The majority of companies—58%—see no need to differentiate their sales and marketing messaging or content between customer acquisition, customer expansion, and customer retention strategies. They simply use the same approach, regardless of customer relationship. But that doesn’t mean a one-size-fits-all approach is right. In fact, it’s quite wrong.
Research reveals that key customer retention and expansion situations like renewals and upsells require distinct messaging and skills. Why? Because the buying psychology in customer expansion is radically different from customer acquisition. In fact, re-using the same messaging strategy in both situations will dramatically hurt your chances of winning customer retention and expansion opportunities.
Your Marketing, Sales, and Customer Success teams need to match your customer’s Deciding Journey, developing skills and unique messaging strategies for key retention and expansion moments:
Why should I renew with you? (Why Stay)
Why should I pay more for your solution? (Why Pay More)
Why should I buy even more from you? (Why Evolve)
Why should I trust you after a service failure? (Why Forgive)
With Expand Value™ services from Corporate Visions, you’ll learn tested and proven customer retention and expansion approaches for enabling buyers to keep and grow their business with you.
Many companies use the same story to keep and expand with existing customers as they do to acquire new ones. But research reveals that the stories you need to succeed in customer renewals and price increases and upsells are fundamentally different—even opposite—from the disruption-minded messaging that’s most effective when you’re trying to acquire new customers. As such, a one-size-fits-all approach won’t give you an edge with your retention and expansion messaging—it will actually set you back.
With Expand Value™ Messaging, you’ll participate in a swift, clearly defined, expertly facilitated message development process to create stories that answer the key retention and expansion questions your customers are asking during renewals, price increases, upsells, product migrations, and when recovering from service failures.
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 the right story for the right moment almost immediately. Powered by messaging frameworks and expansion strategies that are tested and proven by original research, you’ll develop messages that propel your most important customer expansion efforts forward—whether you need to retain more customers or drive greater account growth.
Whether you’re trying to convince customers to renew their agreement, pay more for your solutions, or evolve to higher-value solutions, you need content strategies that follows a specific messaging choreography and visual storytelling philosophy—tested and proven by research.
With Expand Value™ Content, you’ll apply a science-backed approach to your campaign and sales enablement content assets to support your account-based marketing communications and account sellers’ conversations. With research-backed messaging frameworks serving as the foundation, you’ll develop content that helps you tell the right story in the customer retention and expansion moments that are so critical to your growth.
Research shows that the skills and techniques you need to acquire new customers are different from the skills you need to retain and expand with existing customers. Key customer retention and expansion situations have unique pressures and demands. Disrupting or challenging your customer during a renewal or upsell situation is the exact wrong approach—one that could drive a good customer straight into the arms of your competition.
Only with Expand Value™ Skills can you give your salespeople the skills they need to renew more customers, communicate price increases, and evolve your customer relationships to drive greater value and growth. With a mixture of online and hands-on application-based learning and reinforcement, you can train your sellers on the science-backed concepts they need to be remarkable when implementing your customer retention and expansion strategies. Whether you need to keep more customers, pass along a price increase, or increase your upsells, Expand Value™ Skills gets salespeople fluent in the skills they need to engage customers across all these pivotal moments.
For coaching to make an impact today, it needs to provide a more comprehensive approach to the forces that actually change reps’ behaviors in the field. That means a relentless focus on application, practice, coaching, and reinforcement.
Only with Expand Value™ Coaching do you get the most comprehensive and continuous approach to these coaching essentials—all supported by an array of coaching solutions to ensure the skills you invested in get adopted and applied in the field. Expand Value™ Coaching includes manager coaching skills that turn your sales managers into Expand Value™ field gurus, making them better coaches, leaders, and communicators. It includes Virtual Coach to help reinforce the skills and create lasting behavior changes; Fluency Coaching to ensure more observable practice, expert feedback, and demonstrated proficiency; and Deal Coaching to help you apply your new skills to must-win retention and expansion opportunities.
Banner stat: McKinsey & Company