Salesforce can help operationalize the Customer Success journey during expand phase with amendments and also lead to on-time renewals resulting in increased revenue and customer loyalty.
Retaining and growing customer base is even more important today due to current economic conditions and increased competition. For a typical SaaS, company Renewal can account for upto 65% of Revenue, while expansion can account for upto 10% of Revenue.
Salesforce can be leveraged to provide actionable prescriptive customer data during the customer success journey:
- Customer health scores can be deduced in Salesforce in the dimensions of adoption, engagement, and performance, which will help customer success teams to Retain/Expand customers and forecast revenue
- Retain: Salesforce renewals process can be automated during the sales cycle to make it no-touch or automatic renewals for lower tier customer segments while hand hold highest tier customers and keep mid-tier as semi-automated. This way, energy and focus will be on the most valued customers. To manage contracts merge contracts, split contracts, transfer asset etc tools can make the renewals process even more efficient.
- Expand: Salesforce amendments along with Customer history, buying patterns and product bundles can be used to provide actionable Upsell/Cross sell opportunities
