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Blog Customer Relationship Management (CRM)

How to stop customer churn forever, and grow your revenue in the process

There’s nothing worse than spending weeks or months nurturing a prospect and finally making a sale, only to have the customer bail on you as soon as the initial contract expires. 

Churn is the worst. You need to nip it in the bud.

Understand the value of existing customers

Part of nurturing customer relationships well is understanding the value of your existing customers. After all, it’s been well reported that earning a new client is somewhere between five and 25 times more expensive than simply keeping an existing one. (Yikes!) Your current clients are worth a lot—and investing in customer retention pays off, big time. 

All statistics aside, the fact is you’re always better off keeping your clients happy. And you can’t tell if they’re happy if you’re not really paying attention. This is when you can miss some tell-tale signs that the relationship has gone cold.

Unhappy customers will start shopping around

If a relationship with a client loses its shine, you can be sure they’ll start looking at greener pastures (namely, your competitors). This is bad news. If you’ve let your relationship get to this point, you want to take action immediately and try to salvage what’s left. You definitely don’t want them establishing a rapport with your competition.

But how can you tell when they’re shopping around?

Revenue Acceleration tools can turn your CRM into a reliable fountain of customer knowledge

Actually, your CRM can do that. With the right help. 

By teaming up with a Revenue Acceleration tool, your CRM has the ability to let you know something is up.

Using AI technology, a Revenue Acceleration tool can perform an analysis using your CRM data and will alert you when there are warning signs that a customer might be considering other options. 

I bet you didn’t know that about your CRM. This is a game-changer.

Be proactive and save your accounts before the red flags go up

Clearly there’s enormous value to being forewarned when your relationship with a customer might be losing its lustre. If you can take proactive steps to win back their trust and loyalty before they even realize they might want to consider other options, that’s huge.

And that’s exactly what a Revenue Acceleration platform does, using its relationship intelligence algorithms. 

Of course, if you’re handling your accounts properly this shouldn’t ever be a problem. Customer satisfaction should always be your first priority, not just when making a sale, but on the other side of the funnel as well.

The bowtie says it all

Actually, forget about the funnel. That’s an outdated and frankly limited way of visualizing the buyer’s journey. 

It’s all about the bowtie now.

The bowtie takes the funnel and adds a whole new part of the journey after that. Because your relationship with a buyer doesn’t end once they become a customer, it keeps on going. Just like the opportunities.

The buyer’s journey bowtie from www.winningbydesign.com

If you keep on nurturing those relationships past the contract signature, you’re doing it right. Make sure they’re getting the most out of your product, and they’ll keep wanting to use it. Churn doesn’t even enter into it.

In addition, you can identify new opportunities to upsell on new products and features. It’s a whole lot easier to sell to someone you already know, and who’s already using your product, than it is to someone entirely new.

And the more ways your product becomes integrated into their operations, the less likely they are to seek alternatives. Especially if you keep making sure they’re happy with what they’ve got.

A Revenue Acceleration platform will reveal those opportunities as well, making it easier than ever to not only grow relationships and retention, but also to grow revenue as well.

But what if I can’t trust my CRM data?

Of course, you need accurate data to work with in order to tap into this potential. Your CRM can’t be full of dirty data, or it’s not going to give you these magical insights we’ve just promised. 

If you just can’t picture when you, or anyone at your organization, would have the time to clean up your CRM database, you’re not alone. Ain’t no one got time for that. Luckily, Revenue Acceleration tools perform that task, too. Using automation they can clean up your CRM, then keep it that way, forever—no manual data required. 

Wait, what exactly is “revenue acceleration” anyway?

Revenue Acceleration is the stage in a business when every part of your sales operations team—every department, every colleague, every process—works together in a strategic and synchronized way to achieve maximum results. 

We’ll bring you up to speed quickly.

The first step to achieving Revenue Acceleration is to automate away mundane tasks that are unrealistic for salespeople to keep up with. This makes everyone very happy. 

The second step is to cleanse your CRM of dirty data, which the tool can do using AI technology, continuously, for as long as you use it. Pretty sweet, right?

The third, and second-last step, is reveal. The tool is now revealing important insights and analytics to help you do your job better and establish your CRM as a single-source-of-truth for everyone to rely on. 

Without the first two steps, you won’t get here.

What else can it reveal?

This is more fun than a magic show! The Revenue Acceleration platform can reveal valuable insights—like if a customer is acting out of the ordinary, and you should be paying more attention or you’re going to lose them. 

Actually, it can even suggest courses of action to improve your service and nip that customer churn in the bud. All done automatically, with no effort on your part.

The final step

That last part leads to the final step: guide. The platform is now able to use your CRM data to guide important selling decisions, identify what makes top performers perform well, and set everyone up with the insights needed to operate at their optimum level. 

Hooray, Revenue Acceleration! 

Don’t lose customers to the competition

Losing customers isn’t an option for you. So don’t let leaving you be an option for them. Use Revenue Acceleration tools to help you find and use the optimal ways to keep your customers happy, and say goodbye to churn forever.

Team your CRM up with Introhive to begin your Revenue Acceleration journey. Reach out and let us guide you down the entire path, helping you and your company reach your maximum potential.

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