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Sales and revenue leaders often face this conundrum where they have to make decisions to prioritize new customers over existing ones.
The decision-making gets more difficult when data points in the opposite directions.
For example, according to Forrester’s B2B Benchmark Metrics Data, 77% of B2B customer revenue comes from existing rather than new customers.
Despite the data point something which seems obvious, businesses tend to focus more on new customers.
However, a commercial strategy focused solely on attracting new business and “maintaining status quo” with existing accounts will no longer suffice in today’s B2B sales environment.
Sales teams must figure out how to balance retaining and growing existing accounts if they’re going to stand up to the competition in the long term.
Teams that can deliver ongoing customer improvement conversations increase their ability to grow that account by 48% as per Gartner.
Here are the 3 critical elements of customer improvement :
1. Provide customers with a unique, critical perspective on their own business and market
There is no better way to create a better impression than telling them something important that they previously failed to appreciate or acknowledge. Also, tell them why it matters to them. If your product can deliver this, you have got them invested.
2. Paint a vision of the customer’s future business
"Here’s what we’ve done with you over the past year in our relationship" - Yes, this is a good way to begin the conversation. But, do they leave an impact? Customers care about their future. How does your product enable a better future for them? These conversations are forward-looking, as opposed to the more common appraisals of past experience.
3. Provide customers an ROI on the entirety of the commercial relationship
Customers want to see the overall value of their partnerships with suppliers, not just ROI on products, services, and solutions. Of course, the latter is important but you can do so much more. Think - sharing of knowledge, opportunities, access to ecosystems and markets, and so on.
Suggested read: Why Your Account Growth Strategy Needs an Update
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