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If you’re focused on hypergrowth, or you find yourself on the brink of it, it’s a good time to start looking at optimizing your processes for the future. Ask yourself, can I scale my business with my current resources? If the answer is no, keep reading to better understand the issues you’re facing and how you can combat them with a commerce solution.
We all know that we need to adapt and move quickly to capitalize on growth. And to do that, you need to decrease churn on low-value segments. This is a problem that isn’t going away any time soon because you’re focused on higher-value clients, which might make sense from the outset... But to really engage hypergrowth, you need to take a step back and re-hash your sales processes to make a real impact.
Don’t just ignore long-tail renewals
Long-tail customers aren’t renewing. But that’s not because they don’t want to; it’s because they’ve been forgotten about. Focusing too much on higher-value customers means these customers fall by the wayside. But when you’ve got a large amount of these smaller contracts, it adds up.
Neglecting your long-tail renewals won’t help you embrace hypergrowth. You should employ a holistic approach to your sales strategy, and that means giving every customer (large and small) an enjoyable, frictionless purchase or renewal experience.
Use better tools to manage renewals
Are you giving your customers a seamless way to renew? If they have to call your sales team multiple times to process a renewal, you can’t blame them if they don’t follow through. In today’s world, buyers expect digital prowess from your organization.
If your renewal process is manually heavy, it’s archaic. There are innovative, digitally managed ways for you to oversee the process and gain deeper insight into your customer experience. Improving and automating the customer experience is directly linked to decreasing churn, particularly when it comes to long-tail customer retention.
According to a report by McKinsey & Company, “70% of B2B decision-makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000.” Buyer behavior is driving innovation — so if you’re not offering self-service, you’re not living up to expectations when it comes to optimizing digital infrastructure.
So how do you do this using your current resources? Free up your sales team’s time by implementing a tool that facilitates self-service and automation for smaller value renewals. That will allow you to quickly and easily capitalize on all renewal opportunities, while at the same time have the ability to pour your efforts into higher-value customers.
So what does it all mean?
It means you’re struggling to keep hold of those customers you spent thousands of dollars to convert. Instead, you’ll have to invest money into attracting and converting new customers, with new marketing campaigns and more time spent building brand new relationships.
But there's good news! The key to unlock hypergrowth is in your hands. Nurture all of your current customers by automating the process. Give them a better way to experience your product and subscription management. Basically, give them what they want and expect from your organization.
Read the next blog post in this series: Deliver the Digital Options Your Customers Demand.
