B2B Customer Success
More and more B2B companies are switching to a “subscription” model where the economic value of a customer is realized over time instead of upfront at the initial sale. This means that the duration of the customer relationship has a greater economic impact on the company’s financial health. Being successful in this new economy increasingly requires that companies actively manage engagement with their customers instead of just focusing on making the sale. Actively managing customers reduces churn, increases revenue, and influences new sales.
With more and more B2B companies switching to a “subscription” model, the traditional customer touchpoints are no longer enough. To be successful, companies need to actively manage and personalize the experience for customers during their entire life and not just during the initial technology sale.
This shift has re-defined the goals for Account Management, Sales, Support and Engineering.
For a subscription or recurring revenue business to be successful, it has to make the shift in mindset from acquiring new customers to retaining, nurturing, and growing existing customers. Driving customer success in this new B2B world requires companies to not only understand customer requirements but also evolve offerings based on a data-driven understanding of the customer, elongate customer life time with tailored offers, retain customers with high churn risk and resolve issues efficiently through customer’s preferred medium.
B2B organizations like datacom companies, ISVs, smart device manufacturers and network equipment providers are investing in Customer Success.
Mindtree’s Customer Success Solution helps companies provide their customers with appropriate experiences across all touchpoints. Our solution consists of data-enriched offerings, with Machine Learning and AI integrations, that make customer engagement predictably proactive rather than reactive.
Our goal is to help businesses retain and grow the existing customer base by relentlessly monitoring engagement and health to drive higher customer lifetime values as well as help in identifying high quality leads for a higher rate of conversion.
Mindtree’s B2B Customer Success Solution covers the entire customer lifecycle - influencing the early stages and impacting the later stages. (See Figure 2)
Mindtree provides clients with the ability to get started quickly and confidently on their Customer Success journey. Some of the key enablers that allow us to be your preferred Customer Success partner are:
- Our values - collaborative spirit, unrelenting dedication, and expert thinking that help us see possibilities
- Expertise-driven solutions with a deep understanding of both technology and industry-specific business models.
- Flexible and next generation global delivery models, agile methodologies and expert frameworks enabling our customers to forge ahead.
- Unique data hub approach allows data sources to be easily integrated.
- Decision platform approach with pre-set machine learning algorithms, business applications, pre-populated data sets, and modeling sandbox.
Success Stories – a snapshot
- Reduced customer churn by 15-20% for a leading enterprise ISV player and enabled cross-sell/Up-sell offer uptake by ~60%
- Ensured customer delight for a leading gaming company by revamping the customer support ecosystem. The company was able to increase First Call Resolution rate by 25%, reduce issue resolution time by 25% and reduce queries requiring agent support by 25%
- Enhanced customer experience for a leading multinational company in Communications, Information Technology, and Consumer Electronics, by prioritizing service tickets for resolution. The solution is also used to forecast service tickets for product launches in different geographies as well as product enhancements for future development based on usage and customer feedback.
Our experience of working with many leading B2B, including SaaS, companies positions us to be a valued partner to help streamline customer success efforts for an experienced practitioner or get a company started on the right foot if they are considering building a customer success program.