What is customer success?
Customer success is a business method built on the ideology of “customers receiving success” and “dual benefit of the customer and the company”. It is a customer-centric management that focuses on providing appropriate help to the customers for them to achieve their use case of the services provided. This helps reduce churn, as the client are kept satisfied. Keeping them successful improves the Customer Lifetime Value (CLTV) for the company.
What is Account Management?
Account management is a post-sales function that is entirely based on fostering customer relationships. It focuses on renewals, upsells, and cross-sales. Sometimes Account managers come into action when the customers need them, for example, if they come across an issue, the Account Managers take care of it. They have a concise knowledge of the company and the product. All the renewal related queries are solved by the Account managers. They are in close contacts with the sales team to make sure the services provided by them fits the customer’s needs.
What are the responsibilities of an Account manager?
- They collaborate with the sales to make presentations for the sales and mark their goals and reach them.
- They are the designers of the marketing blueprints.
- They file customer reports.
- They help the company grow through upsells and cross-sells and identifying the opportunities for the same.
- They maintain the long-term relationship with the customers through subscription renewals.
What is Key Account Management?
Key account management is the process in which importance is laid on the key accounts. Many times, companies treat all their accounts with the same strategies. In key account management, you look for your account type and nurture your relationship with them. This has long term benefits.
What is the difference between Customer Success and Account Management?
- Purpose
Customer Success: Focus on the customers’ success to make sure your product lives up to their use case.
Account management: Get renewals and be available for the customers in times of trouble. - Beliefs
Customer Success: Customers come before everything, customer satisfaction is the key.
Account Management: Making and re-making sales accounts for everything. - Relationship with the customers
Customer Success: deep and builds over times.
Account Management: One-point relationship and mostly functioning at the end of the customer life cycle during renewals. - Skills
Customer Success: Have knowledge about the customers and their use case.
Account Management: Have knowledge about the product and your company. - Approach
Customer Success: Proactive. They reach out first.
Account Management: Reactive. The customers reach out to them. - Metrics
Customer success: Return on Investment (ROI)
Account Management: A sales quota.