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Submission: On April 13 via manual from IN — Scanned from DE
Effective URL: https://www.customersuccesscollective.com/the-anatomy-of-the-customer-health-score/
Submission: On April 13 via manual from IN — Scanned from DE
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Customer Education: make sure you're leading from the front đ Webinar starting in: 0 0 Days 0 0 Hours 0 0 Minutes 0 0 Seconds SECURE YOUR SPOT Log in Membership Membership MEMBERSHIP PLANS Pick your path PRO MEMBERSHIP PRO+ MEMBERSHIP TEAM MEMBERSHIP WHAT IS INCLUDED? 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May 23 IN-PERSON Events all over the world OUR GLOBAL 2024 CALENDAR CSC MEETUP, ATLANTA | APRIL, 26 CSC MEETUP, TAMPA | MAY, 7 CS FESTIVAL, AMSTERDAM | MAY, 16 & 17 CS FESTIVAL, LAS VEGAS | MAY, 22 & 23 REQUEST TO SPEAK AT ONE OF OUR EVENTS CATCH-UP Never miss a beat CS FESTIVAL VIRTUAL OCTOBER 2023 CS FESTIVAL AMSTERDAM CS FESTIVAL NEW YORK CS FESTIVAL VIRTUAL MARCH 2023 CS FESTIVAL AUSTIN CHIEF CUSTOMER OFFICER SUMMIT LONDON CS FESTIVAL LONDON Community NETWORK Connect and collaborate SLACK COMMUNITY CSC LINKEDIN MEETUPS MEET OUR AMBASSADORS LEARN Level up your career CSC AWARDS | WINNERS 2023 COMMUNITY NEWSLETTER BECOME AN AMBASSADOR CSC CUSTOMER ADVISORY BOARD About THE BASICS Our journey & how to reach us MISSION THE TEAM CONTACT GET INVOLVED Get your name published CREATE & CONTRIBUTE PARTNER WITH US What's new? 1 x close Nothing to display... or view by: Customer retention Customer success metrics Customer success strategies Churn rate Customer marketing Scaling customer success 14 July 2023 14 min read THE ANATOMY OF THE CUSTOMER HEALTH SCORE Membership content PATTI ZACK Read More This article is based on a presentation given by Patti at the Customer Success Festival in Las Vegas, in May 2023. Catch up on this presentation, and others, using our OnDemand service. For more exclusive content, visit your membership dashboard. -------------------------------------------------------------------------------- My name is Patti Zack, and I was recently the Chief Customer Officer at FiscalNote. My entire professional journey has been in the realms of information and financial services, primarily at large-scale companies. This article will cover several areas: * An introduction to customer health * An outline of prevalent industry issues * The methods we used to develop customer health scores, and * How FiscalNote integrated these into its teams' workflows. CUSTOMER HEALTH: ENHANCING ORGANIZATIONAL VALUE AND NAVIGATING CHALLENGES So why do we regard customer health as a critical factor in enhancing organizational value? Iâd like to share two quotes from a McKinsey article. The first quote states: > "Compensating for the value of one lost customer can require the acquisition > of three new customers." This statement resonates with key decision-makers like CFOs. They understand the economic implications and the fact that it takes acquiring multiple new customers just to offset the loss of one. The second quote is: > "80% of the value creation achieved by the world's most successful growth > companies comes from their core business." This significant value creation is mainly due to the unlocking of new revenue streams from existing customers. This realization should serve as an aligned North Star for your product, engineering, sales, and customer success leaders. If there's one common goal to rally around, it should be driving 80% of your organization's value from your core business. THE PROBLEM WHEN IT COMES TO CUSTOMER HEALTH So, whatâs the problem? The challenge arises in an environment with constrained resources, overwhelming data, and escalating pressure to meet objectives. Customer success leaders face the task of unifying efforts and prioritizing the most impactful areas. We often hear phrases like "work smarter, not harder" or "optimize your resources." The first problem is identifying the customers in the most trouble â the ones emitting the âsmoke signals.â Since it costs significantly more to acquire new customers than to retain existing ones, spotting these signals is crucial. Secondly, if 80% of your organizational value stems from your existing customer base, the question becomes, âHow do you cultivate and capitalize on this? How do you navigate the path to unlocking that value?â Re-examining the customer journey to enhance customerâs experience We spoke to Ralph Meyer, Enterprise Customer Success Manager at Procore Technologies, ahead of his presentation at the Customer Success Festival in London. Ralph asks the question: âHow do we shift from a product-focused discussion to solving business challenges?