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In this episode of What’s Wrong With Revenue?, we took a look at one of the places new revenue hides – your current customer base. We went deep on how a revenue generation system has to include customer service to take full advantage of those revenue opportunities hidden inside your customer base.
A few episodes ago we mentioned that the weekly revenue team meeting should highlight new customer deals that are close and ways to get them over the finish line. The same should be done with customer revenue, including campaigns targeted at customers, ways to upsell or cross-sell on service calls, targeted opportunity outreach based on profiling and setting metrics to identify customer revenue.
An element of revenue protection is also associated with the customer service team. No business keeps 100% of its customer revenue forever. Every company has an attrition number; you should know it, track it and work to improve it. The more revenue you can protect, the less new revenue you have to generate, and this can mean cost savings as well as resource savings.
By running a weekly revenue team meeting as part of a revenue generation system, you can identify the big initiatives (we call them rocks) as well as the regular tasks and metrics associated with leaning into revenue generation within your customer base.
This is one of the ways a revenue generation system looks holistically at your company’s entire revenue generation effort. Only with this full 360-degree approach will you be able to build a scalable, predictable and repeatable revenue generation system to help you hit your revenue goals month over month.
We wrap up the show by talking about two essential steps to help your customer service team contribute to revenue generation and the right tools and techniques to develop in advance. The better your customer service reps take care of your customers, the more revenue you will drive.
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