It is six times cheaper and easier to sell to an existing customer than it is to sell to new ones. But the problem is that for the last 10 or 20 years, the customer success function has drifted away from a sales function to a support function. And the reality is the average customer success team now is not successful at all.
Here are the 2 topics this week:
- CSMs Aren’t Holding Their Own in Pipeline Creation
- Revolutionizing Sales with AI-Enhanced Video Tools
CSMs Aren’t Holding Their Own in Pipeline Creation
Heading into 2024, I’ve noticed a significant shift in our strategic approach: more and more organizations are pivoting from focusing solely on new business development to a balanced model where account managers and customer success teams are also responsible for growth through upselling and cross-selling. This method is not only more cost-effective—it’s six times cheaper and easier to sell to an existing customer than to acquire a new one—but it also capitalizes on the relationships we’ve already built.
However, this shift reveals a significant challenge. Over the last two decades, the role of customer success managers (CSMs) has evolved from one that is sales-centric to one that predominantly focuses on support. Most CSMs today are well-equipped to manage routine check-ins and respond to customer inquiries, but they lack the skills necessary for effective upselling or generating new business through referrals.
A critical gap has emerged: CSMs are often not seen as salespeople but as support personnel. This perception has become so entrenched that even in training sessions, we consciously avoid using the term “sales.” This mindset has led to a scenario where CSMs are neither held accountable for sales results nor are they prepared to undertake such responsibilities.
We are faced with a dilemma. On one hand, there is a vast opportunity within our existing customer base—an untapped treasure trove that could significantly boost our revenue. On the other hand, the teams positioned to realize this potential—the CSMs—are not ready to step into a more proactive sales role.
So, what should we do? It involves making tough decisions. We must either retrain our CSMs to reinvigorate their sales muscles or replace them with business developers. Either way, we have to go through the hard conversations, and the choice is yours.
Revolutionizing Sales with AI-Enhanced Video Tools
Now this is very exciting in the world of sales videos! Do you know how we’ve always struggled with AI video tools? From clunky language translations to those awkward moments where the audio doesn’t quite sync up with the video? Well, it looks like those days are behind us.
I’ve been on the lookout for a tool that genuinely feels human, and guess what? Vidyard has just rolled out an AI feature that’s pretty mind-blowing. This isn’t just any update; it’s the kind of breakthrough that gets a tech geek like me all hyped up. Vidyard has been nailing video tech for a decade, and now they’re taking things to a whole new level.
Here’s the scoop: Imagine sending a video to Sam, and it’s perfectly tailored just for him. Now, the picture doing the same for Jane but without the hassle of creating a whole new video. Sounds like a dream, right? Well, it’s now a reality. This tool lets you scale up this personalization to hundreds of prospects with your videos feeling incredibly authentic. Honestly, I couldn’t even tell they were AI-generated!
What’s super cool about this? It’s not just about looking real—it’s about connecting better. Videos can now be as personal as a chat with a friend, packed with nuances tailored just for the viewer. Plus, we can see who’s tuning in and who’s not, which is gold for tracking engagement.
Big shoutout to Vidyard for pushing the envelope. This is a massive leap for anyone using video to sell or engage and the world of sales videos is certainly going to take a shift. Go ahead and see for yourself.
FREE RESOURCE – Activity & Pipeline Gap Calculator
Does each of your sellers know the exact number of conversations they will need to have next month to highly influence Pipeline Creation?
Have they accounted for the headwinds and tailwinds?
- Leads from Marketing
- Leads from the BDR team
- Leads from Channel Partners
What is their ‘Self-Sourcing’ GAP?
How many opportunities do they need to self-source?
How many conversations will be required to create enough opportunities to win?
