Research shows that a 5% increase in customer retention rates can boost profits by 55%.
With this in mind, when it comes to customer success, it’s important you play your cards right to retain your customers.
In this Process Street article, we draw from McKinsey & Company’s post, Introducing customer success 2.0: The new growth engine. What’s more, thinking about customer success, we ask, how can you ensure you’re implementing customer success 2.0 strategies?
To help you get started, I’ve put together your essential software stack to execute customer success 2.0. Using this list, you can easily execute the five critical elements that’ll instill a customer success philosophy in your organization. But before all, let’s quickly recap the basics, and define the difference between customer success 1.0 and 2.0.
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- Customer success 2.0 vs. customer success 1.0
- Customer success 2.0 software stack to execute the McKinsey Model
- Comparing customer success 1.0 with customer success 2.0 in practice
Let’s jump right to it