Blue Ridge Partners Webinar Attendees Will Learn How to Unlock Hidden Revenue from Current Customers
Third Webinar in BRP's Series Identifies Methods to Increase Share of Spend
"Despite their best efforts, many companies are still leaving money on the table," said Hinckley. "Customer retention should always be part of any marketing strategy, but there's more to the story. We're showing our clients how to take the next step beyond basic customer retention, to growing the addressable spend from each customer."
The webinar series has been well attended and has stimulated lively discussion. The first of the series, "Seven Surefire Ways to Add Customers," outlined seven specific methods for consistently adding new customers, and detailed Blue Ridge Partners' "Revenue Equation," a metrics-driven concept for deepening the core business.
The second webinar, "Defeating the Invisible Revenue Killer," addressed the "leaky bucket" of customer attrition, noting that one of the biggest hidden costs a company faces is related to customer churn. In the July webinar, Hinckley and Torrence outlined a series of proven steps for reducing losses due to customer churn.
Blue Ridge Partners has worked with more than 300 companies to identify the best ways to unlock hidden revenue in current customers. The key is to increase each customer's "share of spend," or the total amount they spend with you as a percentage of their total spend for the category of product or service you provide. During the webinar, which is specifically targeted at software and services firms, Hinckley and Torrence will provide a detailed look at their research, and provide specific, actionable steps to increase that share of spend.
"Deriving more value from each customer starts with building a fact base," said Torrence. "We start out by discovering which competitors are capturing a share of spend, and why your customers are granting it to them. During our webinar, we will outline three distinct steps for increasing share, starting with understanding the potential of each account, prioritizing opportunities, and creating a plan." The defined growth strategy outlined during the webinar will result in greater revenues, as well as an expanded relationship with existing customers. "We have seen companies grow their share of spend many times over," added Torrence, "but to be successful, you must start with a measured approach with very specific types of information."
Torrence notes that this type of fact-gathering is an ongoing process, that must consistently respond to changing customer needs and spending allocations, changing business models and new competitors entering the market. Blue Ridge's Revenue Equation provides five categories of sales and marketing performance metrics designed to accomplish these goals, gain actionable insight into customer spending patterns, and consistently achieve growth from an existing customer base.
Blue Ridge Partners has published a companion Executive Briefing to go with the Webinar. The briefing, outlines Blue Ridge's Revenue Equation, and highlights the details of their three-step process for increasing share of spend. To register for the online event, please visit https://attendee.gotowebinar.com/
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