Account Expansion refers to generating revenue through existing customers/accounts. Growing the existing customer base is relatively easy and cost effective than acquiring new customers. In SaaS economy, the customer retention and growth is as important as customer acquisition.
The expansion is one of the key growth drivers. Customer tends to buy more if he is successful with the brand. That’s why Customer Success Managers play a vital role in helping the customer achieve the Desired Outcome. A strategical approach is followed to make the customer successful and then grow.
Expanding into larger accounts need a solid plan. CSMs spend time in understanding the account history such as who purchased the product, who is the consumer, what are their business goals, how successful customer is so far with the product and so on.
Account expansion could be in the form of:
- Add-ons/Additional Services