As we are aware, SaaS and other recurring revenue models have three core stages critical to their success – acquiring customers, retaining customers and monetizing customers. For each of these core stages, there are 5 insights that can be applied.
After reading the Five Rings of Buying Insight, it occurred to me that these insights could easily be applied to customer success. Your organization should be constantly thinking about your product, your prospects, your customers and these 5 insights.
- Priority Initiatives – “What caused the customer to invest in your solution, and how are they different than your existing customers?” What three to five business goals is your customer trying to achieve with your product? It’s not about you or your product but their outcomes.
- Success Factors – “What operational or personal results does the customer expect from your solution?” To understand the customer’s Priority Initiative, identify what tangible or intangible rewards they associate with success.
- Perceived Barriers – “What concerns keep your customer from fully adopting your solution?” What could prompt the customer to question whether your company or solution is capable of achieving his or her Success Factors?
- The Buyer’s Journey – “…reveals the behind-the-scenes story at each phase of their lifecycle.” What process does this customer follow in using your solution that can overcome the Perceived Barriers and achieve the Success Factors for adoption and retention?
- Decision Criteria – “Which aspects of your offering do your customers perceive as most critical, and what do they expect from each one?” What aspects of your product will the customer assess in evaluating your solution and what growth opportunities are available?
Your customers will reveal the buying decision you need to influence – telling how, when and why the buyer engages to choose you or a competitor or to stick with the status quo. You as in growth opportunity, your competitor as in churn or status quo as in retention.
How will you apply these 5 insights to spotlight customer growth?
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