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Driving Customer Retention and Expansion Through Stakeholder Engagement
Companies invest resources, time, and money in Customer Success Managers (CSM’s) with the goal of accelerating company growth through improved retention and customer expansion. Typically, CSM’s are assessed on these 2 criteria:
– Effectiveness: The amount of churn in the accounts each CSM oversees.
– Efficiency: The amount of revenue managed by each CSM.
With the emphasis on retention and expansion, it’s easy to see how these two metrics can align the focus of CSM’s to ensure each subscription renews. However, the most effective CSM’s broaden their vision beyond just chasing renewals: Proactive customer management produces better results with far less effort.
This paper discusses pros and cons for various approaches to strengthen customer relationships in pursuit of more efficient and effective customer-retention and expansion. The key topic discussed is the proper engagement of stakeholders/”Buying Committee” participants within your customer accounts, and outlines scalable and effective processes and technology that have proven to accelerate profitable growth.