SAN FRANCISCO--(BUSINESS WIRE)--ServiceSource® (NASDAQ:SREV), the global leader in recurring revenue management, today introduced an actionable blueprint for customer lifecycle management (CLM). The blueprint, available today in an eBook, includes a step-by-step strategy to help subscription-based businesses create customers for life and maximize customer lifetime value.
Designed for CXOs at business-to-business (B2B) cloud, media and information services companies, the eBook shines a light on the importance of maximizing customer lifetime value to achieve sustainable revenue and profit growth. In fact, a report by Bain & Co found that a 10 percent increase in customer retention results in a 30 percent increase in a company’s valuation, and that it is six to seven times more expensive to acquire a new customer than to retain an existing one.
“As companies transition to support cloud and recurring revenue business models, customer lifecycle management is now taking center stage,” said Amy Konary, research vice president, IDC's software licensing and pricing at IDC. “Adopting an effective customer lifecycle management process can help companies drive the right sales behaviors, monitor key metrics, and support customer success in order to bolster customer retention and long-term business growth in the subscription economy.”
The eBook and corresponding blueprint for CLM outlines the elements of the CLM process, core capabilities needed, and the benchmarks for success. The eBook highlights the need for companies to engage with customers at every stage of the lifecycle, including:
- Acquisition – Ensure customer expectations and requirements for your products and services are known up front.
- Onboarding – To meet business commitments, track and manage exceptions during critical milestones such as provisioning, configuration, and integration.
- Adoption – Track individual user adoption and provide automated nurturing to ensure training, feature discovery and best practice activities occur.
- Delivery – Over time, consistently monitor and analyze end user and customer usage to proactively engage based on customer needs.
- Retention – Leverage predictive analytics to identify customers most at risk of churn and quickly intervene to retain them.
- Renewals – Ensure renewal teams have complete and accurate visibility into renewal opportunities, while engaging with customers 90-120 days prior to contract expiration. For lower-value subscriptions, leverage auto-renewals to automate the process.
- Upsell and Cross-sell – Utilize predictive analytics to uncover upsell and cross-sell opportunities, while ensuring that sales teams are trained to execute related sales plays.
- Advocacy – Nurture customers to become advocates in the community and fuel further growth.
“Creating customers for life requires a holistic strategy that goes beyond traditional customer success approaches,” said Matt Shanahan vice president of product strategy for Scout by ServiceSource. “Maximizing customer lifetime value is the secret to long-term success. Our blueprint and eBook unlock this secret for all subscription businesses, providing a step-by-step map for increasing customer lifetime value.”
The eBook is available on ServiceSource’s website at: http://forms.scoutanalytics.com/customer-lifecycle-management-blueprint.html
ServiceSource International, Inc. (NASDAQ:SREV) is the global leader in cloud-based recurring revenue management solutions. The company helps customers drive growth and build long-standing relationships across the customer lifecycle with the industry's most comprehensive data management, analytics, automation and services capabilities. Through Renew OnDemand™, Scout® and proven services, ServiceSource delivers higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability. Headquartered in the Cloud Corridor of San Francisco, ServiceSource® manages $14.5 billion in recurring revenue for the world's largest and most respected technology and B2B companies. For more information, please go to www.servicesource.com.
This press release contains forward-looking statements, including statements regarding the benefits of ServiceSource offerings, our managed services, our Renew OnDemand cloud platform and application, and/or our Scout application. These forward-looking statements are based on our current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, fluctuations in our quarterly results of operations; the risk of material defects or errors in our software offerings or their failure to meet customer expectations; migrating customers to Renew OnDemand; the ability to integrate Renew OnDemand or Scout with other third-party applications used by our customers; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to grow the market for service revenue management; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; changes in market conditions that impact our ability to sell the Renew OnDemand or Scout solution and/or generate service revenue on our customers' behalf; the possibility that our estimates of service revenue opportunity under management and other metrics may prove inaccurate; demand for our offering that falls short of expectations; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.
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