Published: 28 August 2023
Improving retention starts with delivering on customer expectations. Yet, even satisfied customers may be tempted by encroaching competitors. To neutralize threats, revenue and retention leaders must focus on early competitor detection to inform commercial strategies and improve seller execution.
Competitors approaching customer accounts trigger uncertainty that leads to longer renewal cycles and additional concessions for revenue and retention leaders.
Many organizations focus customer retention strategies on customer service and relationship management. While these are important, they may not be enough to retain customers when competitors approach them to shift suppliers.
Conversational intelligence technologies embedded with next-generation AIallow revenue and retention leaders to significantly improve their detection and responsiveness to competitors.
Revenue and retention leaders supporting customer-led growth in a competitive marketplace should:
Develop a unified commercial strategy by integrating competitive intelligence and sales strategies into the customer retention program.
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