The following is about identifying best customer success managers. Komiko’s data science team has analyzed win/loss rates of over 100,000 renewal and expansion opportunities to determine what behavior is the most significant to winning renewal and expansion.
Best reps were those that engaged many more people!…not only from the customer side, but also from their own team. It also shows that persistency matters!
Here are some more details.
Best Customer Success Managers – Distribution
All Customer Success Managers (CSMs) were organized into three groups by their average win rate. 15% of the total CSMs are top performers with >70% win rate; 52% are average with win rate between 20% to 70% and the bottom includes 33% of the total CSMs that won less than 20% on average.
As said, the most significant factor that separates the three groups, is the number of people engaged. Average CSMs engage with 255% more contacts than low performers and best customer success managers are having 308% more contacts.
But it is also important to engage your own team and average CSM had 159% more team members and top performers had 206% more team members engaged during the opportunity life time.
And the last and most significant factor is the number of new contact people that have engaged in the last 30 days of the opportunity. Here it goes up to 282% for average CSM and 408% for best customer success managers.
Emails exchanged and meetings
We have also analyzed other factors including, number of outbound emails sent, inbound emails received and meetings. The most significant factor is inbound emails which is 341% higher for average CSMs vs low performers and 418% for the best customer success managers.
Response time – surprise
The most surprising aspect that was discovered is that response time actually plays an inverse role during the life time of an opportunity. Response time to an incoming email is below 2 days across the board, although low performers are slightly better.
We hope that it you gave few more data points to optimize your operations. Check out Komiko’s AI-powered customer success solution, which could provide this data driven support on an on-going basis.