Realize that your revenue is constantly at risk. Gain an understanding that if the customer does not use your solution, they will not pay for it or renew their subscription. Work with your customer success team to get your customers to adopt your solution to realize significant value so that renewals aren’t even a question. Leverage TSIA’s LAER (Land, Adopt, Expand, Renew) model to successfully engage with your customers in the never-ending cycle of building your accounts. This four-stage maturity model will help move your sales organization from a transactional model to a transformational model. Once we start to care more and take the responsibility of helping customers adopt the value of the asset, we set the conditions for success.
Go back to your existing accounts and find out how they are using your solution and what value they are gaining. Figure out what works and what doesn’t work. Mine the data of current customers to see what is influencing their account expansion. We learned from Amazon that if you are armed with the right data, you can create the perfect sales moment by putting the right offer in front of the right buyer at the right time with a high degree of accuracy. Analyze your current data on existing customers to predict the future behaviors of new or expanding accounts. With this information, we can put the seller into the perfect sales moment to engage customers.
The next competitive battleground is customer business outcomes. You need to understand the industry and you need to understand your customer’s language around outcomes. According to Gartner, “Account management teams that can deliver ongoing customer improvement conversations increase their ability to grow that account by 48% and increase the likelihood of renewing or retaining the same amount of spend by 94%.” You can deliver those ongoing customer improvement conversations by getting on the same page as your customer and fully understanding what their desired business outcomes are. Engage in continuous discussions on how your solution aligns with those outcomes.
Learn more insightful tips in our Voice of Value Podcast Episode 13 (Part 2): Here’s the Secret to the Perfect Sales Moment – Featuring J.B. Wood, President and CEO, Technology Services Industry Association (TSIA).