3 Findings that Can Get Your Customer Revenue Back on the Path to Growth [Infographic]
0 likes436 views
The revenue lifecycle is crucial for businesses to enhance customer retention and increase recurring revenue as they mature. A survey of 25 global B2B companies, including major software firms, shows a strong correlation between revenue lifecycle maturity and customer renewal rates, emphasizing the importance of customer engagement throughout the lifecycle. Key strategies for improving revenue and retention include a holistic approach to the revenue lifecycle, integration of innovative practices, and the use of modern data management and analytics.
3 Findings that Can Get Your Customer Revenue Back on the Path to Growth [Infographic]
- 1. The Revenue Lifecycle helps businesses to retain and grow revenue from existing customers as they develop higher maturity. ServiceSource conducted a survey on the relative maturity levels of global B2B Opportunistic Emerging Disciplined Optimized Strategic Survey Not Segmented by Business Unit or Customer Segment 25 GLOBAL B2B COMPANIES Including 10 of the Top 15 Global Software Companies Representing $130 billion of global software revenue The Path to Growth THROUGH REVENUE LIFECYCLE MATURITY The key to finding higher recurring revenue and better customer retention is engaging the right way with your customers from beginning to end — and beyond. $ Including $10 billion of global SaaS revenue (Lower Renewal Rates) (Higher Renewal Rates) HOW MATURE ARE THESE COMPANIES? in customer renewal rate between the most mature and least mature companies TECHNOLOGY Revenue Lifecycle Maturity is positively correlated with Renewal Rate. The two strongest drivers for overall Revenue Lifecycle Maturity. 25 22 0 50 75 100 Level 1 OPPORTUNISTIC Level 2 EMERGING Level 3 DISCIPLINED Level 4 OPTIMIZED Level 5 STRATEGIC Lagging Company Average Leading Company 98% Opportunistic Emerging Disciplined Optimized Strategic 67% 74% 90% 82% DATA 31 POINT DELTA in customer renewal rate for every step up in maturity level 7.9 POINT GAIN 61 72 THE 3 KEYS TO INCREASED REVENUE AND RETENTION size of your customer base or experience managing recurring revenue. 1. Look at the entire Revenue Lifecycle picture Lagging companies focused mostly on selling activities: While leading companies addressed both selling activities and Customer Success activities: • RENEWALS • UPSELL • ONBOARDING • ADOPTION 2. Go beyond people and processes But to drive Revenue Maturity advancement, these must be enabled by: 3. Experiment, innovate and embrace change 100% of leading companies have injected a culture of innovation into their approach, allowing for rapid, iterative evolution. These companies also leverage the world’s most up-to-date data management and analytics to drive business improvements and decisions in real-time. • PEOPLE • PROCESS • KPIs • DATA • TECHNOLOGY $