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Hello.

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Today I wanna talk
about the role

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that contracts
and processes play

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in meeting your
K P I objectives.

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So KPI P I stands
for Key Performance

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Indicator KPIs,
provide targets

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for teams to shoot
for milestones

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to gauge progress
and insights that

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help everyone
in your team.

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make better
decisions.

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KPIs are
distinguished from

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other metrics in
your business by how

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useful they are in
helping you measure

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your progress toward
achieving your

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strategic goals.

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Some examples
to illustrate

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the difference
between KPIs and

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other metrics.

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An indicator is
simply a metric

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used to make some
measurement in

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your business.

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As we know, some
of them can be

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meaningless, such
as how many likes

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your LinkedIn
post received.

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How does knowing
the number of likes

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your LinkedIn post
received help you

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make progress toward
achieving your

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strategic goals?

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I'm gonna
guess none.

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Conversely,
a performance

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indicator tracks a
measure related to

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your organization's
performance.

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For example, how
many hours your

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employees worked
on a project.

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Now, even if you
don't bill by the

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hour, and I know
you don't, it's

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important to know
this so that you

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can measure the
profitability

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of the project
if the resource

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is required to.

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Execute the project,
exceed the value

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of the project,
then you know you

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have some problems.

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There are some
action items that

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come off of that
that you need to.

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Make some
adjustments.

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You need to raise
your rates or you

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need to increase
the efficiency

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of Delivery.

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Maybe you need
to use a less

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expensive resource
for delivery,

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such as if you are
doing a hundred

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percent of delivery.

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Maybe some part of
that can be done

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by a less expensive
resource, such as

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an assistant or
maybe automation.

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or even maybe
another partner

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who's not as
expensive as

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you are, or
both Of course.

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So when a
performance

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indicator is
critical to your

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business, such
as something

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that affects
profitability,

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then it rises to
the level of a

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key performance
indicator.

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So in other words,
key performance

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indicators are
a subset of

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performance
indicators that

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are most critical
to your business.

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KPIs help
you measure

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progress toward
achieving your

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strategic goals.

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And these KPIs will
cut across all of

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your organization
financial KPIs,

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customer related
KPIs, process

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related KPIs, and
of course people

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related KPIs cuz
we know our people

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are our most
important asset.

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So today we're
going to cover

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two main areas.

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Both related to
your customers.

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Where we have KPIs
that are related

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to our contracts.

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those two areas are
customer acquisition

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costs and customer
lifetime value.

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So since I know
nobody wants to

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listen to a lecture
on a podcast, this

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conversation will
be intentionally

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superficial.

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But the point is
to help you start

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thinking about.

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All the places
that contracts

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and SOPs have a
material impact

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on your business.

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You know, contracts
aren't just about

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intellectual
property.

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Of course, they're
very important, but

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they're not just
about intellectual

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property.

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They affect.

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Many, many areas
of your business,

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including those
that are important

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towards achieving
your strategic

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goals and, are
contributors to, uh,

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creating KPIs that
help you hit them.

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just generally when
we think about our

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KPIs, we wanna have
KPIs that measure.

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And drive the right
behavior that we

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want from our team.

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That's why a lot of
these, KPIs will be

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around efficiency
or utilization and

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about effectiveness.

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So we can measure
how effective

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and efficient,
what we are doing

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is so, First
bucket, customer

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acquisition costs.

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So customer
acquisition

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costs, that's the
total cost that

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are accumulated
through the process

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of closing a
deal or gaining

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a new customer.

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these costs include
research, marketing,

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and sales.

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They may
also include,

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legal costs.

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So since if you have
to, hire a lawyer

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for your contracts
or if there are

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some clearances
perhaps that need

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to happen before you
can close a deal.

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So those are
all those costs.

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Associated with
that, acquisition.

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we're gonna
talk about three

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KPIs associated
with customer

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acquisition costs,
sales cycle, time

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spent selling and
conversion rates.

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First sales cycle.

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Sales cycle is the
total amount of

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time it takes for
your organization

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to close a deal.

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there are,
six key steps,

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finding leads.

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Connecting with the
leads, qualifying

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the leads, making
presentations,

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overcoming
objections, and

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then finally
closing the deal.

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And so we look at
that sales cycle, we

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measure it in terms
of number of days.

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You might measure
that per salesperson

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or through your
whole organization,

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especially if
you're the only

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salesperson.

