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Dashboards, Best Practices   |   6 min Read


TOP 5 CUSTOMER SUCCESS METRICS YOU NEED TO TRACK TO GROW YOUR BUSINESS

Susan Perez August 4, 2021




We’re all familiar with the old question “If a tree falls in the woods, but no
one is there to hear it, does it make a sound?” What this question really asks
is if there’s an action, but no one monitoring it and no way to measure it (via
sound), how do we know it happened? While on a philosophical front, this
question asks us to look deeply at what it means to observe, but it’s also
asking about metrics or measurements.

How we gauge what is happening across any landscape, whether forest or business,
means we have to be looking at metrics and measurements. This is especially true
in the customer success sphere. Because the concept of customer success vs.
customer service/support is to be proactive, it means those responsible for
ensuring the success of customer initiatives must be actively monitoring
customer success metrics; they must be in the forest to hear the tree fall.

 

Quick Links

 * What is customer success?
 * Why is customer success important?
 * What customer success metrics should you be tracking?
 * Reporting/tracking customer success KPIs
 * How BrightGauge dashboards can help you monitor customer success

 


WHAT IS CUSTOMER SUCCESS?



Customer success is a way of reframing the traditional service aspect of
customer relationship management. As discussed in our blog on customer success
teams, the language suggests a shift in the way businesses, particularly those
that provide services, view their goals in relation to their customers' goals.


In other words, rather than looking at what we can do for our clients and
customers, we look at what we can do with them. By partnering our success with
theirs, we ensure not only that both of our goals are achieved, but are done so
through the strength and reliability of not just our service but also our
relationship.


Customer success means understanding that when your clients are successful, you
will be too.


WHY IS CUSTOMER SUCCESS IMPORTANT?


The key to business success lies with your customers. If they’re successful, and
your services help deliver those wins, they’ll stick with you. And, if you’re
looking to grow your business and looking at where the revenue is (and how
customer retention is less costly than acquisition) it’s in both up-selling and
cross-selling to your existing customers.


Additionally, happy customers are more likely to spread positive word of mouth
which wins you even more business without investing marketing money. Simply put,
success for your customers is success for you.


That’s just the bottom line. It’s important to look beyond that as well. While
all of the factors impact that bottom line, in many ways business success is
connected to relationship management. There are few better ways to create
lasting relationships than by investing in someone else’s success. It fosters
trust and creates value for your customers. In turn, they’re more likely to be
open to more services or products and more likely to recommend your business.


While it all circles back around to increasing revenue and growth for your
business, one cannot undervalue the connection this relationship strategy
creates between you and your customers.


WHAT CUSTOMER SUCCESS METRICS SHOULD YOU BE TRACKING?



If customer success is so closely tied to your own success or growth, then
tracking customer success metrics is vital. As with any business data, these
metrics can reveal a lot about the health of your organization and about your
customer success initiatives.




1. CUSTOMER CHURN



The first metric you’ll want to pay attention to is churn or the rate at which
customers leave. While some attrition is normal, you’ll want to, first,
establish whether you want to gauge this rate monthly or yearly. Then, you can
determine your churn rate by dividing total customers by those who have left.
Keeping an eye on this number is vital as customers who are successful, who find
value in your services, don’t leave. Any uptick here, especially a significant
one, merits investigation and response.






2. EXPANSION REVENUE



If revenue is income, expansion revenue is the amount of that income that comes
from existing customers. If you have been able to expand the goods or services
they’re purchasing from you, it’s a pretty good indicator that you’re on the
right track. As noted above, happy customers are amenable to up-selling and
cross-selling and so this metric is a good measure of your customer’s success
rate both with your services and with their goals.






3. CUSTOMER SATISFACTION

Customer satisfaction is a metric you should be gauging through surveys as well
as through qualitative measures such as conversations, reviews, and more.
Numbers, like churn and revenue, are great measurements, but they don’t take the
place of talking to customers to learn how they’re feeling. In fact, churn and
revenue will provide the end result, but once you’ve got those numbers, it’s too
late. In contrast, monitoring customer satisfaction can let you know of and
respond to issues before the customer takes action, or before they leave.






4. NET PROMOTER SCORE (NPS)



Especially crucial for service providers, the net promoter score reveals how
likely existing customers are to suggest or recommend your service to others.
NPS is fairly easy to gauge by simply asking how likely a customer is to
recommend you. While asking is fairly easy, this simple score is indicative of
much more. For example, businesses with higher NPS scores than competitors
outgrow them by twice as much. Further, customers who report high NPS scores
have an average lifetime customer value 3-8 times higher than other customers.


