According to a recent study, only 28% of B2B clients fall under the “fully engaged” category. That’s shocking, as disengaged customers are a sign of revenue at risk. Businesses, small and big, always need to keep customer loyalty as their primary priority and create ways to handle customers.
Understanding your organization’s present-day situation, adapting to changes to avoid revenue adversities and also being updated about the latest customer engagement/satisfaction trends using tools like customer effort score or net promoter score is the key to the efficient management of revenue at risk.
Here are 5 ways in which you can handle revenue at risk:
Know your customers well:
Before launching a new company or a new product, you must understand what the clientele would like and what would they actually spend their hard-earned money on. If you do your research about this before taking the plunge, you will not find it difficult to manage revenue at risk.
Make it hard for the customer to abandon you:
Create a vibe around your brand that the customers would not just look out for but never let go of. Get into the supply chain grove and develop your brand into something that all the customer would willingly pay for and stay loyal for years. Generating a “need” for your organization will keep revenue risk at bay.
Acknowledge the risk of revenue early on:
Any venture you get into will have risks. Accept that and move on. Every member of your organization needs to understand this and instead of shunning off these risks, they must face them head on and succeed. In case the executives are having a hard time accepting the failure factor, that means the company as an entity is not ready for the market.
So, the best way to reduce revenue at risk is to accept the risk and focus on the more productive things for the organization.
Try and reduce revenue at risk:
What is better than having minimal risk in your kitty? Every organization should understand that the way to handle the risk of revenue is to minimize it. Outsource help when it comes to the problems that you’re facing, increase your sales pipeline, work hard on it and you are sorted.
Expand to your customers:
Don’t restrict your customer to just one product or service. If you have orders for multiple products from a single client, you may improve the reliability factor for this customer. Instead of selling the same set of products to the clients, you may want to consider pitching a few other products that you have them onboard for. This way, they’ll vouch for you anytime you want them to and in turn minimize revenue at risk.
Scanning and implementing these pointers will help you shrink the risk of revenue and lead to a boost in customer engagement eventually.