The Importance of Time-to-Value (TTV) in Customer Success Planning

Everything has a base value that justifies its existence.

- A car gets you to a location comfortably and efficiently.

- A phone connects you to someone remotely right when you need them most, offering convenience.

You get the point! 

Value is what makes something worthwhile. But when we put processes in place, do we stop to think, what's the end value we're trying to gain from implementing them? In the case of success planning, I believe the core value is improving the Time-To-Value (TTV) for your customers.

Understanding Time-To-Value (TTV)

Time-to-Value (TTV) is the period from when a customer purchases your product to when they first realize its value. It's about how quickly your customers can start benefiting from what they bought. TTV is crucial because the sooner customers see the value, the happier and more satisfied they are.

Why is TTV Important?

1. Customer Satisfaction: Fast TTV means your customers are quickly seeing the benefits of your product. This immediate gratification makes them happy and satisfied.

2. Customer Retention: When customers see value quickly, they're more likely to stick around. High TTV can lead to churn, where customers leave because they didn't see the value soon enough.

3. Positive Word-of-Mouth: Satisfied customers talk. They will likely recommend your product to others if they quickly see its value.

4. Competitive Advantage: In a market where customers have many options, a shorter TTV can set you apart from competitors.

The Core Value of Success Planning is Improving TTV

In success planning, the main goal should be to shorten the TTV. Here’s how you can approach it by answering three critical questions:

At which points is value realised (by the customer)?

Identifying these points is crucial. For instance, in the car example, the value is realized when you reach your destination comfortably and on time. For a phone, it's when you can instantly connect with someone. For your product, determine the specific actions or milestones where customers start to see value. This could be the first time they use a key feature, complete a setup process, or achieve a specific outcome.

How fast can I effectively get my customer there?

Once you've identified the value points, the next step is to streamline the process to get customers there as quickly as possible. This might involve improving onboarding processes, offering tutorials or guides, providing excellent customer support, or ensuring your product is intuitive and user-friendly. The goal is to eliminate any friction that might slow down the customer’s journey to realizing value.

Can I repeat this with another customer that fits the same profile?

Consistency is key. If you can replicate the process of delivering value quickly to other customers with similar profiles, you've got a winning strategy. This might involve segmenting your customers and tailoring the onboarding and support processes to different segments to ensure that each group reaches their value points efficiently.

Practical Steps to Improve TTV

1. Streamline Onboarding: Simplify the onboarding process. Provide clear instructions, tutorials, and support to help customers start using your product quickly.

2. Customer Support: Offer robust customer support to address any issues or questions your customers might have. The faster they can get help, the quicker they can realize value.

3. Measure and Analyze: Track how long it takes for customers to reach their value points. Use this data to identify bottlenecks and areas for improvement.

4. Personalization: Tailor the customer experience based on their needs and usage patterns. Personalized experiences can help customers find value faster.

5. Continuous Improvement: Regularly update and improve your product based on customer feedback to ensure it continues to meet their needs effectively.

Conclusion

If you're not investing in impactful success plans focused on improving TTV, you're wasting a valuable resource. Time-to-Value is not just a metric; it's a critical aspect of customer success that impacts satisfaction, retention, and growth. By understanding and optimizing TTV, you can ensure that your customers see the value of your product quickly, leading to happier customers and a more successful business.

In the end, it's all about delivering value efficiently and consistently. When customers experience value quickly, they are more likely to stay loyal, recommend your product, and contribute to your business's success. So, take the time to analyze your TTV, streamline your processes, and focus on creating a delightful and valuable experience for your customers. Your efforts will pay off in the form of satisfied, loyal customers who see the true value in what you offer.