Customer Success Management
According to the Harvard Business Review the average business loses 50% of its customers every 5 years - with 66% of those that leave stating poor customer experience as the primary reason for leaving. Many progressive organisations that have invested in resources to reduce this type churn, have also found that nurturing existing customers to be successful drives retention, renewals and up-sales revenue. This is Customer Success Management, and organisations who advocate this approach, argue that it is a key ingredient to long term business growth and profitability in a very crowded global market place.
This area is also really topical for member organisations of the Sales Institute for the following reasons
- Bespoke customer-centric marketing is at the core of nearly every lead generation and account management strategy currently.
- 67% of member organisations who participated in the recent Sales Institute Sales Practices Survey told us they expect the majority of next year’s sales growth to come from existing customers.
- Recent research suggests that focusing on a customer success campaign (as opposed to acquisition) can be almost 5x times more cost effective.
This approach may now mean that long term customer revenue may be within arm’s reach of organisations who utilise data driven marketing and best in class account management strategy that have a bias towards customer success.Member RegistrationNon-Member? Register Your Interest Customer Success Management
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