In short, NPS is a great way to measure customer health. These customers are
loyal, more likely to spend with you, and more likely to suggest your business
to other potential customers. In terms of value, this can’t be beat.






5. CUSTOMER LIFETIME VALUE (CLV)

 

Customer lifetime value is also a good customer success metric to be focusing
on. As with other metrics, one number reveals far more.

CLV estimates the value of a customer, how much they will spend, during their
relationship with you. To measure customer lifetime value, you’ll want to divide
the average revenue per account by customer churn rate. Once you have your CLV,
you can then start gauging how much you should spend on acquisition which is an
important metric to understand as well.

However, in terms of customer success metrics, your CLV should be growing rather
than shrinking. Growth in this number indicates that customers are staying with
you longer or purchasing more services/upgrading. In contrast, if the number is
shrinking, it’s time to examine whether your customer churn rate is growing as
well or investigate the value of your services. Growth here suggests your
customers see value in your services, enough to continue to invest. 




As with customer success itself, customer success metrics require proactive
monitoring. This stands in contrast to customer service which is typically
responsive. When the client comes to you, you respond. Customer success, on the
other hand, looks at all the metrics, from the ones listed above, to those
codified on an SLA (service level agreement) and more and insists on action
before the customer voices concerns.



REPORTING AND TRACKING CUSTOMER SUCCESS METRICS



Now that we’ve identified the top customer success metrics you should be
monitoring, it’s essential to know what you should be monitoring for. One of the
advantages to using business intelligence tools is the ability to see these
metrics with a visual representation, such as a gauge, but we’ll get to that in
a bit.


The key piece, however, is that you are both tracking and reporting these
metrics to the folks who need to know. For your customers, that means you’ll
need to be providing quarterly business reviews to provide information on SLA
metrics such as response times and ticket times.


For your team, you still need to be reporting and ensuring that the key customer
success metrics are falling within your desired range. Early on, that may be
based on industry standards, but as you perfect your strategies, you may want to
include those metrics in longer term organizational goals.


These numbers may differ based on your industry or the historical performance of
your specific company, but most industry guidelines say you should consider:

- A customer churn rate of no more than 5%.

- Expansion revenue should be 20-30% (minimum) of your business revenue

- A customer satisfaction score of 50 is average, but it really depends on your
industry and, as always, aim higher.
- A net promoter score again depends on industry, but 60 is average across
multiple verticals.

- Customer lifetime value will have to be calculated differently based on
multiple business variables, but there’s a great overview here that will allow
you to assess all of the factors that go into that number.


Understanding the baseline and industry standards for these scores is a good
place to start your tracking, but understanding how your business is performing
is even more essential. That’s why using dashboards is a great way to stay on
top of metrics.




HOW BRIGHTGAUGE DASHBOARDS CAN HELP YOU MONITOR CUSTOMER SUCCESS


One of the biggest benefits of  business intelligence tools is their ability to
put all the data and information you need at your fingertips. In fact, using
dashboards and gauges enables you to see, on one screen, in one location,
without complex coding or manually consolidating data, all the metrics you’re
trying to track for different teams, initiatives, or even individual employees.


BrightGauge’s tools allow you to customize your dashboards and automate reports.
That means you can share your dashboard with your customer success team and
regularly keep your customers informed about the services you’re providing.


Remember, customer success is about providing proactive solutions and being
responsive rather than reactive. If you’re ready to explore how BrightGauge’s
tools can help your team embrace customer success as a strategy, get in touch
with our team today!






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OUR LATEST CONTENT

Customer Success   |   6 min Read


DASHBOARD OF THE MONTH: INTERNAL CLIENT DASHBOARD

As an MSP, tracking the right KPIs is essential to understanding how well your
business is performing. By regularly reporting on their service delivery
processes, TSPs can identify areas of strength and improvement. BrightGauge
dashboards with functional filters assist in tracking service desk ticket
volume, response times, SLA compliance, employee productivity, and utilization.
By sharing this information with your clients, you can build trust and
transparency and demonstrate the value of your services. For this month's blog
edition, we are featuring an Internal Client Dashboard inspired by May's user
showcase webinar Functional Dashboard Filters for Analyzing Team Performance
with Evan Dumouchel, the VP of Operations at Interlaced. The metrics shared are
used at Interlaced to help teams effectively communicate results to clients.
Interlaced is a technology services provider that empowers small and
medium-sized businesses across the country to work in harmony with technology,
enabling them to achieve their missions. They offer a range of services,
including Onboarding and offboarding, End User Support and Mobile Device
Management. Interlaced helps businesses achieve their technology goals and drive
growth through technology. This internally-used client dashboard provides a
comprehensive overview of clients' current health and performance. Interlaced
uses it to monitor and manage metrics frequently asked for by clients. They have
also created functional filters that allow them to search for specific clients
or various date ranges in one click. This enables them to find crucial data
quickly and accurately. Check out the Internal Client Dashboard - view here.
Recreate this dashboard in your BrightGauge Account: Internal Client Dashboard
Internal Client Dashboard Buildout Key Thanks again to Evan for collaborating
with us and for sharing the unique ways you leverage dashboard filters for
analyzing team performance and client metrics! Make sure to visit our library of
more report and dashboard templates, and please feel free to reach out to
success@brightgauge.com with any questions!

