Why do some software development companies reach the heights of success while others fade away?
The answer is fairly simple – these companies have achieved customer success that has resulted in more sales and higher revenue. They have happy and satisfied customers who keep renewing and upgrading their software.
The backbone for customer success in these companies is an unwavering focus on technology.
Success consists of going from failure to failure without loss of enthusiasm.
What is Customer Success?
Customer success is an important ingredient for acquiring more customers, reducing churn and navigating the business on a growth trajectory. But that can only happen through a robust technology.
Take customer churn, for example. Unlike product companies, retaining customers in software development companies can be complex stuff.
Why do Businesses Need Customer Success?
Software development companies put the customers in powerful positions because if customers don’t like software, can’t understand its implementation or find a better alternative, they won’t bat an eyelid before switching over to your competitors.
Most of these problems can be solved by customer success technology.
The right approach is to have a strong foundation of technology stack.
Customer success cannot be achieved in silos. Technology plays a big part in it. Consider Uber and Amazon for example. These companies have completely relied on technology to make them the success stories they are.
How to Use Technology for Customer Success and Profitability?
Your customer success team might be very experienced but without the use of technology, it’s nearly impossible to give exceptional customer service in real time.
When you talk about scaling the business and increasing the customer base, technology plays a major role.
Here are a few areas where technology aids in providing exceptional customer experience:
New tech tools such as machine learning, artificial intelligence and big data analytics have become crucial for businesses.
Businesses that didn’t give importance to technology have failed miserably. Consider these examples:
1. Equifax, the credit rating agency was in the midst of a huge customer data breach crisis that compromised the personal information of 147 million customers. In a global settlement with Federal Trade Commission in the US, it agreed to a settlement of upto 425 million to help people affected by the breach.
2. Delta Airlines was hit by a major network system outage that disrupted connectivity and left passengers waiting in long lines.
3. A nationwide outage affected the computer systems of Customs and Border Protection in the United States causing huge inconvenience to travelers at many airports.
Clearly, software development companies cannot achieve the pinnacle of customer success without the use of cutting-edge technology.
Take a technology first approach for your software development company. Consider it as the centrepiece when building a business on a solid foundation.
Investing in the right technology helps your business increase conversions, improve their satisfaction and reduce churn.