It’s a terrible feeling when new business deals are slow to come in and you’re watching your growth targets slip away after all of the hard work your sales team put in to reach new customers. So how do we counteract this? Through the number one most important strategy in 2023: paying attention to net dollar retention.
On this episode of The Run Revenue Show, Nick Mehta, CEO of Gainsight, author of multiple books on customer success and all around champion of delivering value to your customers, shared his insights on this strategy. You’ll learn the difference between customer support and customer success, the natural tendency for customers, sharing the value in your vision, and the key steps for turning your value into reality. Here’s what’s inside:
Turn your value into reality: Nick mentions the main steps are to agree as a company what your value is, define how that value is translated into the product, orchestrate it into your business processes, and then to become brave. Stop building loyalty through personal relationships: Think relationships are more important than outcomes?
Think again. Make sure that you have real outcomes and value as the foundation of your relationships. This will help you avoid revenue leak. Identify where you are leaking revenue on the customer side: Nick says there are multiple pieces to identify - the onboarding process, management, dollar churn, and price compression. From here, build a strategy for each piece. Audit the information flow between your Sales and CS teams: Nick mentions there are two sides you need to consider when collaborating between your sales team and CS. First, an account plan that shows how you are going to grow your customer base. Second, a success plan that shows what you are doing to drive the clients goals. Then, make sure these two plans align!
Grab this week’s Checklist:
