According to SaaS Capital (2017), companies having customer success strategies experience up to 40% more revenue and up to 50% faster business growth! Therefore, it is becoming clearer and clearer that customer feedback management is necessary for a company to be successful. However, taking responsibility for your company’s customer reviews budget can seem like a daunting task! There are so many different ways to spend money on customer feedback. Moreover, without having any experience, it is difficult to know which one is going to bring the most returns. Read below to find out our 4 suggestions for top notch ways to spend your customer reviews budget!
1. Assess your customer success maturity
It is important to spend some time and effort in the beginning to establish how mature your customer success is. Think about what your company’s needs for feedback management are and how best to fulfil them. A start-up or a small business has different needs than an established corporation and therefore should have a different budgeting strategy. Do you already have some online reviews or are you starting from scratch? Are you focused on collecting reviews or analysing the data? Do you have any negative reviews you need to address urgently? Are you looking into automating the customer feedback process? Answering those questions can help you clarify at what customer success stage your company is. Once you are positive about what your needs are, the next step is to think about your goals.
2. Set your customer success goals
In our previous article “5 Things About Customer Reviews Your Boss Wants to Know” we discussed how customer success is not just done for itself, but it also helps your company save money on advertising, R&D and marketing. Moreover, it will also improve the management’s decision-making. Therefore, it makes sense that customer success should not just be a department in your company, completely in a vacuum. It should rather be a mindset used by each individual employee and department. This will help you set the customer success budget by giving it context. Moreover, setting your goals will assist you in assigning the budget. For example, by investing in feedback management you can reach the goals of reducing churn levels, standardizing processes, increasing your revenue, and increasing customer loyalty and word-of-mouth marketing.
3. Invest in a customer feedback management tool
Keeping track of the customers’ feedback without any tool means that you will have to invest more in hiring employees to manually perform the tasks otherwise done by a software. Moreover, this would take your employees much longer time than it would a software and the possibility of a human mistake is always looming. Nowadays, there are plenty of reliable, cheap online options for customer feedback management. Investing in one is probably the decision which will save you the most money in the long term and will increase your returns. Various online tools offer different functionalities, such as sending surveys, collecting the data, showing analytics, have a tracking tool and showing historical data. You can clearly see what your customers think about a certain product or branch of your business and take decisions accordingly! Faster and clearer customer feedback translates into more incoming business and better financial performance.
4. Invest in developing your team
As Customer Success is relatively a new area in the business world, it is important to invest resources in developing your team. Offering them trainings can go a long way, as they will be the ones making recommendations to the management based on the reports produced by the online tool. Since your customer success team will be the team closest to your clients, it is important to invest in them and to make sure they have the necessary skills to excel in their job. After all, there is no dollar sign you can put on your customers’ loyalty and satisfaction with your products.
When deciding what to spend your customer success budget on, always have in mind that investing in customer feedback management can save you a lot of money in marketing, market research, customer service, customer acquisition and retention, advertising, etc. Always remember: customer success is not a cost centre, it is a growth driver.