When closing a deal, sales professionals shouldn't assume that their job is done when a new client signs on the dotted line. Why? Renewals are what produce recurring revenue and contribute to NRR (net revenue retention), which is essential to profitability. That means companies must be wary of customer churn. To be successful, companies need to renew customers and mitigate any risk of volatility by proving success starting on day one.
Experienced sales leaders know that every sale extends beyond a one-time transaction, and the renewal starts at the initial sale closing. During the initial selling process, POCs (proof of success activities) demonstrate how the product works and establish expectations for success. From there, you want to prove your value and continue "selling" what you've already sold.
Customers need to be heard, understood, and monitored to ensure that they are satisfied with your product and their ability to meet the customer's needs and requirements. To support that process, you need a Proof of Success Platform that helps create satisfied customers in three ways: attracting the right customers, delivering great experiences, and creating customer loyalty.
1. Find the right customers.
Even if someone buys your product, it doesn't necessarily mean they are the right customer. Customers aren't always very educated on what they're buying or how it will solve their problems. So, while you might sell a customer once, you won't be able to sell them again if your product wasn't the best solution to their problem in the first place.
To avoid irrelevant purchases and customer churn, vendors should be transparent about what the product offering is and who it's best suited for. An advanced proof of success solution can help both vendors and buyers come to an understanding of product fit during the initial sale.
2. Deliver a great experience starting with the POC.
An excellent experience with a company speaks for itself, but you shouldn't wait until after a deal closes to think about the customer perception. Digging into analytics about specific deals and deal risks can help you detect any at-risk prospects and take action.
A Proof of Success Platform can help solve this problem by offering sales leaders visibility into the health of a deal and current performance analytics. With performance metrics that are viewable across the entire organization, your pre-sales and revenue teams will uncover and showcase data that proves the value of your solution, helping prospects know why they should buy your solution and ultimately stay with you over the long term.
3. Track customer health and relationships
You earn and nurture customer loyalty through investing in customer relationships and delivering standout experiences. At every step of the way, your customer's satisfaction should be a top priority to ensure you are progressing towards the renewal. This is one of the most common leaky revenue buckets in many sales organizations as the renewal has been factored into the following year's plan, and yet it's not known whether this revenue will actually close until days before the renewal deadline. There is a better way!
With a Proof of Success Platform, you can access early warning indicators that let you quickly identify and address potential customer issues to step ahead of your customer relationships. By staying attentive to customer relationships and the deal health in real-time, you can deal with issues before they become big problems.
Maximize Revenue and NRR with a Proof of Success Platform.
First impressions count, and so does the right follow-up. All of your customer touchpoints help with revenue generation and eliminating churn. From the beginning, you want to make sure you understand and correctly solve your customers' needs.
With Provarity's Proof of Success Platform, you can empower your teams to optimize initial sales and lay a foundation for successful renewals. Focusing on renewals helps you secure recurring revenue and position for steady growth.
In today’s winner takes all marketplace, to compete means leaving behind multiple spreadsheets with manual entries and disconnected systems for a collaborative automation solution that is built expressly for the Pre-Sales function.
By helping your teams share data seamlessly across channels, Provarity's Proof of Success Platform and Evaluate XM, enables you to maximize the most important stages of your sales cycle. This improved collaboration streamlines your sales pursuits and improves your bottom line.
Want to learn more?
See how Provarity can help your sales team close deals in a more repeatable fashion allowing you to hit your number every quarter. Book a free, no-strings-attached demo.