3 Ways to Make Customer Success Smarter During a Recession

Considering belt tightening on your company’s budget? Probably a good idea given that, according to The Conference Board, 60% of surveyed CEOs foresee a recession by the end of 2023 and 55% expect inflation to extend into 2023.

Are your investors increasingly looking for their portfolio companies to spend more wisely in the interest of preserving financial runway?

Here are three ways to enhance your Customer Success IQ in the face of economic uncertainty

  1. Develop a consistent, repeatable plan for addressing customers that request a reduction in fees
    Train your CSMs on this plan and have it ready in advance of those potential requests.
  2. Hone your value story
    Customers are evaluating budget cuts. Help them to understand how your partnership is driving value and delivering on their outcomes. Tie the value to an ROI, and avoid making your customer do the math or figure the ROI out on their own.
  3. Continue looking for revenue expansion opportunities with existing customers
    Counsel your CSMs to avoid assuming that all customers will be negatively impacted by an unpredictable economy.

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However it might evolve, the near term economy will undoubtedly be unpredictable. Prepare your Customer Success team to proactively and effectively communicate your solutions’ value and outcomes, as these types of customer conversations will need to occur.