Hub.