Expanding into 2023

Expanding into 2023

Happy New Year!

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As we kick off 2023, we're excited to announce the launch of our Glossary, a comprehensive resource specifically designed for Customer Success, Revenue, and Retention professionals.

If you're like me, you remember when you first started out in your career and felt overwhelmed by all the jargon, acronyms, and catchphrases thrown around. Who has time to look up definitions and formulas constantly?

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That's where our Glossary comes in. It's a single source of truth for key terms, providing definitions, formulas, and in-depth explanations to help you navigate the jargon jungle and improve your communication and efficiency within your team and organization.

But that's not all.

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In this week's round-up, we'll highlight the top five resources from our Daily Newsletter - Expanding Revenue, a curated list of the top revenue, retention, and customer success articles and podcasts. These resources provide valuable insights and practical tips on improving customer success and reducing churn in the SaaS industry.

So, without further ado, let's dive into this week's Expand Growth Round-Up!

The Revenue Glossary by Parative

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https://www.parative.com/glossary

As a professional in the fields of Customer Success, Revenue, and Retention, you know that staying up to date on the latest industry best practices and lingo is crucial to your success.

However, with so many acronyms, buzzwords, and technical terms being thrown around, it can be overwhelming and time-consuming to constantly look up definitions and formulas.

That's where the Parative Revenue Glossary comes in.

The Glossary is a comprehensive resource that provides a single source of truth for all the terminology, formulas, and lingo you need to know to succeed in your career. It includes in-depth deep dives into these critical topics, so you can really understand and apply the concepts in your work.

One of the biggest benefits of the Parative Revenue Glossary is that it serves as a single source of truth for all the key terms and concepts you need to know in the world of Customer Success.

Instead of searching multiple sources or asking your colleagues for definitions or formulas, you can simply look up the term in the Glossary and get a reliable, in-depth explanation.

This saves you time and ensures you have a consistent understanding of the terms used within your organization. This can be especially important when working with cross-functional teams or communicating with clients, as it avoids misunderstandings or confusion due to different definitions being used.

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Glossary Entry for "ACV Growth Rate"

But providing a simple definition of a term is not enough. The Parative Revenue Glossary also explains its meaning and how it's used in practice. This can include examples, formulas, and even links to additional resources for further learning.

Having access to this level of detail can help you fully grasp the concepts and apply them in your work. It can also be a reference when you need to refresh your memory or explain a term to someone else.

The field of Customer Success is constantly evolving, with new trends, technologies, and best practices emerging all the time. And a Glossary for CS leaders that is not updated regularly would quickly become outdated and lose its value.

That's why our Glossary is constantly updated with new terms and more in-depth explanations. This ensures that you have access to the most current and accurate information and can stay up to date on the latest industry developments.

Don't let jargon hold you back. Check out the Parative Revenue Glossary level up your knowledge today!

Top Five CS, Revenue, and Retention Resources Of The Week

Our Expand Revenue newsletter is a daily curated list of the top five revenue, retention, and customer success resources sent daily to your inbox. This round-up features the top five resources from last week's newsletter based on popularity.

1. 2023: Year of Customer Success & Gross Churn - Only CFO

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In this substack post, Only CFO predicts that customer success will become a key driver of revenue growth in 2023 due to the SaaS industry's economic headwinds. The author argues that gross churn is the best financial measure of a company's ability to retain its existing customers and suggests that the "leaky bucket" analogy for churn is flawed. Instead, the author introduces the "churn snowball" analogy, which illustrates the compounding impact of churn on lost ARR and other factors. The post also provides actionable advice on how to measure and reduce churn.

Read the Full Article Here.

2. 41 Experts Weigh In On How to Reduce Customer Churn - Parative

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In this article, we highlight advice from 41 industry experts on reducing customer churn and improving retention.

Customer churn's main causes are pricing, product/market fit, user experience, and customer service.

The post also includes a link to an interactive calculator that allows readers to calculate their churn rate and access resources to optimize customer retention.

Strategies for reducing churn include listening to customer feedback, explaining the unique selling proposition, focusing on the right customers, improving the user experience, and providing excellent customer service.

The post concludes with a list of actionable tips for reducing churn, including regularly measuring churn, identifying at-risk customers, and providing personalized customer experiences.

Read the Full Article Here.

3. Customer Health Scoring: The New Framework For Retaining SaaS Customers - CustomerThink

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This article discusses the importance of customer health scoring in predicting and preventing customer churn for SaaS businesses.

It explains that customer health scoring uses data analysis and machine learning to predict which customers are at risk of churning and helps businesses decide how to retain them. The article also lists factors contributing to analyzing customer health, including churn rate, customer engagement, and customer satisfaction.

It concludes by discussing the benefits of implementing customer health scoring, such as improved retention, increased customer lifetime value, and reduced customer acquisition cost.

Read the Full Article Here.

4. Customer Success Career Paths: How to Scale From Rep to Manager - HubSpot

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This article by HubSpot discusses the importance of developing a customer success team and suggests that customer success is a good career path with high growth potential. It also advises on the best ways to recruit for customer success roles, including looking internally and identifying transferable skills. It also highlights the importance of training and development in retaining team members.

In addition, the article touches on the topic of career progression and suggests creating a customer success career ladder to provide clear advancement opportunities for team members.

Read the Full Article Here.

5. Customer Onboarding and Implementation Processes - Gain, Grow, Retain

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In this recorded podcast, Jordan Silverman discusses the importance of onboarding and implementation in customer retention. He emphasizes the need for a customer-centric approach during the first 30/60/90 days to increase the likelihood of retention. Silverman also advises against tunnel vision and encourages a holistic view of customer support to encourage investment in the process.

Check Out the Full Episode Here.

Check Out Parative

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Parative is a Revenue Scoring Engine for SaaS companies that helps predict customer likelihood to buy more or churn by identifying key revenue signals and scoring customers based on their readiness for expansion.?

What Can Parative Do?

  • ?Identify key revenue signals?by monitoring customer behavior.
  • Score each customer?in real-time using a multitude of key inputs.
  • Automate actions?when a customer's score indicates an opportunity.
  • Identify opportunities?hidden in the data in your other systems.
  • Dedicated access to expert?data scientists, research associates, and customer engineers.

Click here to set up a time to speak with our team.

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