Retain and Grow Relationships

SUSTAIN RELATIONSHIPS TO RENEW AND GROW REVENUE

Relationship Retention and Growth Best Practices

To grow relationship value, you must be able to retain existing relationships and present customers with new opportunities. Retention will occur when customers are able to apply and succeed with the products they have purchased, and growth will come when customers recognize that your solution is essential to their success. Successful customer retention and growth activities must include the following:

  • Assure that customers remain actively engaged and productive with the products they own.
  • Conduct ongoing assessments to determine if customers are satisfied. Use appropriate assessment techniques such as a health index, transactional surveys, customer interviews and relationship surveys.
  • Help customers to understand the benefits they receive from services. Go beyond the number of times a customer has called and help them understand how Success and Support entitlements positively impact their ability to conduct business.
  • Nurture and retain existing customers and identify opportunities to grow the relationship by creating opportunities to apply new product and services.
  • Institute polices and allocate staffing to proactively ask customers for the renewal. Don’t assume that customers will renew, ask them.
  • When customers decline to renew their services investigate the underlying reasons and formulate plans to overcome renewal objections.

Resources

Service Sales Enablement and Overcoming Objections

Service Sales Enablement and Overcoming Objections

To retain and grow service revenue you must encourage new customers to buy service contracts and convince existing customer to renew or even expand current service agreements. If customers are reluctant to purchase or renew services, enable your Sales team with...

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Retention Strategies to Keep the Customers You Have

Retention Strategies to Keep the Customers You Have

Retention begins on day 1 of the customer relationship.   Target Outcomes Core Service Capabilities Service Activities Focus Retain Program, Process, Insights Onboarding, Adoption, Success Management, Renewal Customer Success, Support, Sales, Renewal Practices: From...

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How Adoption and Success Services Drive Recurring Revenue

How Adoption and Success Services Drive Recurring Revenue

Services drive recurring revenue by helping customers to successfully adopt and apply products. When customers succeed with the products they purchase, it increases the likelihood of sustained recurring revenue and creates opportunities to expand the long-term value...

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Customer Success Management

Customer Success Management

Customer Success Management encompasses the practices, programs, resources, tools, and metrics required to help customers successfully use products to achieve their desired business outcomes.Understand The Outcomes Your Customers Need Success Management begins by...

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Retention is Paramount – Make it a Strategic Priority!

Retention is Paramount – Make it a Strategic Priority!

We have become too dependent on electronic surveys and NPS/CSat scores to tell us that our customers are okay. This cannot always provide enough insights to tell us why we lose customers.  To reduce churn, you need to do more.Less NPS / More High-Touch Understanding...

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Service Planning Drives Results

Service Planning Drives Results

Effective Service planning must clearly define the role of Services within your company, prioritize service initiatives necessary to attain prioritized results, and establish metrics to track service performance and outcomes.Service Planning Drives Results To be...

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