If you’re reading this page, you’re interested in growing revenue from existing customers. In some companies, revenue growth falls to Sales. In other companies, it’s the responsibility of the Customer Success team. Either way, your company can’t thrive without retaining existing customers and growing revenue with them.
Click on the headings below to explore each area
Customers churn for any number of reasons. Understanding your churn enables you to implement mitigation strategies, improve your products/services, and maximize customer lifetime value. After all, it’s less expensive to keep your existing customers than sell new ones.
Centric will help you identify reasons for churn and develop processes to retain customers and build loyalty.
Revenue Growth (Up-sell/Cross-sell)
Internal success often includes revenue growth from existing customers. Buying new features/functions/products may not be what your customers feel drives success for them. Matching new products to customer need is critical for mutual success.
Centric will help you map the “white space” (expansion opportunities) with your strategic customers and create a strategy for revenue growth.
Have you ever wondered why so many professional athletes perform at the top of their game going into a contract year? Do you want a player that hit .249 and .252 in the first two years of their contract but hit .305 during their last contract year? it’s likely that if you re-sign that player, you’ll get another mid-200’s year the following year.
If your team doesn’t understand that renewal efforts happen every day of every contract year, you’re missing the boat. Great renewal strategies start when a contract is signed. Escalated renewal efforts, the tactical actions of the renewal process, should be set in a clearly defined action plan with timed events to fit your situation.
The renewal process should address what you AND YOUR CUSTOMER need to get out of renewal. The renewal is more about their needs than yours. Done right – you both win!
Don’t leave your renewals to change. Let Centric help you build a strategy to maximize renewals and extend customer lifetime value.