Customer Success   |   6 min Read


CEO GROWTH & PROFIT: PRICING AND PACKAGING

Similar to any other Solution Provider business model, how MSPs calculate and
present their prices indicate how well they understand both their profit model
and their ability to convey value in the selling process. Higher operational
maturity MSPs realize that their services merit the customer buying only the
fullest package. They also have a better understanding of their true costs,
which results in a considerably higher fee than the same services offered by the
lower operational maturity MSPs. While it may seem easier to out-price your
peers, because of the service quality and better ability to convey value, the
more expensive MSPs actually close significantly more agreements though still
selling to the same customer profile. In last month's CEO Growth & Profit
webinar, Foundational Excellence: Pricing and Packaging Like the Top Performers,
Rob Bufano, the Service Leadership Solutions Director, reviewed Managed Services
pricing methodologies. He shared how the top quartile of MSPs are creating very
detailed, granular pricing models behind the scenes, while simultaneously
presenting their prices in easy-to-read simple formats for their clients. By
watching this webinar recording, you'll understand: The basics on the OML trait:
Pricing and Packaging The different Managed Services Pricing models What
value-based pricing is Cost structures you should be evaluating and how often
How your pricing, packaging, and discounting effect your margins * Note: If you
are hungry for more knowledge after this webinar series, we recommend checking
out SLIQ, a Service Leadership Operational Maturity improvement product. In
tandem, consider joining an Evolve peer group to take your business to the next
level. Lastly, while not discussed at length in this webinar, you may also want
to read How to Successfully Raise Prices and watch the Path to Success webinars
on the ConnectWise University as your next steps. We're here to help! Schedule a
confidential 1-hour session with a partner success manager at no cost to walk
through creating a basic value creation strategy. We will also discuss your
ownership mode, key profitability metrics, and a few ways you can improve your
operational maturity level. Reserve your place now! NOTE: Spaces are limited. If
you cannot schedule a meeting using the link provided, email us for additional
options on how we can help. If you didn't have a chance to tune in to the CEO
Growth & Profit series live, the Partner Success team combined forces with
Service Leadership to bring MSP owners, CEOs, and executive leadership teams
loads of valuable content across 10 webinars. The series is dedicated to helping
you quickly determine how you're performing on the biggest financial drivers in
your business. Taking it a step further, we also packed each webinar with
practical guidance on how to improve sub-optimal business practices by adopting
the proven methods of best-in-class. Check out all of the webinar recordings in
this series: CEO Growth & Profit Topic Expert Watch Now! Making Service
Profitability Decisions the Way the Top Performers Do Paul Dippell, Founder,
Service Leadership https://bit.ly/service-profitability Making Sales Investment
Decisions the Way the Top Performers Do Rob Bufano, Service Leadership Solutions
Director bit.ly/sales-investments Tracking your Financials the Way the Top
Performers Do Rob Bufano, Service Leadership Solutions Director
bit.ly/tracking-financials Key to Success: Knowing your Ownership Mode Brad
Schow, VP, Consulting Services, ConnectWise bit.ly/ownership-mode Getting to
Goal: Knowing your Value Creation Strategy Brad Schow, VP, Consulting Services,
ConnectWise bit.ly/value-creation-strategy Getting to Goal: Putting your Value
Creation Strategy into Action Brad Schow, VP, Consulting Services, ConnectWise
bit.ly/value-creation-action Foundational Excellence: Choosing your Target
Customer Profile Peter Kujawa, VP, Service Leadership & TSP Evangelist
https://bit.ly/target-customer-profile Foundational Excellence: Driving
Technology Standards Peter Kujawa, VP, Service Leadership & TSP Evangelist
https://bit.ly/technology-standards Foundational Excellence: QBRs as your Scale
Engine Peter Kujawa, VP, Service Leadership & TSP Evangelist
https://bit.ly/QBRs-scale Foundational Excellence: Pricing and Packaging Rob
Bufano, Service Leadership Solutions Director https://bit.ly/pricing-packaging
To watch previous webinar recordings, use the links above or visit our webinars
page. Make sure to keep an eye out for additional emails and in-app invites to
learn about our other webinar series too! As always, we love your feedback and
your questions, so shoot our success team an email any time!

