New data indicates low job security and sleep deprivation impact Customer Success leaders, often stemming from poor work-life balance and the always-on nature of remote work
NEW YORK, Nov. 8, 2023 /PRNewswire-PRWeb/ -- Vitally, the first Customer Success Platform (CSP) specifically designed for maximizing productivity, visibility, and collaboration, today released the findings of "The Secret Lives of CSMs" report. A survey of hundreds of Customer Success Managers (CSMs) in the U.S. revealed that their role is crucial to business success in the current economic climate, but employees with that title are burnt out, overworked, and often underpaid. Businesses that are unable to remedy these issues run the risk of losing a significant segment of their revenue-generating workforce.
B2B businesses, particularly those in the SaaS sector, are currently facing economic turmoil following a brief pandemic-induced boom. Acquiring new customers is now an uphill battle, which makes the roles of CSMs — who are responsible for preventing churn and maximizing the value of existing accounts — even more critical. Fortunately, according to the report, CSMs largely enjoy their work, with 89% reporting they find genuine fulfillment in assisting their clients. What's more, many show great ambition to grow into senior leadership positions with 53% aspiring to become a VP of Customer Success and 45% a Chief Customer Officer.
Yet, at the same time, almost half (47%) report experiencing burnout at their job. This largely stems from increased pressures to drive results amidst a challenging economy and provide superior customer service for a global customer base. To make matters worse, 44% of CSMs didn't receive a raise or promotion in the last 12 months, and 35% feel inadequately compensated for their work, highlighting a concerning gap between their dedication and the recognition they receive in terms of compensation. But even bigger than the financial toll CSMs face is the mental strain: 46% report their job has negatively impacted their sleep, and 39% say their job has negatively impacted their mental health within the past six months.
"Customer Success Managers are driven by passion and a genuine desire to help their clients," said Jamie Davidson, CEO and co-Founder of Vitally. "But a down market for SaaS companies combined with around-the-clock demands brought on by remote work and global customer bases have increased the stress load for CSMs, to the point where their mental and physical health are being negatively impacted. At Vitally, we are leading the charge to give CS teams all the tools they need to be as productive as possible, so that CSMs can get everything done during the workday instead of feeling like they have to be on-the-clock after hours — or worse, while they're on vacation."
Additional key findings include:
- 47% of CSMs report experiencing burnout at their job. Of those, 36% report experiencing burnout at a significant frequency
- In fact, 48% of CSMs say they're passively open to new opportunities, and it's no wonder why: Half of the CSMs who aspire to become a VP of Customer Success or Chief Customer Officer (CCO) say there isn't a clear path into that role unless someone vacates the role
- 76% of CSMs worry about their job security at least occasionally. Of those who are worried about job security, 64% say they worry regardless of whether or not they achieve their quotas
- And the work culture for CSMs often leaves them feeling forced to prioritize their job over their mental health and well-being, with 51% of CSMs saying they sometimes feel guilty requesting time off from work and 40% admitting they check work chat platforms like Slack when on PTO
In addition, survey respondents were asked to answer open-ended questions that provided candid responses from participants and offered an in-depth understanding of the challenges, triumphs, and internal dialogues of B2B CSMs from their point of view. To learn more about The Secret Lives of CSMs report, download the ebook with the complete findings here.
METHODOLOGY
Vitally conducted The Secret Lives of CSMs survey online between August 31 and September 14, 2023. It reflects the opinions of 679 full-time employees with the title Customer Success Manager (CSM) in the United States and was conducted at 95% confidence with a +/- 4% margin of error.
About Vitally
Vitally is the first Customer Success Platform (CSP) specifically designed for maximizing productivity, visibility, and collaboration. Vitally is the only workspace that combines productivity and collaboration tools with essential customer data, empowering B2B Customer Success teams to increase net retention revenue (NRR), deliver the best possible customer experience, and increase their team's efficiency. Based in New York, Vitally is backed by investors including Andreessen Horowitz, Next47, and HubSpot Ventures, and its customers include Twilio Segment, Productboard, and Customer.io.
For more information, please visit https://www.vitally.io/ and follow us on LinkedIn.
Media Contact
Lindsay Mahaney, Vitally, 4197649705, [email protected], https://www.vitally.io/
SOURCE Vitally
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