Customer Success is a powerful growth driver.
Sure, in the early days when you’re putting out the fires of churn, Customer Success seems less like a growth driver and more like a stop shrinking driver.
But once you move past churn busting – or if you avoid that altogether by being smart about customer acquisition in the first place – Customer Success starts to come into its own as a true driver of growth.
One of the ways Customer Success drives growth is through account expansion or getting existing customers to pay you more over time.
When you can grow revenue from your existing customer base, you could essentially turn off new customer acquisition and not just stay at the same level of revenue, but continue to grow.
Sure, it’s probably a good idea to continue to acquire net new customers, but the impact of account expansion to both the bottom line of a company as well as the valuation (something very important when raising money, going public, or being acquired) is potentially transformative.
But for account expansion – upsells, cross-sells, add-ons, etc. – to be a consistent and long-term driver of growth, it cannot be arbitrary or expected to occur organically.
Account expansion must be orchestrated, and that starts with applying logic to the process. Let’s explore…