“A 5% increase in customer retention can increase business profits by 25% - 125%”*
Let that sink in a minute…
In our SaaS-market world, EVERY CUSTOMER RENEWAL COUNTS!
This is why companies across the globe are investing in building out ‘Customer Success’ teams. But while they are putting butts in seats and are ‘closer to the customer’ are they doing the one thing that is so obvious? Are they performing a comprehensive Win/Loss assessment on renewals instead of just new logos. Are they understanding their buyers and gaining insight into why they renew?
“A formal and rigorous win-loss analysis program enables better segmentation, product strategy choices and sales enablement . . . Those that take a more comprehensive approach have seen a 15% to 30% increase in revenue and up to 50% improvement in win rates."
Gartner: Benefits of Win Loss Analysis, Todd Berkowitz
So based on Gartner’s research, here is some simple math for a Mid-market SaaS company:
Shortest and most obvious blog I’ve ever written.
If you are a SaaS company or investing in Customer Success, call Egress today to learn about our comprehensive Buyers’ Insight Assessment to learn why your buyers/customers renew or churn and how to improve your retention rate.
*Leading on the Edge or Chaos, Emmett C. Murphy and Mark A. Murphy