📬 DEAR STAGE 2: The NRR and GRR data shows that the ecosystem really struggled in these areas in 2023, and that 2024 hasn’t been much better. A bit better, but not by a huge margin. People are trying to figure out how best to stabilize and right size here, and are wondering who should own these numbers, where should that team sit, who to hire, incentives, etc. What are you seeing and what’s your advice to Founders who are wrestling with this problem? ~Topline Hosts This week Liz (Cain) Christo is answering one of the questions she fielded during her recent guest spot on the Topline podcast. (If you missed it, you can listen here: https://lnkd.in/gC-Bi_QB) Liz shares six specific ideas for you to consider as you work to stabilize and improve both GRR and NRR in 2024: 🎯 Retention and customer growth are not *just* for CS. Align executives on a North Star Metric to ensure company-wide focus on retention and growth. 💎 Deliver tangible value throughout the customer journey to build loyalty and reduce churn. (Your executive team should be engaging with customers regularly to gather feedback) 🔍 Evaluate your existing customer base to identify patterns among those with high retention rates - which segments are outperforming? Refine your Ideal Customer Profile (ICP) based on data to target high-retention segments. 💰 Explore Pricing Models and Upsell Mechanisms: Do you have something to upsell? If your model is seat/unit based and you are relying on your customers to grow for upsell, that’s a very difficult place to sit in the current environment. 💼 Incentivize Sales: Structure compensation plans that reward sales reps not only for closing new deals but also for the retention and expansion of existing accounts are becoming the norm. 👑 Having dedicated leadership focused on retention (and growth!) is crucial. (This could be a Chief Customer Officer, VP of Customer Success or Head of Account Management. Establish dedicated leadership for retention and growth to drive cross-functional initiatives and maintain organizational focus. You can read the full Dear Stage 2 article here: https://lnkd.in/ggv4XJXK #NRR #GRR #Startups #Founders
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