Firaas Rashid, Founder and CEO at Hook shares his insight on the value of customer success in B2B software. Customer success is a function that works directly with active customers after they’ve signed on. The role of customer success varies across different companies and according to their strategies. Rashid simplifies his outlook on customer success, he sees it as continuing to provide customers with the value of their purchase. This can come in the form of onboarding, service delivery, or being a consultant to the customer so they maximize the software features for their business.
The customer success team can minimize customer attrition and upsell additional features or services that are a strategic match for the customer. Rashid identifies the following three models for customer success in generating revenue:
1) Customer success owns the renewal and upsell
2) Customer success owns the value but not the renewal
3) Customer success takes care of everything up to the commercials
Rashid thinks that CS teams need to be viewed as revenue teams as this highlights their importance in the business. This also comes behind the increased significance of net retention as a business metric. Companies that have a higher net retention score have higher valuations. With tight competition and increased CAC, keeping and growing customers is gold.
Rashid also shares a key lesson from his startup journey. One of the first exercises a startup goes through is branding. This is usually centered around the company vision and its customers. Rashid added something unique. He created the brand to also align with the type of talent he wanted to attract.
Business leaders looking to enhance their growth and revenue strategies can take a page out of Rashid’s customer success playbook and learn how to push up the net retention metric.
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