Did you know that it costs 16 times more to build a long-term business relationship with a new customer than simply to cultivate an existing customer? There are countless reasons why SaaS and MarTech customers attrit, but one of the biggest reasons why customers leave companies is because of a lack of resources to get the most from a product.
In other words, companies purchase products that they can’t use because they don’t have the resources to implement the tool or execute on their goals.
The problem comes down to resources. Your customers need to have the right people, at the right time, every time. If you provide them with that, you’ll reap the benefits — giving customers access to on-demand experts can drive success both for your customers and your customer success and professional services teams.
Reduce Attrition and Increase LTV
Delivering growth in software revenues and minimizing customer attrition are the ‘holy grail’ goals of many MarTech companies. Happy customers are the most cost-effective way to drive revenue and increase customers’ lifetime value. With a base of successful customers who want to spread the word about your business, you create a cycle that can greatly improve your acquisition costs. Since many software companies depend on customers renewals after their first year to make money, creating an exceptional customer experience is a must.
When customers feel assured that they have the resources needed to implement new technologies and drive ROI from their MarTech investments, they’re also more likely to consider your Customer Success team’s cross-sells and upsells — and the potential for referrals increases. After all, “existing customers are 50% more likely to try new products and spend 31% more when compared to new customers.”
Reduce Strain on Internal Teams
As marketing technology companies grow, many build their own professional services teams. Others rely on agency or partner ecosystems, building directories of certified consultants that their customers can engage. In other cases, their customers find freelancers on their own, through networks like Upwork, Fiverr, and Catalant.
For the sake of this blog post, we’re focused on that first group of companies: the ones with internal services teams. Customer Success and Professional Services teams are a match made in heaven. Your Customer Success team needs Professional Services to deliver high-quality consulting to their customers to not only drive customer satisfaction and ROI, but also to take some burden off the Customer Success team.
At the same time, your company’s Professional Services providers need to work with people who are talking to customers every day, understanding their challenges, and trying to determine the best way to improve the use of your product, in order to pinpoint the opportunities for selling additional services. Conveniently, your Customer Success team is doing just that.
When either team identifies a gap in a customer’s ability to get full value from your MarTech, it’s important to have the resources available to act quickly. Usually, those resources are human — and at Torchlite, we like to call them “Flexperts.” These flexible experts are available on-demand through your own marketplace of vetted digital experts. The best part? You can access, engage and manage them all in one place. This eliminates the opaque relationships created when your customers use outside platforms like Upwork.
Buy More Software and Functionality
For customers to maximize their investments in certain MarTech applications, there can be a heavy need for professional services. Tools created with a self-service approach don’t always require extra help, but many large and complex tools require expert help in order to set up and optimize them. For example, Salesforce customers may need an expert to help them set up the platform while tools like Zendesk or Shopify don’t require as much assistance.
When you provide your customers with relevant, convenient expertise, they may be more inclined to buy more from your company. By connecting your customers with the right people, you are not only selling more software — you’re selling the confidence that customers can use your tool to reach their goals.
Torchlite brings MarTech companies unprecedented visibility and control into their entire professional services delivery model and supports how their customers engage and realize ROI through their platform. Torchlite helps ensure that your customers become more “sticky” and successful. Interested in learning more? Request a demo of Torchlite today.
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