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And hopefully it is
a number of days,

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but it might not be.

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You may have very
large engagements

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that have much
longer sales cycle,

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and the fact that
they're long is not

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an indicator of any
type of failure, but

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just the nature of
your business, such

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as if you're doing,
million dollar

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deals, those are
gonna take more than

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a number of days
probably to close.

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It may be measured
in weeks or months,

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but regardless,
the shorter the

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sales cycle, the
more, profitable,

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and so the lower
your customer

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acquisition cost is.

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All the resources
of your sales

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team while they're
still trying to

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close that sale.

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the number of
touchpoints

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required, each
touchpoint is

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another cost.

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And so that
will increase

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your customer
acquisition cost.

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And the sooner that
you close a deal,

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obviously the sooner
you can move on to

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another, project
and therefore

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increasing revenue.

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The time spent
selling another

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important K P I.

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So obviously, the
more time your

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sellers are spent
selling, the more

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likely they're to
close deals, and the

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more quickly they
can close deals.

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Now it seems.

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Obvious.

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However, there
are a number of

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studies that show
that sellers spend

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only about 35% of
their time selling.

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They are getting
caught up in

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administrative
tasks.

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They're getting
caught up in,

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finding and
delivering

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collateral, creating
new collateral.

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So we're gonna
talk about, ways

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that we can make
these processes

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more efficient so
that your sellers

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can spend more
time selling.

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And then the third
K p R we're gonna

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talk about is
conversion rates.

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conversion rate
that's defined as

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a percentage of
leads that turn

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into customers.

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along with, sales
cycle and times

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been selling, the
longer it takes

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for lead, to
become a customer,

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the higher the
customer acquisition

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costs and the
more time you can

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spend selling,
hopefully the more

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quickly you can
convert that lead

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into a customer.

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So that conversion
rate is an

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indicator of your.

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Marketing
effectiveness,

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your ability to
get enough leads in

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the door and your
sales effectiveness,

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your ability to
convert those leads

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into customers.

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So if you're not
getting enough

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leads, then that's
telling you you had

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a pipeline problem.

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If you're not
converting enough,

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then that tells
you that something

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along in that
sales process isn't

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working.

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Either you're
not having enough

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touchpoints or
your touchpoints

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aren't effective.

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So, to summarize,
sales cycle, time

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spent selling and
conversion rates,

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all those are KPIs
that will affect

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your customer
acquisition costs,

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which of course
we want to be, as

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low as possible.

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what is the role
that contracts

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and the related
processes play

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in, customer
acquisition costs?

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So let's talk
about resource

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availability.

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We just talk about
that 35% of time

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that salespeople are
spending selling.

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one way to get
them spending more

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their time selling
is making sure

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that they aren't
wasting a lot of

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time searching for.

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Creating, updating
the collateral

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that they're
using for sales.

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And so the time
that they are saving

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or lost during the
sales process is

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directly related
to that resource

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availability,
existing collateral.

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You may have some
standard pieces of

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collateral and can
they find it easily.

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is that existing
collateral

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constantly
being updated?

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You making sure
that any, data or

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numbers that are
changing, make sure

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those are updated.

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Don't make your
sales reps do that.

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Are there any
links in there

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that need updating?

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Make sure those
are updated.

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Is any branding
change?

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Make sure that's
up, updated.

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If you have any new
testimonials and

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things like that,
new case studies,

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make sure that's
all up to date

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so that you're.

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Salespeople can
find it, access

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00:09:50,972 --> 00:09:53,852
it, and engage
with the client as

271
00:09:53,852 --> 00:09:55,082
easily as possible.

272
00:09:55,580 --> 00:09:58,280
I'm a huge fan of
having an inventory

273
00:09:58,280 --> 00:09:59,330
of these things.

274
00:09:59,700 --> 00:10:02,160
I call it IP
inventory, but,

275
00:10:02,160 --> 00:10:04,070
other types of
content management

276
00:10:04,075 --> 00:10:06,080
tools will work
as well to make

277
00:10:06,080 --> 00:10:08,178
sure that everyone
knows and the

278
00:10:08,178 --> 00:10:09,871
business knows
what's available,

279
00:10:10,401 --> 00:10:11,991
and then can
easily access it.

280
00:10:11,991 --> 00:10:13,461
That we're
not recreating

281
00:10:13,461 --> 00:10:14,001
the wheel.

