How training is redefining customer success and the growth of software
by Kris Coffey, (@kriswc)
Trends produced by Silicon Valley are a dime a dozen, and we'll likely see another before we get a new iPhone.
- Big Data is bringing analytics capabilities to new heights
- The Openstack movement is fostering collaboration and innovation
- Apple and Google have put a computer in everyone’s pocket
- Cloud computing has created breakthroughs in applications and storage - making it even easier to move from an idea to a billion dollar company
- Bitcoin is trying to change the payment landscape
There is no shortage of companies leveraging these advancements to make an impact. For example, OpenGov is bringing much needed transparency to government spending. Palantir is battling terrorism and in this video - Saad Abdali's talk - one of their engineers describes how an average chess player teamed with a computer will beat an excellent chess player with the same computer. The reason for this is that the average player will better leverage the machine to create something better than he can by himself. Although it is understood that “software is eating the world”, Saad’s talk details that in order to best capitalize on the innovation coming out of Silicon Valley, end users must be proficient at utilizing their software.
One way to teach users how to get the most out of their software and ultimately make customers happy is through customer education. A robust customer training infrastructure is an often overlooked way for a company to foster customer success and stand-out in the market. A good training platform should include an e-commerce software that is user friendly and integrates with other popular services like Salesforce, Marketo and Netsuite. Ideally it will be SEO friendly, help generate/track leads and provide reporting. Not only will this provide a new marketing and sales channel but it will also create a team of power users. This will surely improve net promoter score, reduce churn and make a positive impact on the bottom line.
Today's low barriers to entry and an influx of engineering talent to Silicon Valley have created fierce competition in software markets. In addition to providing best in class customer training, companies must find ways to produce relevant marketing content and information to attract visitors and leads to their site. Providing content that is engaging takes time and skill but can have a tremendous ROI, if done right. An example of a company turning content and education into business results is HubSpot. More so than their competitors, they have chosen to become a thought leader in the inbound marketing space by making much of their content and education free and available to the public. If you look at their revenue trends it has paid off. In their first 7 years they grew revenue 12x from $5.7M in 2009 to $71M in 2013 - an 88% CAGR.
