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Customer Success Management Platforms
CSM programs have become the standard enabler for businesses (primarily B2B), to encourage customers to remain engaged and increase customer lifetime value for products sold via a subscription model. CSM is not simply a rebranding of existing postsales services or account management. Gaps exist when employing existing sales or service technology solutions that do not properly address CSM needs. A technology segment — customer success management platforms — addresses this market need. Initially deployed to reduce churn in high-value B2B accounts, CSM programs and platforms are now implemented to proactively and more broadly manage customer engagement, adoption, advocacy, retention and upsell/cross-sell objectives for the enterprise. Customer success management is the business discipline of guiding customers to realize value through product adoption or service utilization across their own life cycle. It uses a data-driven approach to monitor customer health and engagement, and uncover insights to drive proactive and prescriptive action in order to lead the customer to renew, expand and advocate. CSM platforms provide capabilities to create a holistic view of the customer, guide customers through their journey and expose customer health packaged in a way that provides accessible insights to all stakeholders that are actionable.
Planhat has 1 product in Customer Success Management Platforms market