282
00:10:14,459 --> 00:10:16,614
Now sometimes
though, you will

283
00:10:16,614 --> 00:10:18,294
want to recreate
the wheel will not

284
00:10:18,294 --> 00:10:19,824
recreate the wheel,
but personalize,

285
00:10:19,854 --> 00:10:21,924
customize some of
that collateral.

286
00:10:22,341 --> 00:10:24,261
When you have big
dollar engagements,

287
00:10:24,261 --> 00:10:26,764
you'll absolutely
be creating,

288
00:10:26,858 --> 00:10:28,331
personalized
collateral for

289
00:10:28,331 --> 00:10:29,575
those prospects.

290
00:10:29,685 --> 00:10:32,365
Having personalized
collateral will

291
00:10:32,365 --> 00:10:34,593
reduce, sales
cycles, will

292
00:10:34,593 --> 00:10:37,322
increase conversion
rates, but we wanna

293
00:10:37,322 --> 00:10:39,475
make sure it's
still effective

294
00:10:39,480 --> 00:10:40,345
and efficient.

295
00:10:40,765 --> 00:10:42,415
even though it's
customized, we

296
00:10:42,415 --> 00:10:45,055
want a process
for customization.

297
00:10:45,393 --> 00:10:47,635
So making sure that
we have those things

298
00:10:47,635 --> 00:10:49,915
in place so that
our salespeople

299
00:10:50,191 --> 00:10:52,430
can easily and
efficiently,

300
00:10:52,647 --> 00:10:55,313
personalize our
collateral and

301
00:10:55,313 --> 00:10:56,643
get that shared
with the clients.

302
00:10:57,463 --> 00:10:59,736
And then, again,
all these pieces

303
00:10:59,736 --> 00:11:01,416
of content, whether
it's our standard

304
00:11:01,416 --> 00:11:03,336
content or our
personalized

305
00:11:03,336 --> 00:11:06,529
content, making sure
that it is not here.

306
00:11:06,829 --> 00:11:08,539
There're everywhere
to have one place

307
00:11:08,779 --> 00:11:10,969
that we can find
all this material

308
00:11:11,258 --> 00:11:13,598
so that our sales
team can use it very

309
00:11:13,603 --> 00:11:16,168
effectively, whether
they're on the road.

310
00:11:16,352 --> 00:11:17,552
so they can
access it.

311
00:11:17,552 --> 00:11:18,782
If they're in the
middle of a call

312
00:11:18,819 --> 00:11:20,469
and someone asks a
question and that

313
00:11:20,469 --> 00:11:21,779
there's, something
that can help

314
00:11:22,062 --> 00:11:23,279
illustrate a point.

315
00:11:23,279 --> 00:11:25,581
Or to help overcome
an objection.

316
00:11:25,891 --> 00:11:27,201
These are all
things you wanna

317
00:11:27,201 --> 00:11:28,721
have available to
your sales team.

318
00:11:29,463 --> 00:11:31,233
Then for the
contracts in

319
00:11:31,233 --> 00:11:33,693
particular, making
sure that you have

320
00:11:33,753 --> 00:11:35,433
standard term sheets
here, that when

321
00:11:35,433 --> 00:11:37,263
they're going out in
the field or, having

322
00:11:37,263 --> 00:11:39,030
their conversations,
I'm dating myself

323
00:11:39,035 --> 00:11:40,113
with going out
in the field.

324
00:11:40,123 --> 00:11:41,443
do, people still go
out in the field,

325
00:11:41,786 --> 00:11:43,277
and That part of
that negotiation

326
00:11:43,277 --> 00:11:44,867
process, that they
know exactly what

327
00:11:44,867 --> 00:11:46,643
the parameters
are, where they

328
00:11:46,643 --> 00:11:48,413
can give, where
they can't give.

329
00:11:48,773 --> 00:11:50,201
And more
importantly, that

330
00:11:50,201 --> 00:11:51,641
they don't promise
something that

331
00:11:51,641 --> 00:11:52,751
you can't deliver.

332
00:11:53,001 --> 00:11:55,039
sometimes things
get a little, heated

333
00:11:55,044 --> 00:11:56,599
in the middle of
a negotiation.

334
00:11:56,809 --> 00:11:59,029
Sales people are
pleasers, they wanna

335
00:11:59,059 --> 00:12:01,249
make sales, and
so make sure they

336
00:12:01,249 --> 00:12:03,518
understand, what
the parameters are.

