As a company, it’s vital to keep acquiring new customers. This will ensure that your company continues to earn revenue. It will allow your company to move forward on a positive trajectory.
But there’s one major problem with this seemingly simple game plan. CACs (Customer Acquisition Costs) are so high that companies must hold on to these customers for at least 24 months and continue to cross sell and upsell new products to see an ROI. Most businesses are ill prepared to do so.
This article will spotlight the problems companies face making a profit off new customers and the solutions that can help them turn a revenue.
Problems Companies Face with Customer Revenue Growth
Who Oversees the Upsell/Cross-Sell Process: Upselling and cross-selling is necessary in ensuring companies are making a profit off new customers. But who oversees the process? Sales groups or account groups? And what approach needs to be taken? Many companies have not committed to either approach causing the tasks of cross-selling and upselling to get lost in the fray.
A Lack of a Centralized Approach: When it comes to customer acquisition, a centralized workspace is necessary. This will allow teams to communicate so they know where the customer is at in their journey. They will know when cross-selling and upselling is necessary, who oversees the project, what products to sell, and what approach to use. Unfortunately, many teams don’t have a centralized workspace in place, so they miss out on money making opportunities.
Unstructured QBRs: QBR’s are necessary in increasing a customer’s lifetime value. They involve sitting down with customers on a regular basis to review how well the company is contributing to their success. Unfortunately, not every company conducts QBRs with their customers. Those that do may conduct them in an unstructured fashion. The best practice to review what the company has done for the customer for 50% of the meeting and to dedicate the other 50% to discussing future minded activities.
Solutions for an Improved Customer Growth Process
Templated Processes: When processes are templated, they become easier to learn and remember. They keep everyone on the same page. You can make processes even more efficient by adding automation.
Seamless Environment from an Internal and External Perspective: Communication often gets lost as accounts transfer from sales to customer service and across various contributors and stakeholders. Companies need a seamless environment in which to transfer information.
Consistent Engagement with the Customer: Consistent engagement with the customer will keep them excited about your products and services. It will keep you in the forefront of their mind. It will help companies determine the best products to cross-sell and upsell. Engagement can be performed through group messaging, direct messaging, and sharing.
Sharing of MAP’s and Other Documents: Sharing MAPs (mutual action plans) across teams will increase customer accountability. A centralized program for the sharing of MAPs and other documents will aid in collaboration.
Well Planned simple yet impactful QBR and Strategy Planning Meetings: Companies must come up with consistent plans for running their QBR and strategy planning meetings so they can identify new opportunities for value creation.
One of the best ways to move forward is by using a tool that will keep everyone on the same page so that you can get the most out of your customer success efforts.
Using a workspace that provides an easy to use experience for outreach that boosts account growth and customer success is a move in the right direction. It keeps clients and internal teams connected for better communication. It also allows for the sharing of MAPs, QBRs, agreements, marketing, proposals, and documents for more meaningful communication. This can help scale processes using workflows that make your teams more efficient.
Customer acquisition is a necessary part of company growth, but your company won’t be successful unless your recoup acquisition costs. Providing a centralized workspace that keeps everyone on the same page will help to keep maximizing profit from the customer journey. Will you be including one in your technology suite?
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