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Success Stories

How ServiceSource Improved Bookings by 81% YoY for a Data Visualization Company

Download to learn how ServiceSource dropped customer churn and achieved an unprecedented level of success for a data visualization company.

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Outcomes Delivered

Increase in Bookings YoY 
Decrease in Customer Churn
Renewal Rate for Subscription and Maintenance Contracts

Overview

The number of data bytes in the world is 40 times bigger than the number of stars in the observable universe. It’s no wonder that the data visualization market has exploded over the past four years. Due to the explosive growth of this industry, and the rise of SaaS-based software, customers are hyperaware that they have options elsewhere, at any time.  

For businesses seeking to consistently grow clients for life, in addition to forging net new customers, a lot of focus must be put on consistently demonstrating value to the customer, meeting their unique needs quickly – and in some cases proactively. This type of relationship cannot be reserved for just your top-tiered customers. You must also proactively engage with and grow your SMB customers. But how can data visualization companies consistently demonstrate their value to customers to make a renewal event a non-event? 

Industry

Data Visualization

Region

Global

Services Provided

Renewals

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Challenges.

they were experiencing low renewal rates, <$10M in bookings, and relatively high attrition rates. To maintain consistent growth and a strong pipeline, the client needed more accurate forecasting capabilities, and a team to improve bookings and renewal rates for their subscription and maintenance contracts.  

 This effort was complicated by a subpar number of timely contract renewal 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, process improvements, and product development.  

Solutions.

The first hurdle that ServiceSource needed to overcome was to prove the effectiveness of its methodology and validate themselves as a strategic partnership. The client’s in-house renewals team was dedicated to their top-tiered customers, dedicating auto renewals or a reactive approach for the lower-tiered customers.    

ServiceSource initially implemented a team of eight renewal reps across North American and Latin America (LATAM). To improve response times to queries, the team dedicated a prioritization framework to set priority levels, improve SLAs, and increase accountability with the renewal reps. This included dedicating mentor hours to help improve reps’ ability to channel queries more efficiently and continue to improve technical know-how for renewal related questions. ServiceSource also implemented task load automation to help improve rep efficiency and pipeline management.  

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Results.

Today, ServiceSource has not only proven their capabilities to the client, but they have taken the client’s business to an unprecedented level of success. The client has experienced an 81% increase in bookings YoY and a drop in customer churn by 3.3%.  

Additionally, with a focus on increasing maintenance and subscription contract renewals rates, ServiceSource achieved a 84% renewal rate, the highest renewal rates the client has ever experienced in this segment. ServiceSource’s continued success with the client has resulted in a global expansion, covering a wider range of customer accounts and more product lines.  

Start Your Journey.

Schedule a meeting with a ServiceSource expert to see what we can do for you.