How can the Customer Success team benefit from Self-Service Analytics?
by Dhiren Patel, Co-founder & CPO
How can the customer success team benefit from Self-Service Analytics?
by Dhiren Patel, Co-founder & CPO
Self-service analytics is a powerful tool that can help Customer Success teams make data-driven decisions and optimize their customer engagement strategy. By giving team members access to data and the ability to analyze it on their own, self-service analytics can save time and resources while improving the accuracy and effectiveness of customer relationship activities.
Here are some specific examples of how Customer Success teams can use self-service analytics platforms:
Customer needs analysis
A customer needs analysis provides detailed insights about customers’ perception on product, brand image, and competitors of an organization. Product development teams and customer relationship managers can ensure that their products or services deliver the benefits, specifications, and features needed to offer value to customers. Self-service analytics can empower these teams to gain direct and timely access to such important insights. They can help identify pain points in the customer’s journey from onboarding to making purchases. With the latest insights in hand, customer relationship managers can modify their communication and messaging to guide and service customers better.
Preferences and expectations
Customer preferences depend and change based on multiple factors that include geographic and demographic changes, changes in income levels, exposure to campaigns and communication channels, brand influencers, and so on. Self-service analytics can identify exactly which factors are meeting customer preference and driving sales in various regions and customer segments. Feedback, social media discussions, customer surveys, service requests and complaints can be analyzed using self-service analytics to extract actionable insights. This way, customer success managers can be prepared to manage customer expectations effectively.
Retention and loyalty
Retaining existing customers is an important part of customer success operations. Loyal customers not only ensure recurring revenue but also act as brand ambassadors to educate and recommend products or services to others. Self-service analytics can provide customer success managers with useful insights on improving customer engagements, identifying gaps in communication, and creating loyalty campaigns and rewards strategies. This way, customer success managers can build strong and long-lasting relationships with their customers.
Customer success metrics tracking
Customer success metrics are powerful indicators based on which organizations can track their performance and revisit their strategies periodically to adapt to the changing business scenarios. With self-service analytics, customer success managers can track various metrics such as customer churn rate, renewal rate, satisfaction scores, customer lifetime value, retention rate, net promoter score, and average revenue per user easily. This way, they don’t have to spend time performing complex technical analysis and can focus on keeping customers engaged with the brand.
Targeted campaigns and offerings
Customer success managers constantly finding ways to communicate better with their customers and promote their products and services effectively. Using self-service analytics, they can find out their preferred way of communication (email, phone, chat, in-person interactions), favorite channel (social media, newsletters, website), topics of interest, and areas of concern. They can evaluate customer experience and find ways to upsell and cross-sell products. Tracking metrics such as upgrade and downgrade monthly recurring revenue can provide insights on how to create optimum subscription plans and set effective pricing strategies. With actionable insights at their fingertips, customer success managers can help create targeted campaigns and personalized offerings to boost revenue.
How can Customer Success teams get started with self-service analytics?
Gather and organize data
The first step in using self-service analytics is to gather all of the relevant data that the team will need to analyze. This can include data from transaction history, customer relationship management (CRM) systems, complaints and service requests portals, and revenue metrics. Once the data is gathered, it should be organized and cleaned to ensure that it is accurate and easy to work with.
Choose the right tools
There are many different self-service analytics tools available, and it's important to choose the ones that are best suited for your team's needs. Some popular options include MachEye, Tableau, Power BI, and Looker. Consider factors such as cost, ease of use, and the types of data and analysis that the tool can handle when making your decision.
Train team members
Once the tools are in place, it's important to train team members on how to use them effectively. This includes not only how to navigate the software, but also how to analyze and interpret the data. It's also a good idea to establish best practices and guidelines for using the tools, to ensure that everyone is on the same page and working with the same data.
Create dashboards and reports
One of the key benefits of self-service analytics is the ability to create customized dashboards and reports that can be shared with the entire team. This allows everyone to see important metrics and insights in real-time, and helps you to make data-driven decisions.
Continuously monitor and optimize
Self-service analytics is not a one-time solution, it should be a continuous process. Customer Success teams should continuously monitor their customer engagement campaigns, and use the data they gather to optimize and improve their efforts over time.
By following these steps, Customer Success teams can effectively use self-service analytics to drive better results and make more informed decisions.
In summary, self-service analytics platforms give Customer Success teams the ability to track and analyze data in real-time, allowing them to make data-driven decisions that can improve the effectiveness of their customer retention strategies, understand customer preferences for different channels and purchase methods, gain insights into customer needs and expectations, and identify pain points to improve customer experience and increase sales.Start Your Free Trial