Identify the cracks in your customer lifecycle that could be costing you big revenue.
There are lots of solid business reasons to leave some revenue on the table. Maybe you shouldn’t exercise CPI+ price increases because there’s strong downward pressure on your industry. Maybe you should over-service your customer and not charge certain fees because of a currently “rocky” relationship.
The problem is, in most companies, these decisions are handled in an ad hoc way, often by sales reps or service teams who lack all the necessary information. No one knows the magnitude of the opportunities. No one is developing a programmatic approach to solve the problem. And that means no one is accountable for driving results.
It’s a shame, because those results add up quickly. We’ve worked with companies who’ve discovered an annual recurring revenue gain of over $12 million, just by examining one big source of leakage across their most valuable customer relationships.
The truth is that significant revenue opportunities could be escaping from almost anywhere along the customer value lifecycle—from sales to delivery, operations to retention. Here are just a couple of the places you should be looking:
Your customers made a purchase commitment for a specific volume of product or services or a certain spend amount. But are they still meeting their agreement? Without consistent checkpoints in place and timely, accurate insights, you could be getting shortchanged.
Cost Pass-throughs & Chargebacks
When your company’s supplies, utilities or other operational fees increase, are you eating the full cost? Identifying and applying appropriate cost pass-through opportunities to customer accounts can make a significant difference in your bottom line.
As an executive, you need to make conscious, informed decisions about your business. Discover the other points where you could be losing big revenue opportunity in our 5 Major Leaks in Your Customer Value Lifecycle infographic.
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