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SVA - CS > Intro to CS > Flashcards

Intro to CS Flashcards

(51 cards)

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1
Q

The Customer Success Equation

A

CS = CO + CX

customer success = customer outcomes + customer experience

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2
Q

How does a customer go from sales to customer success

A

SDR > AE > CS

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3
Q

From sales to customer success: What does the SDR do?

A
  • find new leads that match ideal customer profile/target persona
  • initial outreach to new leads
  • qualifies prospective customers
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4
Q

From sales to customer success: What does the AE do?

A
  • product demos w/ qualified prospects

convert prospects into customers by closing deals

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5
Q

From sales to customer success: What does the CSA do?

A
  • ensure best possible use of the product by the customer
    drive adoption and retention
    increase revenue the customer recommendations
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6
Q

A brief History: Before SaaS…

A
  • software was purchased in a box with no support

- No CS before 2004

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7
Q

A brief History: After SaaS…

A
  • software delivery moved out of the box and into the cloud
  • subscription model
  • all customer needed a web browser and a computer to operate their new digital purchases
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8
Q

A brief History: two overarching questions emerge after SaaS which prompt the need for CS

A
  • How to keep customers? (retention)

- How to get them to buy more (expansion)

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9
Q

CSM combines many job functions including

A
  • account management
  • customer service
  • technical consulting
  • customer advocacy
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10
Q

What is a CSM?

A

the person responsible for managing customer engagement, retention, and growth while ensuring the customer meets their short and long term desired outcomes

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11
Q

Define retention

A
  • keeping customers customers.
  • the rate at which you keep them over a certain period of time AND..
  • the revenue associated with them
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12
Q

retention starts and lands on…

A

starts with sales, lands mostly on CS

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13
Q

define churn

A
  • opposite of retention–losing clients.

- when a customer decides they no longer want to be our customer

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14
Q

renewal

A
  • customer continuing their subscription
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15
Q

adoption

A

customer using the product continuously and widely

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16
Q

adoption can be managed by

A

onboarding, training, and getting them to use it within a short period of time (90 days or less)

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17
Q

engagement

A

company’s interactions with customers

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18
Q

CSM approach to engagement

A

“success for all”–every connection has to feel special

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19
Q

ARR means

A

Annual recurring revenue

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20
Q

ARR is..

A

the annual contract value for any given customer

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21
Q

ARR is aka

Study These Flashcards
A
  • total contract value
  • total annual value
  • annual contract value
22
Q

MRR means

Study These Flashcards
A

Monthly recurring revenue

23
Q

MRR is…

Study These Flashcards
A
  • monthly version of ARR

- ARR/12

24
Q

How do SaaS companies manage their customers over time?

Study These Flashcards
A

lifecycle stages describing their evolution with the company

25
QBR means
Quarterly Business Review
26
QBR is
a quarterly meeting that may occur with your customers in which you review their use of the product & its value to them over the prior 90 days, as well as advise them for the next 90.
27
QBR is aka
- executive business review | - business review
28
business reviews don't have to take place quarterly, then can also take place...
once or twice a year, or even as frequently as every month
29
NPS means
Net promoter score
30
NPS is
lead indicator of customer health and loyalty
31
NPS score segments
``` Detractors = 0-6; can churn easily Passives = 7-8 (satisfied, but not committed) Promoters = 9-10; loyal and enthusiastic about product, will likely renew, buy more, and refer you to others. ```
32
NPS: Detractors
0-6; can easily churn
33
NPS: Passives
7-8; satisfied but not completely committed to your product | - indifferent; susceptible to competitors
34
NPS: Promoters
9-10; loyal, and enthusiastic about product, likely to renew, expand, and refer
35
upsells
- another type of recurring revenue for SaaS companies | - revenue gained from an existing customer by adding features, extending licenses, or new/additional products
36
cross-sells
- when additional products, services, or licenses are sold to a new individual, team, program, dept., or division within a large existing customer
37
downsells
when an existing customer wants to renew their contract, but at a lower contract value than the previous term
38
net renewal rate
total value of contacts renewed and expanded, minus contract value churned (includes downsells).
39
Why is the Net Renewal Rate so important?
- most fundamental business metric in CS | - most important performance indicator for most CSM teams
40
customer rates
- customer retention rate (customers kept) | - customer churn rate (customers lost)
41
Revenue rates
- Revenue retention rate(revenue kept) | - revenue church rate (revenue lost)
42
CS Lifecycle stages
- consideration - purchase - onboarding - adoption - renewal - referral
43
CS Lifecycle stages: consideration
- customer finds your products, maybe the brand recognition online, advertising, word of mouth and then begin to research an consider using your solution
44
CS Lifecycle stages: Purchase
- customer has weighted their options and are entering into a contract with you.
45
CS Lifecycle stages: Purchase; CSM application
- important that the customer's goals and the value they expect from the product is communicated explicitly to the CSM assigned to them - a SOW (statement of work) has been drawn and attached to the contract -
46
CS Lifecycle stages: Onboarding
- Customer starts to configure the product in preparation for use
47
CS Lifecycle stages: Onboarding; CSM application
- main objective is to bring them to the point of installation and use asap. CSM should be analyzing their progress during this phase
48
SOW means
Statement of Work
49
SOW is
- Document attached to customer contract - Defines how the product will be implemented and what resources will be required by the customer and company - SOW serves as a roadmap for guiding the customer to their initial desired value through the onboarding process
50
CS Lifecycle stages: Adoption
Customer is now using the product
51
CS Lifecycle stages: Adoption; CSM application
- critical to track their product usage, activity, and progress toward defined milestones - emphasize that we keep the lines of communication open with us (CSM) and support

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