This article outlines strategies that portfolio companies can use to generate value—financial or otherwise—after the initial point of sale. Greater value is realized in numerous forms, such as repeat business, customer referrals, and invaluable customer feedback. Customer Success and Account Management are the clear winners in this arena.
Too many Go-to-Market (GTM) Leaders make the shortsighted conclusion that the journey is over when the client is sold. Growth should not be confined to winning a sale. The journey extends well beyond this point. An expanded GTM sales process opens doors beyond the initial sale to exponential revenue opportunities. Recognizing the potential that exists post-sale is the key to sustaining organic growth. This article will help equip you to overcome the paradigm of relying on new logo acquisition endeavors alone.
Growth targets are constantly evolving. All portcos are aiming for higher revenues, increasing market share, and pushing for a higher customer satisfaction rate. It may be time to reevaluate existing strategies. The first step growth leaders can take is looking into neglected value areas. Here, customer success and account management shine.
These post-sale processes provide numerous touchpoints for organizations to amplify their value. For instance, delivering excellent customer service post-sale retains customers and turns them into brand advocates. Similarly, upselling or cross-selling during service/support dialogue can generate additional sales volume. These strategies, among others, necessitate continually revisiting and refining growth strategies. Revenue Operations plays a crucial role in aligning these strategies across sales, marketing, and customer service.
Identifying Opportunities in Post-Sale Engagement
Customer feedback is a gold mine of information. Unlike prospective customers, these individuals have a direct experience with your product or service. Their feedback offers insights into product improvements, issues with the customer experience, or even the genesis of new product or service ideas. Revenue Operations can systematically analyze this feedback to identify trends and opportunities. This approach enhances decision-making processes across departments to align product improvements and upsell strategies with customer expectations.
Second, upselling and cross-selling strategies effectively increase overall business growth. Customers who have previously purchased and had a positive post-sale experience are receptive to additional value (purchases). For instance, a software company may initially sell a basic license to a customer and later propose an upgraded version with extra features. The expanded use of the solution can drive greater customer retention while creating an opportunity for increased revenue. Revenue Operations oversees and optimizes these initiatives, ensuring they are integrated within the broader business strategy to maximize impact.
Third, generate referrals by nurturing a relationship with the customer during post-sale dialogue. A happy customer is a company’s best ambassador. Harnessing this satisfaction and encouraging customers to refer friends or colleagues drives high-quality pipeline opportunities. Additionally, follow-up interactions serve as compelling brand reinforcement. These follow-up interactions include thank-you emails, satisfaction surveys, or personalized offers. All these touch-points restate your brand’s value proposition, build brand loyalty, and encourage repeat purchases.
Implementing Innovative Approaches
Innovative approaches are essential for driving growth. Reaping the full potential of the post-sale process goes beyond just ensuring customer satisfaction. It is about adding value at every possible touchpoint, turning customers into loyal advocates, and fueling business growth. One strategy worth considering is the development of Customer Success Management (CSM) programs. The CSM program actively guides customers toward achieving their success milestones by leveraging your solution.
CSM programs can fortify the likelihood of upselling and cross-selling opportunities through periodic check-ins, webinars, auto-triggered emails, and personalized updates. These interactions extend the value added to your customer’s business, ultimately maximizing the Customer’s Lifetime Value.
Another approach could be a structured referral program. Satisfied customers are the best brand ambassadors, and a robust referral program can leverage these customers to bring in new clients. Companies can motivate their customers to refer their friends or colleagues through incentives like discounts, credits, or exclusive early access to new products.
Knowledge-sharing resources, like blogs and expert opinions, are an excellent channel for post-sale engagement. By consistently offering valuable and relevant content, companies can stay top-of-mind for consumers, enhancing brand recall. Such resources give customers the tools to extract maximum value from their purchase.
Leveraging technology for personalization and offering unparalleled customer support can also be game-changers. Machine learning and AI can help predict customer behavior, leading to personalized offers or communication that significantly increase engagement and satisfaction. Revenue Operations is pivotal in monitoring and updating these programs based on customer feedback and evolving expectations.
Select the lowest hanging fruit to put into action to ensure your company continues to add value long after the initial transaction.
Key Takeaways and Actionable Steps
Critical insights to take away are:
Put into place a bedrock of a robust post-sale strategy. Here are some actionable steps you can take to implement:
Transform your post-sale process to uncover the untapped value hidden in plain sight to generate significant growth.
Sustaining Growth Beyond the Initial Sale
Our portco’s success and continuous growth depends heavily on how well you engage with your customers post-sale.
Make the most of every sale, and see every point of dialogue as an opportunity to build stronger customer relationships.
Ready to transform your post-sale procedures into a growth engine? Evaluate your current strategies and identify gaps and areas of opportunity. Then take proactive steps toward implementing innovative approaches, with a strong Revenue Operations function at the helm to ensure success.
Reach out to Cortado Group today to explore how we can support your post-sale value extraction efforts.
