Study Reveals How B2B Companies Can Unlock Nearly $40 Million in Recurring Revenue Growth
Research Identifies Revenue Lifecycle as Newest Pillar to CLM Strategies and
The research examined the maturity levels for these companies in the area of revenue lifecycle management, an emerging segment within the customer lifecycle management (CLM) category. Participating companies were measured on key criteria for each maturity level, and categorized based upon where they currently stand on the maturity scale. Key findings include:
- For the 25 companies surveyed (each generating an average of over
$482 millionin recurring revenue), each additional level of maturity gained represented an average increase in recurring revenues of $7.72 million.
- Companies able to elevate themselves by one full maturity level for all five lenses, including opportunistic, emerging, disciplined, optimized and strategic could increase their revenues by
The research also identified three key strategies B2B companies are using to drive greater revenue growth from existing customers. These include:
Support Full Revenue Lifecycle Management. Businesses must implement strategies across the full revenue lifecycle, including initial sale, onboarding and adoption, retention and renewal as well as upsell or cross-sell. Companies with lower levels of maturity focused primarily on selling activities like renewals and upsell. Leading companies, however, have optimized their people, processes and technologies to address all aspects of the revenue lifecycle.
|2.||Data and technology are the strongest drivers for achieving higher levels of maturity, and greater revenue growth. People, processes and Key Performance Indicators (KPIs), while still critically important, had traditionally been viewed as the main drivers of RLM, but were shown to have less impact than technology and data.|
|3.||The leading companies in the survey inject a culture of innovation into their approach, allowing for rapid, iterative evolution. These companies were also found to leverage the world's leading edge data and analytics technologies to enable their people and process investments, and drive business improvements and decisions in real-time.|
"This study reinforces what we've learned at
To assist enterprises in strengthening their own CLM strategies,
For more information on the survey results, as well as the Revenue Lifecycle's impact on CLM, download the whitepaper here: http://bit.ly/rlmstudywp15. You can also register for the live webinar here: http://bit.ly/rlmmwbnr.
This press release contains forward-looking statements, including statements regarding the benefits of ServiceSource offerings, our managed services and/or our cloud platform and application. These forward-looking statements are based on our current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, fluctuations in our quarterly results of operations; the risk of material defects or errors in our software offerings or their failure to meet customer expectations; migrating customers to our SaaS offerings and the ability to integrate such offerings with other third-party applications used by our customers; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to grow the market for service revenue management; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; changes in market conditions that impact our ability to sell our SaaS solutions and/or generate service revenue on our customers' behalf; the possibility that our estimates of service revenue opportunity under management and other metrics may prove inaccurate; demand for our offering that falls short of expectations; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.
News Provided by Acquire Media