March 25, 2021
Investors have just put £100 in your pocket.
It’s not a life-changing amount of money, but their excuse was that it’s a round number, and it’ll make things easier for copywriters who suck at maths.
You need to decide which investments are going to bring you the best returns.
Here are your options.
You can invest in your tech. This could be a UX upgrade or some new features. Basically, anything that makes your product a bit better.
You could invest in your Customer Success team. A team of experts, there to help customers get the most out of your product.
We’re going to explore both options and give our two-cents on which investment you should make. 👇
It’s a no brainer really.
The truth is, if you’re a modern business and you’re not investing in your tech, you’re going to get left behind.
Every company needs a great idea to get them off the ground, but it’s the incremental improvements that’ll define your future.
So what could you invest in?
This is the way in which people experience your product or platform. And it’s important to get it right.
If you can spend your £100 on a slightly better customer experience, you’ll make that investment back in no time. It means more repeat users or renewing customers, and it means more referrals.
This is why people love to use Uber. Sure, the product is great, but it’s not the only app-based taxi network. They blow the competition out of the water because the user experience is buttery smooth, and it keeps you coming back for more.
That might be a bit of an oversimplification, but you get the idea.
Investing in UX is going to help your company build a positive brand image, with little upkeep required. It’s a great example of passive B2B marketing.
Amazon has invested in over 120 companies in the last 20 years.
Because they recognise companies with great features, and they add them to their arsenal.
Often, they’re really investing in ideas. They’ve gotten this far because they’ll see a cool concept, and they’ll make it their own.
This strategy isn’t only available to billionaires.
Even the smallest companies can choose to invest in new features, either by bringing in new designers, investing their own time in new developments or, if possible, making acquisitions.
Cognism has made a shift over the last couple of years to become an end-to-end prospecting and outbound solution. This has meant the addition of a dialler, email outbound, intent data and more.
If you want to grow as a business, you’ve got to back your own horse.
Just to be clear here, we’re not recommending you invest in old-fashioned customer support phone robots.
We’ve all spent hours trying to communicate with these robots, and we’ve all wanted Sarah Connor to kick their doors down and blow their hard drives out.
We want to move on from outdated solutions.
Hasta la Windows Vista, baby.
What we would recommend is an investment in the tech that makes your customer service more effective. This could be an AI chatbot, it could be a live chat function.
Whatever it is, we do have one piece of advice.
Customer service tech should supplement your customer service team, not replace it. A human touch still goes a long way, and we’re just too busy to deal with an apocalyptic robot takeover situation right now.
Let’s start by outlining the difference between Customer Success and Customer Service.
Basically, Customer Service is reactive, Customer Success is proactive.
A Customer Success team will help you get the most out of a product by offering guidance and support. They’ll be on hand to answer your questions, but they’ll also reach out with advice.
Your success is their objective.
Here are a few of the key benefits good CS will grant your customers.
This team knows your product inside-out.
They’re instantly able to answer any questions. They’re able to recognise the benefits different customers will get from your product.
This means they can give the customer personalised support.
Investing in a new product can be risky for a business, but it feels a lot less daunting when they know they have an expert on hand.
If you went parachuting for the first time, you’d probably want to be strapped to an experienced instructor.
This is no different.
Granted, this might not be relevant for everyone, but if your company involves a learning curve of any gradient, you could do with a decent onboarding process.
A dedicated Customer Success Manager will be able to introduce a new customer to the product, answer any questions they have, and provide the right materials to make their customer journey easier.
Not everyone buys a product with the same base level of understanding, and a uniform onboarding process will either feel way too fast or mind-numbingly dull.
Every company buys a product with their own user journey in mind. But that doesn’t mean they couldn’t do with a bit of advice.
Experienced Customer Success Managers will have seen loads of different customer journeys, and they’ll have a pretty good idea of which strategies work, and which ones don’t.
They’ll be able to provide insights and recommendations for you to base your strategy on. Sure, you can get recommendations from software directly, but you’ll be missing out on that bespoke touch.
Put simply, it depends on your business.
You need to take a look at your existing clients. Are they limited by the capabilities of your technology? Or are they limited by their understanding of it?
This might sound like a bit of a non-answer. But it would be wrong for us to suggest that you do exactly what we say, regardless of your situation. It’s always the right time to review your product and make changes.
What we can do is tell you what we’ve done. Because it’s worked pretty well for us!
We’ve split our £100 between Customer Success and tech, because they’re not mutually exclusive. They’re a match made in heaven.
A lot of companies have great tech, but without great people, it isn’t nearly as usable. It’s easy to forget that your customers aren’t necessarily experts in your product. But with the right support, they could be.
Investing in your tech is essential for growth, but investing in Customer Success is essential for building a solid brand.
Customers won’t forget that your team put the hours in to ensure their success, and it’ll get passed on to other prospective customers.
It’s the circle of life. 🦁
This might mean that your next big tech breakthrough is pushed back a bit, but if you’re building a solid customer experience with awesome Customer Success included, it’ll pay for itself.
Here’s a quote from a recent case study we did with MYWW.
It’s a customer who valued expert insight on their use of our product. Unsurprisingly, this isn’t uncommon.
Our combination of advanced technology and dedicated Customer Success makes Cognism Prospector the most user-friendly sales and marketing cheat-code.
Speak to one of our experts today and find out if we could be the missing piece of your revenue puzzle.
We know you want to see how good they really are… 😉