Preventing churn in a volatile SMB market

By incorporating dynamic data and continuous intelligence into your growth and retention strategies, you can build stronger customer relationships and increase lifetime value - and beat the competition while you’re at it.
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You look over your sales team’s monthly report. They have closed a reasonable number of deals with small- and medium-sized businesses this month, and you know that together with the marketing team, they’ve put in hours and hours of effort qualifying leads and finding opportunities. You’re satisfied with what you see.

You then look at your customer success team’s report. They’re seeing a loss of existing customers and, in fact, the loss is almost on par with the numbers you just gained. You can’t fault your team. They retained business whenever they could, but too many customers had already moved on to new providers by the time you became aware of the risk.

After all that work, you’re no further ahead. Sound familiar? That’s a typical scenario in a volatile SMB market where many services and products, such as financing, software,  and insurance are treated as commodities.

But it doesn’t have to be your typical scenario.

With dynamic data and continuous intelligence, you can take a proactive approach with your existing customers to build relationships, grow your market share, and keep competitors out.

Risky business

Your customer success team is probably already on the lookout for customers at risk of churn or upsell opportunities. They likely monitor inbound activities for at-risk customers, and they may actively try to upsell to customers using static data from your CRM.

However, your customer success team can only monitor so much at once, and static data has severe limitations. At any given time, do you know which of your customers are:

  • Showing signs of growth?
  • Gearing up for international expansion?
  • Undergoing changes to personnel or decision-makers?

If you don’t, then it’s a problem – because any of those changes or events could put their relationship with you at risk. They may already be shopping around for a new solution that meets their needs.

Picture this:

An online retail business has been quietly using your basic payment processing solution for years. This past year, their growth has been significant, and they are about to open a physical location in addition to their online platform. They start shopping around for a POS, and find a new provider who offers to integrate both in-person and online payment solutions. You learn about all of this when they call to close their account.

Now, picture this:

An online retail business has been quietly using your basic payment processing solution for years. You receive an alert that they are showing signs of growth and are planning to open a physical location. Before they start researching how best to handle in-store transactions, you reach out to them and suggest a more advanced solution to manage both physical and online payments. You also congratulate them on their upcoming new location and offer some helpful insight about customers’ preferred methods of payment in the area. They appreciate the help, accept your suggestion, and both of your businesses benefit from the upgrade.

The second scenario is much prettier, isn’t it? Not only have you grown your market space by increasing the services you sell to your customer, but you have also closed the door to your competitors before they even sensed an opportunity.

The differentiator between the two scenarios was the alert – that critical, timely notification that told you about a potential sales trigger for a valuable customer.

But how do you get that alert? You don’t have the resources to analyze your existing customers on an ongoing basis. You can’t spend manual time looking at their websites, investigating their social media, or googling results to try and figure out if their needs have changed, especially if they’re not asking for anything at the moment. That’s just not feasible.

Happily, there is a far better solution. By harnessing the power of the Leadgence continuous intelligence engine, you can receive automatic, regular alerts about potential sales triggers for businesses that match your ideal customer profile – for both existing and prospective customers alike.

Building relationships with continuous intelligence

Leadgence provides actionable, dynamic SMB data to financial services and insurance companies. Our continuous intelligence engine collects and compiles data and, with the application of powerful, industry-specific tags and events, monitors how SMBs are changing.

Tags

Used to identify and segment businesses by what particular technologies, assets, features, services, or structures they do (or don’t) have.

Events

Something that has occurred, or is about to occur, within a business that may change their existing needs. Events help you identify businesses right when they are most likely to need a new solution.

You can set up the engine to provide you with alerts about real-time events for businesses that match your chosen tags – letting you uncover growth opportunities immediately.

In our previous example of the online retailer opening a brick-and-mortar location, you may have set up an ongoing Leadgence query with the following criteria:

Industry

Retail

Tag 1

Uses <your company> payment provider

Tag 2

eCommerce

Event 1

Business growth

Event 1

Opening of a new location announced

And that’s how you got your alert and delighted your customer with your omniscient offer of support.

Next steps

By incorporating dynamic data and continuous intelligence into your growth and retention strategies, you can build stronger customer relationships and increase lifetime value – and beat the competition while you’re at it.

To learn more, please fill-in your email below to schedule a demo and show you how Leadgence  continuous intelligence engine can help you prevent churn.

Click here to try our dynamic SMB data! or fill-in your details to learn more

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