79% of marketers state customer experience strategies need to focus on customer retention. Yet, according to McKinsey and Company, there’s too much focus on churn reduction with a lack of consideration on what the customer wants.
When thinking about common metrics used in customer success – e.g. customer health scores – these are in-the-moment snapshots designed to communicate the likelihood of churn. They do not consider what it is the customer wants to achieve and whether they are on track to achieve this. To do this, you need customer success vectors.
A customer success vector gives the here-to-here journey a customer has with you, detailing where they are at today, where they will be tomorrow, and where they want to go.
In this Process Street article, I’ll explain what a customer success vector is, and why you need to supplement your customer experience metrics with vector measurements. You’ll learn how to ensure your customer success vectors are actual vectors with my 5 top tips. By the end of this article, you’ll be able to leverage success vector results to drive growth from the customer’s perspective, and consequently, from the perspective of your bottom line.
- Customer health score: Moving from a customer success KPI to a KSI
- Customer success vectors describe the customer’s maturity and where they’re heading
- 5 tips to ensure your customer success vectors are actual vectors
Let’s jump to it!