Buyers are more savvy now than they were when I started selling close to 13 years ago. There is nothing profound in that opening gambit, so I shall pick out what I think is one of the biggest shifts to be occurring now in sales and how a business should first acknowledge it, second put a process in place to track it and lastly, enjoy the benefits of doing steps 1 and 2.
Customer Experience (CX) for the empowered buyer is a phenomenon that cannot be ignored or underestimated in todays buyer journey. It is accepted that a buyer will engage with close to 13 pieces of content before they reach your website, and so they are going to be significantly further along the buyer journey than they would have been over a decade ago.
This is why Customer Success is such a critical cog in the revenue machine of a business and why its importance in obtaining revenue intelligence for a company is paramount. A businesses ability to retain and deliver value to a new customer has to be a key metric when understanding healthy growth. You should be asking yourself as a Founder, in the first 60 days of the lifetime of a new customer, what value are you giving them? The way to understand this is decide what is your Eureka or lightbulb moment, when should it occur and how can you get a customer to that point as quickly as possible? This moment can be thought of the point when a customer confirms in their own mind the reason they bought from you in the first place, drastically reducing their likelihood of churning
This moment is unique to your value proposition and needs to be carefully considered but it should be (and needs to be) tracked, so you can communicate what percentage of your customers reach that moment in the first 60 days, why haven’t some reached that moment, when does this get compromised?
Try this out: figure out what your eureka moment is and how you get there (the how being things like: get a customer to use our 5 top features or, submit 3 requests through the platform etc) counting down 60 days from initial signature. I would love to see this more in the pitch decks of startups as a front and centre PowerPoint slide i.e. this is how quickly we can deliver incomparable value to our customers and what percentage of customers we do this for…not the 5 year cash flow projections an accountant has dreamt up or a $1trn TAM opportunity!
The speed at which a company can deliver immeasurable and massive value to a customer in its first 60 days drastically reduces that companies likelihood of churning, allowing you to tweak and refine your process which not only retains and locks in that customers business for the next year (the conversations come renewal time will be significantly easier) but more importantly, it allows you to ask for a strategic referral, which if done at this moment, your customer will only be too happy to sponsor.
Connect with me on LinkedIn!