Bolstra Blog

/Bolstra Blog/

Adopt: Vision Management

WHY IS Vision Management IMPORTANT? Typically, businesses define and utilize vision statements both internally and externally. Internally, a business’s vision guides the thinking for strategic issues and employee decision making. It also should inspire employees as they share common goals. Externally, the vision can be used to enlist support and improve communication with customers and partners. In the context of Customer Success, vision management is guiding and modifying your strategy and philosophy for working with [...]

By | 2019-08-29T20:57:43-05:00 August 29th, 2019|Customer Success|Comments Off on Adopt: Vision Management

A 3-step Guide to Making Renewals Happen

Customer Retention Begins Long Before You Try to Renew a Contract In the recurring revenue economy, customer retention is synonymous with success. 80 percent of customer lifetime value comes through renewals. So, you could say that securing customer renewals is our bread and butter. While we hope that renewals happen organically as a result of all the great work we do to help our customers be successful, sometimes they need a gentle nudge to get over [...]

Personalization vs. Getting Personal

Customer Acquisition and Customer Retention Require Both Back in the 1970s, my father ran a cutting-edge direct mail company. Creative Mailing Consultants of America (CMCA) relied upon a massive computer that not only generated address labels at an unprecedented pace, but also “personalized” the direct mail pieces. Instead of “Dear Sir or Madam”, the pieces actually had the first name of the recipient in the salutation. Marketing, sales and customer retention have come a long [...]

By | 2019-08-20T10:30:33-05:00 August 20th, 2019|Customer Loyalty, Customer Retention|Comments Off on Personalization vs. Getting Personal

Agile Scrumban: The Best Approach for Customer Success

Incorporating the best of Agile for Customer Retention The self-managed, customer-focused nature of the Agile methodology is fast becoming the go-to approach for managing projects and accounts across industries and functions. The Scrum framework and Kanban system, which are associated with Agile, are particularly beneficial in managing the work involved in customer retention. Consider Agile Scrumban as the ideal solution for doing and managing the multifaceted and collaborative work of Customer Success. Profound knowledge and [...]

By | 2019-08-14T20:57:13-05:00 August 14th, 2019|Agile Customer Success, Customer Success|0 Comments

Increasing Customer Retention for Managed Service Providers

Why Customer Success is an Ideal Fit for MSPs Check out TSIA’s findings about the retention rates of Managed Service Providers with and without a dedicated Customer Success Manager. The numbers speak for themselves. Jeff Connolly, senior director of managed services research for TSIA, sums up why Managed Services lends itself to a Customer Success model for delivery: Unlike most other lines of services within a provider’s portfolio, managed services has always had an intimate, [...]

By | 2019-07-29T10:10:17-05:00 July 24th, 2019|Customer Retention|Comments Off on Increasing Customer Retention for Managed Service Providers

Checking In Can Yield Checking Out

How to effectively use check-ins to increase customer retention rates Is conducting check-in phone calls or sending e-mails to your customers part of your customer retention strategy? If so, you may want to reconsider how effective those phone calls and emails are in reaching your goal of retaining and growing your customer base. Consider the following phone call scenarios Scenario 1: an unscheduled check-in call during Implementation CSM: “Hi, Customer. It’s CSM. Just calling to check [...]

5 Ways Managed Service Providers Can Retain More Customers

Because the term “Managed Services” means different things to different people, let’s start by explaining what we mean by it before we get ahead of ourselves. Traditionally, Managed Services refers to the outsourcing of technical duties to support the use of software and/or hardware. Instead of using a “break-fix” or on-demand approach, these services are delivered through a subscription or retainer model, often times outlined through a Statement of Work (SOW) that describes the goals, [...]

By | 2019-07-24T11:27:25-05:00 July 9th, 2019|Customer Retention|Comments Off on 5 Ways Managed Service Providers Can Retain More Customers

Forecasting

WHY IS Forecasting IMPORTANT? Accurate forecasting is vital in a recurring revenue business because it informs budgeting, staffing, strategy, and even roadmapping. Relying upon your gut or incomplete or faulty data to forecast revenue can result in disconnections in priorities and performance (which can have adverse effects upon customer experiences). In turn, poor forecasting, can ultimately result in increased attrition and diminished returns. WHO NEEDS TO KNOW HOW TO Forecast? Customer Success leaders (Directors, VPs, [...]

By | 2019-06-26T11:34:26-05:00 June 26th, 2019|Agile Customer Success|Comments Off on Forecasting

Metrics and Measurement

WHY ARE Metrics and Measurement IMPORTANT? While Customer Success management is NOT Customer Success measurement, there’s no getting around the importance of measurement and assessment to know what you need to do to retain and grow healthy customers. Some metrics are more informative of customer health than others. We have the capabilities of extracting voluminous data about our customers, but more isn’t always better. It’s important to know which data to track and, perhaps more [...]

By | 2019-06-13T10:05:31-05:00 June 13th, 2019|Customer Success|Comments Off on Metrics and Measurement

Objection Handling

WHY IS OBJECTION HANDLING IMPORTANT? Because it’s rarely the case that a prospect becomes and remains a customer permanently without voicing some concerns, Objection Handling is a vital skill for both sales and any account management role. As it relates to Customer Success Management, Objection Handling is as much about proactively identifying potential objections and mitigating them, as it is about handling them when they arise, and even converting potential detractors into promoters. WHO NEEDS [...]

By | 2019-05-30T09:43:11-05:00 May 30th, 2019|Customer Loyalty|Comments Off on Objection Handling

Red Zone or Dead Zone?

Identifying and Rescuing the Right At-Risk Customers Do these scenarios sound familiar to you? Your customer engagement team meets weekly to discuss a game plan for customers who are at risk of churning. Each member of the team has access to spreadsheets that document all the touchpoints, support tickets, survey, usage and any relevant anecdotal data about the customers who are within months of renewing. The team then makes decisions about who and how to [...]

By | 2019-05-21T10:49:41-05:00 May 21st, 2019|Customer Retention|Comments Off on Red Zone or Dead Zone?

Investing Appropriately in Customer Success

Why and How to Find Budget for Customer Success Software There’s no longer a debate in the recurring revenue economy about the value of existing, loyal customers. Retaining more customers who serve as advocates and contribute to your growth rate produces more total ARR over time. Consider the simple math comparing a company with a 90% retention and 20% growth rate with another company whose retention rate is 100% and whose growth rate is 30%. [...]

By | 2019-07-29T10:16:27-05:00 May 8th, 2019|Customer Retention|Comments Off on Investing Appropriately in Customer Success