Customer Success   |   6 min Read


CEO GROWTH & PROFIT: QBRS AS YOUR SCALE ENGINE

A quarterly business review (QBR) is a recurring meeting between a company and
its clients where they discuss service delivery, satisfaction, and future
expectations. For MSPs, quarterly business reviews provide a opportunity to
truly become their clients' strategic technology advisors. They enable MSPs to
deliver the highest value by becoming an active player in the IT budget
planning. When these quarterly meetings are done right, they'll also enhance
your relationship with the right people within your clients' organizations,
naturally improving retention. That's why top performing MSPs have mastered the
art of conducting value-driven QBRs. In last month's CEO Growth & Profit
webinar, Foundational Excellence: QBRs as your Scale Engine, Peter Kujawa, VP of
Service Leadership and TSP Evangelist, reviewed the components of a successful
quarterly business review. Peter also reviewed how to effectively plan and pay
for QBRs in a way that will simultaneously strengthen your relationships and
improve profitability. By tuning in, you'll receive pointed advise on how to
make a QBR productive and profitable, and how to squash any objections to
conducting QBRs from your internal teams. By watching this webinar recording,
you'll understand: The basics on OML trait: Quarterly Business Reviews Why
effective QBRs are so important vCIO responsibilities and staffing levels What
best-in-class include in their QBRs The components to a successful Quarterly
Business Review * Note: If you have access to the ConnectWise University, check
out the QBR Partner Kit. (If you are not already logged into the University, you
will need to click the link twice.) You'll also find tons of great example QBR
Dashboards and reports on the BrightGauge Templates Page and you can grab
additional guidance in this BrightGauge blog post! We're here to help! Schedule
a confidential 1-hour session with a partner success manager at no cost to walk
through creating a basic value creation strategy. We will also discuss your
ownership mode, key profitability metrics, and a few ways you can improve your
operational maturity level. Reserve your place now! NOTE: Spaces are limited. If
you cannot schedule a meeting using the link provided, email us for additional
options on how we can help. If you didn't have a chance to tune in to the CEO
Growth & Profit series live, the Partner Success team combined forces with
Service Leadership to bring MSP owners, CEOs, and executive leadership teams
loads of valuable content across 10 webinars. The series is dedicated to helping
you quickly determine how you're performing on the biggest financial drivers in
your business. Taking it a step further, we also packed each webinar with
practical guidance on how to improve sub-optimal business practices by adopting
the proven methods of best-in-class. Check out all of the webinar recordings in
this series: CEO Growth & Profit Topic Date/Time Expert Watch Now! Making
Service Profitability Decisions the Way the Top Performers Do August 3rd, 1pm
Eastern Paul Dippell, Founder, Service Leadership
https://bit.ly/service-profitability Making Sales Investment Decisions the Way
the Top Performers Do August 25th, 1pm Eastern Rob Bufano, Service Leadership
Solutions Director bit.ly/sales-investments Tracking your Financials the Way the
Top Performers Do September 22nd, 1pm Eastern Rob Bufano, Service Leadership
Solutions Director bit.ly/tracking-financials Key to Success: Knowing your
Ownership Mode October 12th, 1pm Eastern Brad Schow, VP, Consulting Services,
ConnectWise bit.ly/ownership-mode Getting to Goal: Knowing your Value Creation
Strategy November 16th, 12pm Eastern Brad Schow, VP, Consulting Services,
ConnectWise bit.ly/value-creation-strategy Getting to Goal: Putting your Value
Creation Strategy into Action December 7th, 1pm Eastern Brad Schow, VP,
Consulting Services, ConnectWise bit.ly/value-creation-action Foundational
Excellence: Choosing your Target Customer Profile January 12th, 2pm Eastern
Peter Kujawa, VP, Service Leadership & TSP Evangelist
https://bit.ly/target-customer-profile Foundational Excellence: Driving
Technology Standards February 15th, 11am Eastern Peter Kujawa, VP, Service
Leadership & TSP Evangelist https://bit.ly/technology-standards Foundational
Excellence: QBRs as your Scale Engine March 16th, 1pm Eastern Peter Kujawa, VP,
Service Leadership & TSP Evangelist https://bit.ly/QBRs-scale Foundational
Excellence: Pricing and Packaging April 20th, 1pm Eastern Rob Bufano, Service
Leadership Solutions Director https://bit.ly/pricing-packaging To watch previous
webinar recordings, use the links above or visit our webinars page. Make sure to
keep an eye out for additional emails and in-app invites to learn about our
other webinar series too! As always, we love your feedback and your questions,
so shoot our success team an email any time!

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