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

Six Critical Service Practices for Business Success

Six Critical Service Practices for Business Success

Corporate financial performance depends on Services to nurture, retain, and grow customer relationship value. Companies are taking steps to modernize services and shift them to proactive, success-focused growth enginesBeing successful with Services is a company-wide...

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Recurring Revenue Rate

Recurring Revenue Rate

Recurring Revenue Rate provides an indication of how much recurring relationship value you are retaining, growing or losing. It's a crucial metric of how well your Support organization is reaping the benefits of the subscription model. Here's how to calculate...

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Essential Customer Success Activities

Essential Customer Success Activities

Customer Success—and the recurring revenue it generates—results from a series of intentional, interrelated activities performed throughout the customer relationship lifecycle. As shown in this graphic, effective customer success activities comprise a continuum:...

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