Unlocking Hidden Revenue in B2B Tech and Telecoms

Today, I want to share some insights that could transform your approach to growth and help you stand out in a crowded market.

The Two Big Mistakes Holding Back B2B Growth

Before we dive into solutions, let's talk about two common pitfalls I've observed:

1. The Customer Acquisition Trap

Many B2B brands pour all their resources into acquiring new customers at any cost. While new business is vital, this narrow focus can actually limit your growth potential. Why? Because you're likely not getting the full value from your existing customer base.

2. The Reactive Retention Approach

The second mistake is mishandling retention by neglecting the customer experience. Companies often focus on reducing churn, which is important, but they do it reactively instead of proactively building customer loyalty and encouraging long-term value.

The Solution: Customer Experience as Your Growth Engine

The key to overcoming these challenges lies in putting customer experience (CX) at the heart of your growth strategy. It's not just about keeping customers happy – it's about creating a system that drives sustainable, organic growth.

Here's a shocking statistic: while nearly half of business leaders say customer experience is a top priority, 70% aren't linking it directly to growth. That's a massive missed opportunity.

Three Ways to Tap into Hidden Revenue with CX

Let's explore how you can use customer experience to unlock new revenue streams:

1. Secure Revenue Retention

To keep your existing revenue safe, you need to:

- Regularly survey customer happiness

- Close the loop on all feedback

- Link CX data to revenue figures

This approach helps you spot at-risk customers early and intervene before it's too late. It's about being proactive rather than reactive.

2. Optimise Upsell Opportunities

There's often untapped potential within your current customer base. Here's how to make the most of it:

- Identify loyal customers with room to grow

- Use your product champions to expand into other departments or regions

I've seen this strategy work wonders. One of our partners landed a ￡23 million deal simply by asking a satisfied customer for more business. It's about recognising the potential that's already there.

3. Lean into Referrals

Word-of-mouth is powerful, especially in B2B. Here's how to harness it:

- Create a process to consistently ask promoters for recommendations, case studies, or reviews

- Act quickly on positive feedback

At my company, we have a rule: when a customer gives us a top Net Promoter Score, we have 5 days to reach out and ask for a referral action. It's about striking while the iron is hot.

Real-World Success Stories

I know what you're thinking – this all sounds great in theory, but does it work in practice? Absolutely. Let me share a couple of success stories:

1. A global B2B software company we work with generated over ￡77 million in referral pipeline in less than two years by fully operationalising their Net Promoter Score program.

2. One of our telecom clients retained over ￡27 million in at-risk revenue in just one year by proactively intervening with accounts showing signs of dissatisfaction.

The key to these successes? Making customer insights a way of life and aligning operations and culture around earning customer loyalty and advocacy.

## Overcoming Challenges in Tech and Telecoms

I understand that implementing these strategies in complex B2B sectors like technology and telecoms can seem daunting. The key is to start small and scale up. Here are a few tips:

1. Start with a pilot program: Choose a specific product line or customer segment to test your CX initiatives.

2. Use technology wisely: Leverage AI and automation to gather and analyse customer feedback at scale.

3. Train your team: Ensure everyone understands the importance of CX and their role in delivering it.

4. Measure and iterate: Continuously track your CX metrics and be ready to adjust your approach based on the results.

The Path Forward: Making CX Your Competitive Advantage

As we've seen, putting customer experience at the centre of your growth strategy can unlock significant revenue opportunities. But more than that, it can become your key differentiator in a crowded market.

To help you get started, I've created a free "Leader's Guide to Conducting a Customer Experience Audit". It walks you through a proven 5-step methodology to harness customer insights, build stronger connections, boost satisfaction, and instil customer-centricity across your organisation.

Remember, the goal isn't just to reduce churn or increase satisfaction scores. It's about creating a sustainable engine for growth that sets you apart from the competition.

In Conclusion: The Power of Earned Growth

In today's competitive B2B landscape, especially in tech and telecoms, the companies that will thrive are those that focus on earned growth rather than just bought growth. By putting customer experience at the heart of your strategy, you can:

- Retain more revenue

- Uncover new upsell opportunities

- Generate a steady stream of high-quality referrals

It's not always easy, and it requires a shift in mindset and operations. But the payoff – in terms of sustainable growth, customer loyalty, and market differentiation – is well worth the effort.

I'd love to hear your thoughts and experiences. Have you implemented CX initiatives in your organisation? What challenges have you faced? What successes have you seen? Let's continue the conversation in the comments below.