Customer Retention for Revenue Growth in a Crisis
Superior customer experience and a customer’s success at leveraging your solution can set you apart during normal times. Amid this COVID storm, they can be critical factors in deciding which technology providers weather the storm and come out growing on the other side.
In the best of times, increasing customer retention rates by just 5% increases profits up to 95%, according to the Harvard Business Review. In the current scenario, Forrester considers customer retention a mission-critical driver of predictable recurring revenue and continued growth.
As head of N3’s Customer Success practice, I’ve learned that to retain our client’s customers, we must first understand them. How challenging is their transition to the cloud or to the solution – and what are the specific roadblocks? You need to know their business objectives and reasons for potential churn to ensure the churn risks are minimized. Through my years of experience working with Microsoft as they have evolved their Customer Success approach, we’ve seen that solving a single problem can generate upwards of 31% revenue growth.
At the recent SiriusDecisions Virtual Summit, David Runsvold, Director of Customer Success at Microsoft and N3 President, Marcel Florez, shared additional learnings from our work together.
I encourage you to watch the replay to hear how Microsoft partnered with N3 to raise retention, expand consumption, and increase cross-sell and upsell for greater net recurring revenue (NRR).