It is estimated that people change jobs an average of 12 times from ages 18 to 52. If you do the math, that’s only 2-3 years per job. Of course, depending on the particular position, the costs of replacing an employee can add up by the time you consider recruiting costs, training, onboarding, and lost […]
According to the Pareto Principle, or 80/20 rule, 80% of your sales come from 20% of your existing customers. CSO Insights found that 70% of revenue comes from existing accounts. Plus, a classic study found acquiring a new customer is more expensive than retaining an existing one, and increasing customer retention by 5% increases profits […]
Change is difficult whether it is personal or work-related. Organizations also struggle to successfully guide their employees through change. Studies have shown that 70% of change programs fail to achieve their goals, mostly due to employee resistance and lack of management support. But when people are committed to change, success is 30% more likely. To […]
There’s been a lot of talk lately about getting to the next level of customer success by helping customers meet their desired outcomes. This trend is so strong that The MIT Sloan Management Review found many examples of companies basing their pay structures on usage, outcomes, or a combination thereof. And they said companies are […]
Existing customers are more profitable and easier to sell to than entirely new prospects according to a study by Bain & Company. Increasing customer retention by as little as 5% increases profits by 25-95% while the probability of selling to an existing customer is 60-70% versus 5-20% for a new prospect. Your current customers buy […]
We all want positive feedback, but sometimes we don’t get it. Receiving negative feedback isn’t necessarily a bad thing since only 1 out of 26 unhappy customers complain and the rest churn. So, it’s certainly better to receive negative feedback than have an unhappy customer go to a competitor without telling you there’s a problem. […]
Let’s face it–no one woke up this morning wanting to buy more software. But if there’s a significant benefit, you can build a convincing case for your proposed change. And, as it is with any initiative, you need to present your initiative from the standpoint of the person(s) you are persuading. You know your CRM […]
