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WHERE CAN I HELP?
COMPANY GROWTH
Whether you are an entrepreneur or a company officer, growing customer revenue is crucial for your stakeholders. Your focus may be on continued annual growth in Revenue and EBITDA profit. It may be on attractiveness for institutional investment or even in preparation for sale.
I will accelerate sustainable growth plans, resulting in better figures and higher multiples, whilst building better long-term customer relationships.
NET REVENUE RETENTION
The good old-fashioned bucket analogy. Companies typically spend a disproportionate amount of time and money growing their new business numbers instead of focusing on the existing customer base. Why spend time and effort filling the top of the bucket without fixing the holes at the bottom?
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You have heard the cliché 'it’s easier to grow revenue from an existing customer than a new customer'. Do you develop products and services for new customers instead of valuing existing customers more? Understanding and measuring Net Revenue Retention or Net Recurring Revenue is critical in fulfilling the potential of your customers. Grow your business faster and add enterprise value.
CHURN PREVENTION
This is the bottom of the bucket. How much do you know about your existing customer base? Everyone likes to think they manage and know their customers well but do you know the Customer Retention Cost (CRC), the Life Time Value (LTV) of your customers, the Average Contract Value (ACV) and the length of time they're likely to stay with you? Do you know which customer is ideal to retain and grow and do you really know which customers will leave over the coming months and why?
Finally, do you really understand your customer's pain points and what they need from you to prevent them from finding an alternative?
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Knowing this is all key to reinforcing the growth of your business and preventing them from leaving.
ENGAGEMENT MODELLING
How often should you speak to customers and how do you segment them accordingly? Which customers should you speak to every day or every week and which contacts should you speak to every day, week, month or quarter within each business? How do you get their commitment to developing a long-term relationship? It's also important to understand what level of automation to have in place within each segment to ensure a high retention rate, strong relationships and positive ROI. Building an associated financial model and understanding full customer revenue and costs (CRC) is critical, otherwise how do you know how efficient you are?
CUSTOMER JOURNEY MAPPING
Lots of businesses are really successful with new business pipelines and sales funnels. They generate leads which are qualified by Marketing (MQLs) and Sales (SQLs), which then move through the funnel to become prospects or opportunities. Customers are then ultimately onboarded and Cost of Acquisition metrics are shared, celebrated and improved upon. However, how many businesses apply the same logic throughout the customer lifecycle? When is a customer most likely to spend more money with you, adopt another service or product or indeed hand in their notice to move away? Are these metrics documented and the subsequent data analysed and acted upon?
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Understanding your own individual customer journeys will help grow your Net Revenue faster.
UPSELL POTENTIAL
Where is there money left on the table? Let’s fill the top of the ‘Net Revenue’ bucket. You've established the ideal customer in your existing base, retention figures are improving and you want to drive additional revenue from customers. Which customers do you target first, how do you do it and how much cost do you invest in the process? Ultimately, what’s the ROI and when are they most likely to increase spending with you? By pulling together key fundamentals of the retention strategy alongside other key Account Management and Customer Success tactics, we can develop another revenue stream separate to the new business sales funnel and grow the business faster.
VOICE OF THE CUSTOMER
It's common for a product or service to be developed internally around a boardroom table, with minimal input from the customer. The end user. The person who will determine whether the offering is actually valuable.
I’d argue that every business should have a clear-cut way of not only knowing and understanding what customers want today but also next year (and maybe even the year after). It will keep the long-term trajectory healthy and focused on the end use case. How do you currently listen to your customers and how often do you sit together to understand how you could perform even better for them? It’s all about win-win relationships, so getting your customers involved will not only build advocacy, it will drive success. Let’s get customers really involved with Product and Service development.
ADVOCACY, EVENTS & NPS
Which of your customers would openly discuss and promote your business as per an NPS survey? Who are your advocates and who are your detractors? Building an NPS survey is the easy part but how do you act on it? Which customers would openly come into your business and talk to your staff about the issues you are trying to solve, now and in the future? How can you build customer events and workshops so they can discuss the market issues with peers? Customers often ask what other customers are doing so how do we leverage this so that we all collectively win together? All of this builds trust, advocacy and loyalty and is key to customer revenue growth.
CRM, CS & SUPPORT SOFTWARE
The route to automation. As customer bases grow and resource gets tighter it’s important to know how to scale the Account Management or Customer Success operation. Quickly, automation can be implemented to help manage and grow the customer base. The start would be a CRM system with a simple communication cadence through to full functioning Customer Success and Support software that monitors usage, adoption, engagement, health scores and even sentiment in places. If you’re thinking about Salesforce, Hubspot, Gainsight, Churn Zero, Totango, Zendesk, JIRA, Intercom or something similar then get in touch! Let’s automate, measure and make data-backed decisions to cement your growth.
