The CXO Guide: Customer Success – Winning in the Subscription Economy
According to the Subscription Economy Index report, “IDC predicts that by 2020, 50% of the world’s largest enterprises will see the majority of their business depend on their ability to create digitally enhanced products, services and experiences. Gartner predicts that by 2023, 75% of organizations selling directly to consumers will offer subscription services. It is safe to say with conviction that the subscription economy is more than a passing trend and is here to stay.
Therefore, sustainable growth is no longer a derivative of acquiring more customers at a faster pace, but rather of keeping customers for a longer period and growing their usage of the product or service. This means that businesses not only have to keep their eye on acquiring customers, they also have to ensure continuous value delivery to minimize churn and maximize engagement. This, in a nutshell, is customer success. No business in the subscription economy can aim for profitability and longevity without a firm handle on what it means to help their customers achieve success.