Member Jason Petralia Speaks: You’re Sitting on a Gold Mine. Mine It!
The case at hand was brought by a CEO who had developed industry-leading technology, but was having cash flow issues. He was looking for ideas to accelerate the sales cycle and increase cash flow.
If you were in this situation, what would you do?
First off, let me say that how far you’ve come is nothing short of amazing. Your intelligence has driven your company to great heights. If I were in your shoes at this important moment in your company’s evolution, I would hire a customer success manager and prioritize my existing accounts, instead of finding new business.
You’ve built one of the most sophisticated technology companies out there with an impressive list of clients who depend on what you’ve built, including large government entities and huge corporations.
If I were in this situation, I would focus on the book of clients I already have at hand, which likely contains the new revenue stream I need. To access that revenue, I would hire a client success manager. This individual should be hired for their intellect and be much more than just an inbound salesperson. By taking a hard look at my licensing and pricing model, while also strongly connecting with my clients, this customer success manager would provide invaluable insights that would allow me to significantly expand my current account values.
A customer success manager would consider myriad contributing factors: What is the average revenue per paying customer? When obvious and hidden costs are considered, are all accounts actually making profit? These are the kinds of key performance indicators that this individual can really dig into with you. He or she can also experiment by, say, taking a subset of my clientele and rolling out a new pricing strategy and structure. If this pilot proves cash positive, then the learnings could be applied to the whole lot – a dance of experimentation and implementation that I have found pays meaningful dividends over time.