Are any of your customers involved in corporate spinoffs? Sales and marketing people are always advised to keep an eye on potential mergers and acquisitions among their customers, but we don’t usually talk about spinoffs.
One of the fundamentals of customer retention is that it generally costs organizations more to acquire a new customer than to keep an existing one. It’s not unusual to read about customer churn in areas like telecommunications and media, but for SaaS companies, minimizing your churn rate is critical, given the recurring revenue model and how much time, money, and energy it takes to acquire and onboard customers in the first place. The longer they stay, the more profitable your business is, which is why “Customer Success” (or making sure your customers have success as a direct result of using your product) is such a hot topic these days.
At Boardroom Insiders we have what I think is a particularly evocative phrase that we’ve embraced when either describing how we want our customers to feel—or the feeling we want to have when working with our own vendors.We call it “that spa-like feeling.”
Most companies have multiple tools to engage with executive-level customers. Most companies look to engage CXOs and other senior executives in order to build trust, strengthen relationships, shorten the sales cycle, and positively influence business decisions.
The time has long passed since a sales team could assume that a great presentation about their product or service would get them the orders they were after. With all the information now available through digital channels, your potential customers are probably already well versed in what you’re selling.
Congratulations! Your team scored its first sale with a valuable customer. Despite all the hard work, the journey has just begun. Now the focus shifts to how you are going to keep—and grow—the customer.
B2B sales and marketing typically involves a major financial investment in the product or service, as well as change management in areas like operations, governance, and processes. So there’s more at stake for the customer—and consequently for you. New relationships are fragile and require nurturing and maintenance.
But what’s the best approach? These seven tips will help your account team demonstrate to customers that they are in the best hands:
How prepared are your sales people for their hard-won meetings with prospective customers? According to IDC, nearly 57 percent of B2B prospects and customers feel that vendor sales teams are not prepared for the first meeting.
Customer Relationship Management (CRM) systems enable you to compile details about leads and customers so you can target them more effectively. Unfortunately, many companies that invest in CRM technologies are not using them to their fullest potential. When used properly, CRM systems can help you develop a customer-centric approach and a communications cadence that will maximize your opportunity for success. Here are 3 reasons your CRM system is one of the most valuable tools in your sales arsenal, and how you can make sure you are leveraging it to its full potential.
There’s a big difference between a strategic sales pro and a product jockey. Product jockeys wear what they are selling like a nametag, pitching the same list of benefits to anyone who will listen. They operate under the assumption that the more people they talk to, the more deals they will close. While this approach can yield some success, operating with this type of mindset won’t help you close the types of game-changing deals that truly advance the fortunes of a company--and make a salesperson’s career. The secret to elevating your game beyond that of a product jockey is to start thinking like your customers. Here are three steps to help you get there.
In an article entitled Your Scarcest Resource, the Harvard Business Review makes the sensible case that "Time is money, but few organizations treat it that way."