It is no secret that customer loyalty has eroded for most companies. Rocked by more than a year of unexpected inflation, consumers and businesses are retrenching. As a result, net retention numbers are down across many industries.
That’s why finding a better approach to “farming”, or customer base management, is key to meeting future revenue targets. It not only helps to stop the bleeding from customer churn and expand customer accounts, it also leads to happier customers. This in turn creates both higher NPS and stronger word of mouth, making it easier to find and attract new customers.
What are the actionable steps that will drive an increase in predictable revenue?
Risk scores, churn and expansion numbers will not drive more revenue from your customer base unless they are paired with action - the specific activities that nurture and grow customers. In this webinar, we will give you tips & tricks, best practices, and real-world insights to motivate your team and master customer growth.
- Implementation and impact:
- How can you improve your retention power, implement best practices for renewal planning, and fight attrition with optimized save strategies?
- Which customers are primed to buy more from you, what will trigger their interest, and what are the specific offers that will drive upsell and cross-sell?
- What steps that you can take to turn high-risk customers into low-risk customers?
- How can you raise prices “without tears”, avoiding unnecessary churn and preserving customers’ good will?
- How can you teach your acquisition motion to spot the difference between durable, long-lived customers vs “bad fruit” - thereby radically strengthening your customer base?
- What promotional strategy or set of strategies will create “lock in”, making customers “stickier” over time?
- Information and insights:
- What are the key parameters to track in order to identify high risk as well as high potential accounts?
- How can you predict the CLTV a customer cohort is likely to generate?
- How do you identify behavioral patterns that lead to longer account life?
- Individuals and incentives:
- What do you need to keep in mind in your target setting process for your sales reps to incentivize a “farming” mindset?
- How can SPIFs be utilized to drive account expansion?