When joining the world of tech, there are a lot of industry buzzwords and if you are new to this field, then get ready to have your head spinning or abuzz with jargon that leaves you illustrating a mathematical equation to your 90 year old grandma - sometimes that's how it comes off!
Well I've put together a glossary of terms if you will that will make you sound like an expert when talking to peers in the industry, but also make sure you understand what you're talking about!
Glossary of Terms for Customer Success
the ability for a company to retain its existing customers over a specified period of time, which reflects the customer’s satisfaction
rate at which companies cancel their recurring revenue subscription
when a company renews their recurring revenue subscription
Return on Investment (ROI)
a financial metric used to measure the profitability of an investment.
a statement or selling point that communicates the unique benefits, advantages, and value that a product or service provides to its target customers or audience. It outlines why customers should choose a particular product or service over alternatives available in the market
Software as a Service (SaaS - pronounced sass)
a cloud computing model in which software applications are delivered over the Internet as a service. Instead of installing and maintaining software locally on individual computers, users access and use the software through the cloud, available to customers on a recurring subscription basis.
Business to business (B2B)
business model where companies sell their product or service directly to businesses.
Business to consumer (B2C)
business model where companies sell their product or service directly to consumers.
Quarterly Business Review (QBR)
a recurring or quarterly meeting held by Customer Success Managers to engage customers at the executive level to evaluate the overall value provided by the product or service.
*also known as Executive Business Review or EBR
a strategic approach to guide teams through a significant change, which involves understanding the impact of change, managing resistance, and ensuring successful adoption and integration of new processes or systems.
Net Promoter Score (NPS)
a metric used to measure customer loyalty that assesses the likelihood of customers recommending or promoting a company, product, or service to others.
Net Retention Revenue (NRR)
a metric used to measure growth and revenue retention of a business’s existing customer base. It is calculated by considering the revenue generated from existing customers during a given period, including upsells, cross-sells, and expansions, and comparing it to the revenue lost from customer churn (cancellations or downgrades) within the same period
Key Performance Indicators (KPI)
a quantifiable measure used to assess the performance of an individual, team, or organization towards achieving specific goals
a strategic planning tool used by Product Managers to outline the vision, direction, and timeline for the development and evolution of their product or service. It provides a high-level overview of the product's future features and enhancements, as well as the planned release schedule.
Emotional Intelligence (EQ)
refers to the ability to empathize with the emotions of others. It involves being aware and in control of one's emotions and using that awareness to navigate social interactions effectively.
a collaborative approach that involves individuals or teams from different functional areas within an organization to work together to achieve a common goal.
Customer Relationship Management (CRM)
a database that businesses use to manage their list of customer accounts.
a structured collection of data organized and stored in a computer system.
Business Intelligence (BI)
a software platform that enables organizations to analyze, visualize, and understand their business data and present it in a user-friendly charts and graphs to gain actionable insights.
sales approach used by businesses to sell additional features or upgrades for products or services in order to increase revenue.
sales approach used by businesses to sell complementary products or services in order to increase revenue
Annual Recurring Revenue (ARR)
the amount of revenue collected from a business, annualized over a year. If a client pays a monthly subscription to use the software, you multiply that by 12 to get the annual payment