337
00:12:03,518 --> 00:12:04,928
So having those
standardized term

338
00:12:04,928 --> 00:12:07,578
sheets avoids any
conflicts there.

339
00:12:07,849 --> 00:12:11,306
Having a streamlined
contract creation

340
00:12:11,306 --> 00:12:13,796
process, you wanna
have standardized

341
00:12:13,796 --> 00:12:14,516
proposals.

342
00:12:14,516 --> 00:12:16,966
If you have the type
of, business where

343
00:12:16,966 --> 00:12:18,886
you are sending out
proposals, even if

344
00:12:18,886 --> 00:12:21,466
they are customized,
you still wanna

345
00:12:21,466 --> 00:12:24,136
have a template that
everyone's using.

346
00:12:24,454 --> 00:12:26,429
And also when it
comes time for.

347
00:12:26,845 --> 00:12:28,881
Signing, having
standardized

348
00:12:28,881 --> 00:12:31,648
services agreements,
and in the event

349
00:12:31,698 --> 00:12:33,138
if your clients
are large corporate

350
00:12:33,138 --> 00:12:34,818
clients, the
likelihood of

351
00:12:34,818 --> 00:12:37,068
them having their
own services

352
00:12:37,068 --> 00:12:38,447
agreements, that
they're going to

353
00:12:38,452 --> 00:12:40,397
require you to sign,
that doesn't mean

354
00:12:40,397 --> 00:12:41,897
you're completely
at their mercy.

355
00:12:41,997 --> 00:12:45,470
You wanna have your
own s o w templates

356
00:12:45,470 --> 00:12:47,456
that are specific
to your services.

357
00:12:47,636 --> 00:12:48,666
You I review.

358
00:12:48,887 --> 00:12:51,255
Hundreds of
large corporate

359
00:12:51,256 --> 00:12:52,096
agreements.

360
00:12:52,408 --> 00:12:54,478
All the time,
and they're very

361
00:12:54,478 --> 00:12:55,258
generalized.

362
00:12:55,258 --> 00:12:57,418
They want that same
vendor agreement

363
00:12:57,418 --> 00:12:59,294
or that same
supplier agreement.

364
00:12:59,485 --> 00:13:01,484
They send it over
to you and almost

365
00:13:01,484 --> 00:13:03,494
none of it applies
to your services.

366
00:13:03,715 --> 00:13:05,234
So make sure
you have some

367
00:13:05,234 --> 00:13:06,044
exhibits that can.

368
00:13:06,254 --> 00:13:08,367
Easily be attached
to customize it to

369
00:13:08,367 --> 00:13:09,117
what you're doing.

370
00:13:09,349 --> 00:13:11,847
Have your own s o
w templates that

371
00:13:11,847 --> 00:13:13,857
talk about your
services, have

372
00:13:13,857 --> 00:13:16,748
your own operating
procedures or terms

373
00:13:16,753 --> 00:13:18,788
and conditions so
that you can just

374
00:13:18,793 --> 00:13:20,498
attach those as
exhibits that don't

375
00:13:20,503 --> 00:13:23,145
have to be overly
negotiated so you

376
00:13:23,145 --> 00:13:26,098
can get to the
finish line quickly

377
00:13:26,158 --> 00:13:28,240
and start working
on your projects.

378
00:13:28,548 --> 00:13:31,198
and then in terms
of closing, what

379
00:13:31,198 --> 00:13:32,728
differentiators
do you have?

380
00:13:32,758 --> 00:13:34,828
Obviously you have
your reputation,

381
00:13:35,138 --> 00:13:37,378
but there's also
some objective

382
00:13:37,378 --> 00:13:39,838
differentiators
that are important,

383
00:13:39,928 --> 00:13:42,748
certainly in the
current environment

384
00:13:43,086 --> 00:13:45,328
of information
and data security.

385
00:13:45,518 --> 00:13:48,036
Do you have like
ISO certifications

386
00:13:48,036 --> 00:13:48,816
for instance?

387
00:13:49,026 --> 00:13:52,146
Or do you have just,
policies regarding

388
00:13:52,146 --> 00:13:54,840
information security
and technology?

