White Paper: Developmental Stages of the Customer Relationship
In a world where customers consume technology on a recurring-revenue basis and can more easily switch vendors, revenue is at risk with each renewal cycle. In addition, new revenue from existing customers costs 20% less than new revenue from new customers. This has amplified the focus on the customer. To ensure renewals and create opportunity for up-sell, it is important to understand where you are in enabling your customer’s success.
Companies grow through developmental stages. The developmental tasks relevant to each stage must be mastered in order to progress and realize future growth. Developmental tasks can be categorized into developmental lines. The developmental lines relevant to providing value to the customer are: On-boarding / Professional Services, Technical Support / Day-to-Day Care, and Continuous Value Creation. This white paper presents a model that can be used to assess where you are in the development of your customer relationships, and plan and anticipate what you need to do next. By applying this model, you can ensure you are taking the required action to make your customers successful, reduce churn, and fuel your future growth.