Acquiring new customers is five times more expensive than retaining existing ones – this coupled with the uncertain economic landscape left by the pandemic, and long B2B sales cycles, means many organisations will be looking to scale retention activity and slow down net-new business while customer acquisition remains costly. 

While strengthening relationships with customers requires a hands-on approach, increasing customer retention by just 5% can grow profits from 25-95%. Building long-lasting relationships with current buyers to lock in renewed brand loyalty and increased lifetime value is essential to every organisation looking to maximise revenue streams. 

Turn a churning customer into a repeat buyer

Customer experience should be the foundation of your sales growth strategy.  

As customer expectations and needs constantly evolve, having your finger on the pulse can ultimately help you unlock the full revenue potential from current customers. 

Incorporating customer retention strategies into your account management process can promise lower churn rates and reduce the risk of losing out to your competitors. 

Retention activities can be something as simple as making the first move to check in with current customers. Some clients begin to feel undervalued if they only receive communication when making an enquiry with your business or paying an invoice. So, contact them regularly, ask if their needs have changed, and make sure they know how to get the most out of your service or solution.  

This support can turn a churning customer into a repeat buyer – helping your sales team to identify key insights into buyer journeys and pinpoint opportunities for upselling and cross-selling. 

Manage resource to empower customer retention activities

The core challenge faced when developing a customer retention strategy is lack of resource. And when you’re in need of revenue to fill your pipeline, it can be tempting to buy into short term solutions. But many enterprise and mid-market companies can’t get across all their customers with the resources they have in-house. 

At durhamlane, we take a consultative, account-based sales approach to engage and grow your customer base. Proactively building, nurturing and managing relationships with your customers to understand their requirements and uncover additional support needs. Our goal is to deliver qualified sales opportunities for untapped customer renewal, cross-sell and upsell that accelerate your path to revenue. 

Our customer retention process consists of proactively building, nurturing and managing relationships with your current customers to understand their requirements and uncover any support needs. Our goal is to ensure that your clients get the maximum output towards their desired goal within their contract term – giving sales teams the best opportunity to retain, renew, cross-sell and upsell your products or services. 

Ready to generate more growth and revenue from your base? Learn more about our customer success support.

Let’s talk

We’re always open to hearing from ambitious organisations that are looking to scale but are unsure how. Get in touch to see how we can help overcome your sales challenges.