Expert panel reveals best customer retention tactics to expand revenue from existing customers
In this webinar Ryan Thomas, SVP of Global Account Management at ServiceSource and Peg Nicholls, Director of Operations Sales at Cisco discuss how to grow revenue faster with cross-sell and upsell best practices. The two sales veterans answer questions on how to use customer retention tactics to not just reduce churn but to organize around customer success and grow revenue.
Both experts agreed that improving cross-sell opportunities comes only when you provide a better customer experience. There is no shortcut to solving problems for your customer. The customer must realize value from the initial sale before any up-sell programs should be started. This requires the integration of multiple departments in the organization to maximize the lifetime value of each customer. Sales should work with customer support to successfully onboard the customer. This flows into customer success and provides an easier path to reduce churn, retain the customer, and then cross-sell new services.
Another point of agreement was that the intelligence for every customer success organization starts with identifying and recording the right key performance indicators (KPIs). Find metrics that define when you are meeting or missing your customer’s expectations. Predictive analytics should be used to identify when to contact each customer and what service offerings they would be most interested in deploying. This intelligence model in the hands of a well-trained inside sales staff improves revenue retention and maximizes the lifetime value of the customer.