Market pricing is a hard thing to quantify, especially when you have a lot of different variations. Regardless of your focus as a business, your success is tied to more than just your product.
The true projected value of your customers is answering the question of what is customer success for your company. Answering this question is tied to how successful they are with using and implementing your products.
To value your customer you’re going to want to abstract some of your variables, separating what is variable and what is fixed, so that you can accurately predict the potential income from one customer. This projected value can be translated into dollars that you can spend on growing your business through the various stages of its growth.
The true projected value of your customer’s success method has four factors:
1. Targeting
The first step in any customer success plan is to identify whom you want to target. This means identifying who your ideal customer is, what they’re looking for, and if there’s a way for you to help them. There are two ways that you can do this: either by creating a persona or by writing down your ideal customer’s goals and needs. It can be difficult, but it’s worth it to make sure you’re not wasting time and resources on the wrong people.
2. Projection
Next, you’ll need to project how much money these customers will spend over the course of their relationship with your company. This part can be tricky because it involves estimating how long they’ll stay with your company, how much they’ll spend over the course of that period, and what the customer lifetime value (CLV) will be per customer. You might have multiple projections depending on whether or not they can retain all of their customers or if they lose some along the way This can be done through marketing materials, sales pitches, and more.
3. Evaluation
After you have targeted people with your marketing efforts, you need to evaluate what worked and what didn’t work so well when it comes down to sales and conversions from those efforts. You will also need this information if you want to improve upon any mistakes made during earlier attempts at reaching out successfully; this way it can help inform better decisions next time around.
4. Assessment
The final step involves assessing whether or not there is anything else left to do before moving forward with a new improvement plan based on what was learned during this process; such as changing strategies or tactics based on what worked best overall.
The true projected value of your customer’s success is a method that takes in all of the factors when estimating the value of a customer. This little change will allow you to run your business at a more efficient rate while being more profitable. In the end, this new method will likely bring more return on investment and help you provide better services to your customers.