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BizReport : Advertising archives : May 05, 2015

Study IDs how B2B brands can improve customers' lifecycle

New data out from ServiceSource indicates B2B brands need to not only b familiar with customer lifecycle management but with revenue lifecycle management. The revenue-based lifecycle gives brands a better glimpse into how they are currently performing and how that performance can be improved.

by Kristina Knight

"By providing a framework for companies to assess their Revenue Maturity level, ServiceSource is enabling enterprises to better create a holistic CLM approach that is shown to increase recurring revenue," said Chris Carrington, CEO of ServiceSource. "Once we have an in-depth look into the maturity of a company's revenue lifecycle, we're then able to apply best-practice and technology-enabled processes to increase their recurring revenue and customer retention."

ServiceSource has come up with three tips to help B2B brands unlock those revenue barriers.

First, brands need to support a full revenue lifecycle management strategy; this includes initial sales strategies as well as customer retention and cross-selling capabilities.

Second, brands need to stay up to date with both data and technology.

"Data and technology are the strongest drivers for achieving higher levels of maturity, and greater revenue growth," writes the company. "People, processes and Key Performance Indicators...were found to have less impact than technology and data."

Third, be innovative. Brands who did the best within the survey period had a 'culture of innovation' which allowed them to quickly adopt new technology, jump on trends and leverage new data and analytics.

Image via Shutterstock

Tags: B2B marketing, B2B trends, ServiceSource, small business

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