Uncover account potential. Three ways to use CloseFactor to impact Net Revenue Retention.
Net revenue retention.
That’s the metric business leaders have put under a microscope as we continue to be hit with uncertainty in B2B. And with just about every business out there cutting costs, the old adage of “it costs 5X less to retain a customer than it does to land a new one” holds ever more weight than ever before.
Ensuring customer success is critical to weather the storm. But there’s also a ton of opportunity within your base that you might not be taking advantage of. Now if you’re a customer marketer or account manager focused on renewals and expansions, your goal outside of making your customers wildly successful is to identify opportunities to improve your penetration within an account.
That’s where CloseFactor can help.
CloseFactor helps businesses improve their NRR by identifying expansion and upsell opportunities within their existing customer base. By giving you a comprehensive view of your customer data, you can prioritize accounts more accurately and formulate strategies for expanding your footprint.
Let’s take a look at how CloseFactor can give you visibility into that untapped account potential 👇
Using your first party data to prioritize accounts
You can’t just rely on a single set of data to help you make decisions on which accounts you should be spending time on. With CloseFactor, you can combine your first-party data with our third-party data to get a 360-degree view of your customer. This helps you prioritize accounts more accurately and formulate a strategy for expansions and upsells by knowing every single detail about what your customers are doing. For example, you can pull in product usage or website visit data to identify highly active customers to understand which groups inside the organization are highly active and kicking off new projects or initiatives. Now you’re able to tailor your sales and marketing efforts to target the right accounts and increase the likelihood of success.
Identifying opportunities across departments
Oftentimes, your product can solve problems for multiple personas or groups that don’t fall under the same department. For example, maybe you sold into the sales team but have a product that’s also useful to marketers. CloseFactor can help you identify which other departments may be worthwhile engaging to see if there’s a fit. This can help you expand your footprint within your existing customers by identifying potential opportunities for additional revenue outside.
Selling more products to healthy, successful customers
For multi-product companies, it’s key to drive adoption across your suite to increase LTV. But before you can do that, you need to know which of your customers are a good fit for each of your products. First, CloseFactor can help you track customer health scores so you know who is okay to engage in those types of conversations. Second, using the two approaches above, you can see which customers have each of your products including the people who are using them so you can engage those accounts, and more importantly, the right people at those accounts to start conversations around introducing a new product they might need.
Retaining and expanding customers has never been more important. And CloseFactor can help you on your journey to make that happen by identifying patterns and trends in customer behavior so you can get the most out of your sales and marketing resources.
Want to see for yourself? Get a demo today of CloseFactor today.