Reduced Sales Cycle
New Cross-sell Opportunities
Modern customer loyalty is a case study in extremes. On one hand, exceptional experiences, personalized touch points and meaningful connections can build a community of powerful advocates, fierce in their support of your business. On the other hand, an increasingly competitive landscape means that customers are hyperaware that they have options elsewhere.
For businesses seeking consistent, healthy and longterm growth, developing existing customer relationships is equally as important as forging new ones, if not more so. With a keen understanding of customers’ organizations, sales leaders can identify new opportunities for partnership, while ensuring the long-term renewals cycle that businesses rely on.
Fostering these customer relationships not only leads to greater goodwill, but it has a direct impact on the bottom line. But how can businesses stand out and deliver the relationship-first, datadriven approach to a renewals strategy?
Cloud Analytics Computing
With consistent growth and a strong pipeline, one of the world’s leading analytics software providers was experiencing low customer churn and healthy renewal rates from its community of customers. Yet, maintaining this trajectory required forecasting consistency – complicated by a low number of timely payments. Without being able to plan exactly when revenue would come in, the company could not adequately plan to reinvest that capital into further innovation and product development.
An audit conducted by ServiceSource unveiled that the hands-off approach to renewals – sending out invoices without a dedicated relationship management strategy – was a barrier to not only ensuring timely payments but to sourcing critical customer feedback, data, and insights. While the company had success in maintaining open lines of communication with
larger customers, there were challenges in replicating that model with its diverse array of smaller customers.
“We have our very large customers where we have a direct relationship with them and we meet with them regularly,” said the Chief Customer Officer. “But then you have a very long tail of customers that you won’t necessarily be able to meet. It’s always harder to find new customers than it is to maintain current customers, so renewals is crucial for our company. It’s vital to be able to reach those people and stay on top of the transactions.”
By shifting their renewals model to be more hands-on, ServiceSource saw an opportunity to not only shore up consistency in payments but transform their customer community into a success engine for the business at large.
“When we first began engaging with the Analytics Software Provider, we saw almost immediately that the value of their customer relationships were underutilized. When you have the robust infrastructure for your customer journey experience, opportunity begets opportunity. We began in earnest in 2017, and the groundwork would soon lead to even further growth.” — Pádraic Flood, VP, Global Delivery, EMEA, ServiceSource.
ServiceSource began managing a large portfolio of its nondedicated accounts, with the goal of improving on-time payment rates among the company’s smaller customers. ServiceSource’s renewals strategy is built on over 20 years of data-driven expertise, transforming the customer relationship into a powerful asset for the organization. Due to the success of that launch, ServiceSource improved the on-time payments rate by 20% in just six months.
“Today, ServiceSource is involved in approximately 99% of our accounts, which comprises about 75% of our revenue,” said the VP, Revenue Assurance & Operations. “ServiceSource was able to deliver a predictable and on-time renewal rate, which goes a long way when you’re responsible for both forecasting and revenue.”
“What we found during the launch of the renewals motion was that many of the customers had never engaged directly with the business before,” said Flood. “What started as a straightforward renewals motion quickly evolved as we started hearing more from customers – what was working, what wasn’t. There was just so much opportunity.”
Following the success of the renewals motion, the company expanded its relationship with ServiceSource to add customer success and inside sales motions. ServiceSource designed and executed customer surveys to consistently source insights from customers that inform long-term strategic development. Managing customer health and identifying opportunities in real-time quickly became a fundamental component of the company’s success. ServiceSource’s responsiveness, agility, and ability to learn have enabled the Analytics Software Provider to develop and evolve its Customer Journey Experience (CJX™) throughout the length of their ongoing partnership.
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