In most of the industries, it is always advisable to keep the current customers rather than to win new ones as losing a big account can impact the ROI greatly. Therefore, it is important that the sales leaders not only track the pipeline metrics, but also look into the insights of the customer success efforts. Customer success metrics reveal whether enough is being done to keep the customers hooked to your business and whether or not they are renewing the contracts.
Let us look at some of the most important analytics to monitor the effectiveness of your customer success metrics.
- Churn rate
- Pilot program success rate
- Free to paid conversion rate
- Onboarding time
- Sessions per day
- Time in product per day
- Customer retention cost
This gauge measures the total cost of the sales, marketing, support and customer success efforts in order to retain or keep the customers. It is important to keep a track of both your customer acquisition and retention costs. A lot of effort is involved in supporting the customers properly. There is a lot of sales cost involved in up-sells. Marketing is also involved with creating support and customer success collateral.
These are some of the most important sales metrics, but not all of it. There is more to the list of measures that can help you gauge customer success and increase your customer retention rate.