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In this blog, based on a webinar with SOAR and People.ai, learn why customer growth is critical in the current market and how your team can prioritize, plan, and execute to drive breakthrough growth within your account base.
Why Customer Growth is Critical
Pre-economic downturn, the focus was on opportunity execution. At SOAR, we have determined four reasons for an increasing focus on customer growth and retention among our clients post-economic downturn:
1. Changes in buyer behavior.
Sales cycles are currently 20-30% longer for net new logos than a few years ago, partially due to increased business case scrutiny among potential buyers. So, renewing with current customers is quicker and easier than chasing new logos.
2. Economic advantages of expansion.
When selling to current customers, there is a 5x lower cost and 30% higher win rate than selling to new customers, according to TSIA.
3. Impact on Net Revenue Retention (NRR) and Lifetime Value (LTV).
Without an effective expand motion, NRR hits a ceiling. According to TSIA, customers that expand before renewal renew at a 78% higher rate than those that don’t.
4. NRR drives valuation.
According to Gainsight, NRR has the highest correlation with valuation of any other metric.
As you can see, expanding within your existing account base is easier and more cost effective in the current environment than chasing net new logos. Now that we’ve covered why you should focus on growing your existing accounts, let’s talk about how to grow your existing accounts.
Do you believe Revenue Kickoff (RKO) events are a critical catalyst for a great sales year?
Most revenue leaders see RKO as an opportunity to: celebrate successes in the prior year, set the direction for the coming year, learn and upskill, and build relationships.
With such positive intent, why are so many RKO events letdowns?
At SOAR, we’ve had the privilege of participating in so many kickoff events we have lost count! We have experienced everything from an event with thousands of sellers at the Bellagio in Las Vegas to an event with twelve sellers at their headquarter office. We always love the opportunity to support our customers at RKO. However, we have seen some things that work better than others.
With that in mind, we would like to offer 9 stumbling blocks to a successful RKO event, with practical tips to ensure your RKO event catapults you toward success in the new year.
SOAR Performance Group, the leader in consulting and training for go-to-market organizations, won a coveted Brandon Hall Group Bronze Award for Excellence in the Sales Performance area, in the category Best Model of a Growth Focused Organization. The award was announced on August 17, 2023. The winners are listed at http://www.brandonhall.com/excellenceawards/past-winners.php.
In 2023, Customer Success Managers are stuck between the often opposing priorities of customers and companies. Customers are scrutinizing budget, spend and value more than ever, while companies are prioritizing renewal and expansion revenue. This leaves CSMs navigating many expectations from various directions.
How can your organization equip your CSMs to succeed in this environment? Keep reading for four keys from a recent webinar with John Thackston, CEO at SOAR Performance Group, Easton Taylor, VP of Customer Success at Gainsight, and Andy Thompson, AVP Consulting & Client Success at Recorded Future.
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