The B2B sales landscape has shifted dramatically, with prospects expecting a much more simplified purchasing experience, personalized and powered by data. Have you been meeting their needs, or falling short?
It’s important to grow your customer base and market share. But by focusing all of your attention on net new sales, you’re only scratching the surface of your revenue potential. While this strategy might work out in the short term, it’s a surefire recipe for stagnation down the road.
It’s time for a different approach – one that is focused not only on continuously improving customer outcomes, but also increasing the profitability of your relationship with them. Download our playbook, “Mining for Value: A Comprehensive Guide to Customer Expansion,” to learn how you can maximize the value of your existing customers.
Market shifts and evolutions over time have brought us to a very unique point in B2B commerce. We’ve rapidly accelerated through several transitions: from a product economy, to the service economy, to the subscription economy, and today, the experience economy.
Download the whitepaper to learn how ServiceSource can provide the most comprehensive and streamlined customer journey experience that spans the entire B2B customer lifecycle.
Dive into our latest whitepaper “Architecting Your Customer’s Success,” where we outline a step-by-step guide to creating personalized customer success plans that result in more positive and profitable outcomes for your customers, along with increased retention rates and revenue for your own business.
How strong is your renewal program? Are you able to predict and analyze your performance correctly? ServiceSource® believes that the real yardstick of renewal performance lies in a comprehensive set of key performance indicators (KPIs) that can tell a much broader story. Over the last 13 years and over 145 engagements, we’ve identified these twelve critical factors for successfully measuring and growing your renewal revenue. This whitepaper provides a detailed overview of those KPIs.
In this book we describe best practices honed through 13 years of experience and partnership with some of the leading technology companies in the world.
These best practices will give you insight into three key areas:
• Data management & renewal opportunity generation
• Sales strategy & execution
• Continuing the renewal cycle
We hope you enjoy this book!
The principle “what gets measured gets managed” dictates that by simply examining an activity, you can get a handle on it and find ways to improve it. However, not all metrics are created equal—meaning not all things that can be measured will give you the ability to proactively take action in a timely manner. Case in point: If you measure the effectiveness of your customer success and recurring revenue growth programs based only on retention, churn, renewal or attrition rates, then you have a problem. These are very important metrics, and they are definitely key to your business. The problem is that these metrics can only tell you if you have a problem, which you often discover only after it is too late to affect real change.
Companies that take a more sophisticated approach to customer success, revenue retention and revenue growth after the initial sale earn 46 percent more revenue compared to their less sophisticated peers, according to a global study conducted in 2015 across software, hardware, SaaS and life sciences companies.
The study highlights the urgent need for companies to consider the full range of customer success and revenue growth activities after the initial sale—collectively called the “revenue lifecycle”—which includes onboarding, adoption, upselling/cross-selling, retention and renewal. The study shows that a company that improves people, processes, technology, data and KPIs in the revenue lifecycle can expect to improve renewal rates by more than 31 points.
Today, every B2B company is feeling the heat. Investors and shareholders expect high growth and anything less is not good enough for Wall Street. While a new company can drive growth from new customer acquisition, maximizing customer lifetime value is the secret to sustainable and predictable growth.
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