Seemingly harmless, typically inconsequential requests from your customer can have a massive, negative impact on profitability. Whether value leaks out of an opportunity through additional customer requests or outright demands for discounts, your company’s bottom line suffers. Your profitability and your customer relationships can be at risk without the right negotiation tactics and appropriate consideration for a customer retention strategy.
To Capture Value, you need a deliberate approach to address these critical—and sensitive—moments of truth both late in the buyer’s journey and in the customer lifecycle. Only with Corporate Visions do you get the messages, content, and skills rooted in decision-making science to nail the important questions customers are asking you: Why should I stay? Why should I pay? The best customer retention strategies allow you to answer these questions with confidence, strengthening your existing relationship into the future.
Convincing a customer to pay more during the sales negotiation process, and then convincing them to stay when it’s time to renew are huge drivers in growth and profitability. But research shows these communications are mostly ad hoc and handled as one-off customer conversations. And often the messages used in these moments are the same ones used to help convince prospects to buy. Here’s the catch, the stories you need to succeed in price increase and renewal conversations are fundamentally different—even opposite—from the disruption-minded messages that are most effective when you’re trying to start a new deal.
With Capture ValueTM Messages, you’ll participate in a swift, clearly defined, expertly facilitated message development process to create stories that answer your customer questions: Why stay? Why pay? Your engagement begins with a cross-functional workshop that brings together all your key message stakeholders. Two days later, you’ll walk out with a compelling customer story and simple, concrete visuals. You’ll have polished drafts of your new messaging in your hands within two weeks of your workshop and final versions a few weeks after that. That means you can start telling your story almost immediately. With our tested and proven customer retention strategies, you’ll develop messages to retain more customers and drive account growth.
Whether you are trying to convince customers to pay more or to ensure they renew their agreement with you for the next few years, you need content that follows a specific messaging choreography and visual storytelling philosophy. Through the proven methodology you get with Create ValueTM Content, you’ll apply a science-backed approach to writing and design that means the difference between content that merely communicates and content that convinces. You’ll also ensure your price increase and renewal communications are consistent regardless of the medium in which they are delivered.
Recent research exposes that traditional recommendations don’t yield the best results when it comes to getting buyers to agree to pay the price you want for your solutions. Most sales negotiation training fails to take into account selling environments that have grown in complexity and have multiple decision-makers involved in most buying decisions.
And what about after you close the deal and need to renew a customer or pass along a strategic price increase? Whether you call it “provoking” or “challenging” the customer, it turns out that disrupting your customer during price increase or renewal discussions is the exact wrong approach—one that could drive a good customer straight into the arms of your competition.
With Capture ValueTM Skills, you’ll give your marketing and sales organization the ability to apply unexpected and counterintuitive techniques to maximize deal and customer value. With a mixture of online and hands-on application-based learning and reinforcement, you can train your sellers, coaches, and marketers on the science-backed concepts they need to be remarkable when implementing your customer retention strategy. That means improving sales negotiation skills and learning the best way to engage prospects and customers to expand deal size, retain existing customers, and convince them to pay more for your solutions.
Banner stat: McKinsey & Company