The Global Customer Success Management Market is expected to register a CAGR of 20.3% over the forecast period (2020 - 2025). The responses to the 2019 Customer Success Standards Initiative Research survey indicate that 28% of the participants’ Customer Success groups are connected to revenue from sales of premium Customer Success services.
- The advent of the cloud and shift towards flexible consumption models is changing the way businesses interact with their customers.
- Enterprises are moving towards implementing steps that involve customer delight and retention for long-term business growth. The increasing focus towards customers getting their desired outcomes, so that it is aligned with vendors' goals, for mutual benefit, is the main driving factor for this market.
- As startups are gradually emerging, lack of awareness, as well as funding among them regarding customer success management tools, is a challenging factor for market growth.
Scope of the Report
The study covers several applications of the customer suceess management platform such as Sales & Marketing Management, Customer Experience Management and Risk & Compliance Management. It also describes various end-user industries such as healthcare, retail and government which are utilizing the management tools.
Key Market Trends
IT & Telecom to Dominate the Market
- IT & Telecom companies, both large and small, are now interested in leveraging the advantages offered by customer success management platforms.
- IBM deployed Gainsight's customer success management to increase customer adoption of one of their cloud products over 10 times in a year. IBM Collaboration Solutions brought together data from multiple CRM systems into Gainsight to drive exponential business outcomes for both IBM and its customers.
- Boston-based Appcues wanted comprehensive insight into customer health and key Customer Success metrics. It onboarded Natero to connect customer data silos for a complete view of account health.As a result, the Appcues team has more visibility into accounts to make better decisions about priority and next steps.
- California-based AdStage wanted to monitor customer health so that the Customer Success team could better prioritize their time. They implemented Natero to proactively drive their Customer Success processes based on actionable data. Consequently, The CSM team can proactively engage low-adopters, identify power users, and spot new customer advocates.
North America to Dominate the Market
- The market in North America is mainly growing due to presence of prominent and new vendors setting their footprint in the region. For instance, United States-based Carousel Industries offers Subscription Lifecycle Management Services which further consists of a Customer Success Manager (CSM) to help in a user's subscription management and lifecycle requests, needs, and questions.
- Brillio has partnered with Salesforce which has enabled Brillio to leverage the Salesforce Platform to create meaningful and relevant customer solutions across sales, service, marketing and commerce, delivering them in the collaborative engagement model that best suits today’s economy.
- United States-based UserIQ helps SAAS companies deliver what each of their users needs to be successful in every moment. The companies can create highly specific segments to understand their users and create more positive experiences for their unique needs.
- Recently United States-based Natero partnered with Wootric Inc to talk about Net Promoter Score, and how Customer Success Managers can get the most out of their NPS program. Natero offers services such as customer success intelligence & operations, customer success analytics and customer data integrations.
The market is gradually moving towards fragmented side due to rising demand of customer-focused approach.
- September 2019 - Freshworks launched new software to enable businesses track customer behaviour, adding another dimension to its business software platform for customer engagement.
- May 2019 - Gainsight launched Customer Cloud, which is a unique solution for subscription businesses looking to adopt a customer-centric philosophy that enables them to retain customers while also driving company growth post-sale. The Gainsight Customer Cloud caters to these businesses by combining the company’s Customer Success and Product Experience products with three new product innovations.
- May 2019 - Freshworks Inc., a global innovator in customer engagement software, announced it has acquired Natero, Inc., a customer success management software company. This acquisition gives Freshworks a SaaS platform that unifies marketing, sales, support and, now, customer success. With Natero’s AI/ML-powered technology, the Freshworks platform puts actionable data in the hands of customer success professionals.
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