As any marketing exec will tell you, it’s much more expensive to find new customers than to hang on to the ones you already have – five times more expensive in fact, according to industry experts. So, you might expect that companies would be leaving few stones unturned in the search for revenue opportunities in their current customer base. The reality is, though, that many organizations are overlooking a rich source of opportunities right in their own backyard, hidden inside complex contracts and in customer data scattered around their ERP, CRM, CPQ and billing systems.
If you’re looking for ways to unearth that value, I have a great resource for you. Harvard Business Review has just published “Driving Revenue and Profit from Customers in the Digital Age”. The report covers:
· How digitizing contract data can help you plug revenue leakage holes
· How to avoid the kind of overly tech-focused initiative that can easily get bogged down in disconnected systems and unwieldy, error prone mega-spreadsheets
· Why establishing a single source of truth is critical, and how business analytics giant FICO improved the profitability of its business relationships by doing just that
· How companies like Hewlett Packard Enterprise, NCR and CenturyLink are embracing customer digitization to build a 360-degree view of their customers on a single platform.
The report is a quick read, and it crams into its few pages some solid insights into how you can build a deep understanding of what customers want and how to harness customer relationships in ways you may not have thought of. It could be time for your company to explore new revenue opportunities that until now have been hidden in plain sight.