â Customer Success CollectiveGrace Gupta EXPERIENCE-LED DECLINE: MISALIGNED UNDERSTANDING OF CUSTOMER HEALTH In my first few weeks as the Chief Customer Officer of FiscalNote, I decided to pose an essential question to my fellow leaders, each skilled in their respective areas: > "How do we identify healthy and unhealthy customers?" I received a range of responses: * Chief Marketing Officer: "It's all about engagement with our content. If they attend a webinar or interact with our content, we consider them healthy." * Sales and Account Managers: "It's based on the strength of our relationship with the customer." * Product team: âItâs based on product usage and the adoption of key features.â * Success and support team: âItâs the customers' ability to articulate the value they received by the end of the contract or their CSAT score.â * Finance: âItâs the contract value and prompt payment.â After considering all these responses, I realized they were all correct (in their ways). However, this led to a significant issue. Each of these functional teams had different perceptions of what constitutes a healthy customer and accordingly directed their resources towards initiatives they believed would create organizational value. Unfortunately, this mismatch in understanding resulted in confusing customer journeys, misaligned efforts, inaccurate forecasts, wasted resources, and, worst of all, employee burnout due to unclear focus areas. Leaders were constantly shifting focus, causing what I call an "experience-led decline." In this scenario, various customer-facing teams impact the customer in different ways, resulting in a suboptimal customer experience. It's not a product-led decline, or a customer-led decline, but an experience-led decline. Unlock growth potential with the customer health score Are you ready to future-proof your customer success efforts with effective customer health scoring? In this article, Iâll explore the transformative power of health scoring in driving customer success and business growth. Customer Success CollectivePatti Zack THIS POST IS FOR PAYING SUBSCRIBERS ONLY Subscribe now Already have an account? Sign in BECOME A MEMBER TO SEE THE REST Some of our content is only available to Customer Succes Collective members. Join the tribe to unlock this article and much more. Subscribe now Learn more Already a member? Awesome Sign in GET PRODUCT MARKETING CERTIFIED. PMMC⢠unleashes product marketersâ potential. Lauded by leading lights like Facebook and HubSpot, it offers expert insights, priceless tuition, and awesome resources. No topic missed. No page unturned. Get certified Written by: PATTI ZACK As the Chief Customer Officer at FiscalNote, Patti leads efforts to provide customers with a more seamless and impactful end-to-end journey, ensuring they fully benefit from the company's solutions. Read More Get industry insights Join MORE IN MEMBERSHIP CONTENT Members-only FROM ADVERSARIES TO ADVOCATES: HOW TO DRIVE CROSS-FUNCTIONAL ALIGNMENT When it comes to cross-functional collaboration, the journey from recognizing adversarial tensions to fostering a culture of advocacy is both challenging and rewarding. In this article, we share strategies for driving cross-functional alignment.... 10 min read Members-only THE CUSTOMER IN THE DRIVERâS SEAT: OPTIMIZE CUSTOMER EXPERIENCE THROUGH FREEDOM OF CHOICE In this article, Adam Warner shares insights and strategies that have guided inDrive in creating a platform that not only meets but anticipates the needs and preferences of users, setting a new standard for customer service.... 13 min read Members-only YOUR GUIDE TO DRIVING REVENUE GROWTH WITH CUSTOMER SUCCESS In this article, I'm going to be talking about customer success as a growth driver. I hope that what I share is going to be relevant to your daily lives and that it sparks some interesting discussions.... 14 min read Customer Success Collective â The anatomy of the customer health score The Customer Success Collective is a community of forward-thinking CS enthusiasts, all rallied around one, shared goal: providing incredible customer experiences, 24/7. ABOUT * Contribute * Media Guide * Mission * Privacy Policy * Terms of Service RESOURCES * Articles * Newsletter * Podcasts * Reports GENERAL * Events * Membership * Community Learn Customer retention Customer success metrics Customer success strategies Churn rate Customer marketing Scaling customer success newLast chance to join the waitlist! â°