389
00:13:55,266 --> 00:13:56,676
If you are going
to have access

390
00:13:56,676 --> 00:13:58,356
to their network,
there's definitely

391
00:13:58,356 --> 00:14:01,516
going to have, their
own requirements

392
00:14:01,516 --> 00:14:04,671
regarding that  And
the further along

393
00:14:04,711 --> 00:14:06,511
and having your own
systems in place

394
00:14:06,511 --> 00:14:08,235
that you can show
them, the more

395
00:14:08,240 --> 00:14:09,225
comfort they get.

396
00:14:09,591 --> 00:14:11,325
If you will be
handling any

397
00:14:11,325 --> 00:14:13,185
personal data,
you're going to

398
00:14:13,185 --> 00:14:14,865
be have to show
them that you

399
00:14:14,865 --> 00:14:15,765
comply with.

400
00:14:15,950 --> 00:14:18,620
Data security laws,
and data processing

401
00:14:18,620 --> 00:14:21,980
laws and large
public companies.

402
00:14:21,980 --> 00:14:23,840
International
companies will

403
00:14:23,840 --> 00:14:25,705
also have,
codes of conduct

404
00:14:25,710 --> 00:14:27,195
requirements,
ethical,

405
00:14:27,708 --> 00:14:30,378
requirements, um,
E S G requirements.

406
00:14:30,378 --> 00:14:31,458
These are all
things, if you

407
00:14:31,458 --> 00:14:32,628
already have these
things in place,

408
00:14:33,344 --> 00:14:36,180
that will also
smooth the route

409
00:14:36,270 --> 00:14:38,449
to close and Reduce
that customer

410
00:14:38,449 --> 00:14:39,229
acquisition cost.

411
00:14:39,510 --> 00:14:39,870
All right.

412
00:14:40,075 --> 00:14:42,232
So now the next
bucket, customer

413
00:14:42,232 --> 00:14:43,612
lifetime value.

414
00:14:43,985 --> 00:14:45,858
Customer lifetime
value is the

415
00:14:45,858 --> 00:14:48,198
predicted dollar
value that you'll

416
00:14:48,198 --> 00:14:50,808
derive from future
transactions with

417
00:14:50,808 --> 00:14:53,058
the customer during
the course of your

418
00:14:53,058 --> 00:14:54,438
entire relationship.

419
00:14:54,722 --> 00:14:56,552
Unlike customer
acquisition costs,

420
00:14:56,552 --> 00:14:57,922
which we wanna
reduce, obviously

421
00:14:58,292 --> 00:15:00,632
customer lifetime
value, we want

422
00:15:00,632 --> 00:15:01,412
to increase.

423
00:15:01,832 --> 00:15:03,302
The longer that
customer stays

424
00:15:03,302 --> 00:15:04,802
with us, the
more profitable

425
00:15:04,802 --> 00:15:05,912
that customer is.

426
00:15:06,365 --> 00:15:10,498
So losing a customer
is cost of business

427
00:15:10,498 --> 00:15:12,778
much more than just
the direct revenue

428
00:15:12,778 --> 00:15:13,498
that you use.

429
00:15:13,838 --> 00:15:16,639
there are some
costs of acquisition

430
00:15:16,912 --> 00:15:18,679
that you need to
recover, so you

431
00:15:18,829 --> 00:15:20,449
need to make sure
that that customer

432
00:15:20,449 --> 00:15:22,389
stays around long
enough to recover

433
00:15:22,389 --> 00:15:22,749
those costs.

434
00:15:23,625 --> 00:15:25,824
And second, a
business is not

435
00:15:25,824 --> 00:15:29,619
sustainable if you
can't have some

436
00:15:29,649 --> 00:15:32,079
measure of customer
retention and

437
00:15:32,079 --> 00:15:33,069
repeat business.

438
00:15:33,069 --> 00:15:34,749
It's a very
difficult business

439
00:15:34,749 --> 00:15:37,929
if every sale is
a one-off sale.

440
00:15:38,346 --> 00:15:39,816
And of course,
every time a

441
00:15:39,816 --> 00:15:42,616
customer leaves
team morale suffers.

442
00:15:42,979 --> 00:15:45,810
So generally, across
a wide range of

443
00:15:45,810 --> 00:15:48,930
industries, just a
5% improvement in

444
00:15:48,930 --> 00:15:51,270
customer retention
rates yields

445
00:15:51,314 --> 00:15:53,834
25 to a hundred
percent increase in

446
00:15:53,834 --> 00:15:55,874
profits and that's
very impactful.

447
00:15:56,205 --> 00:15:58,741
Couple of reasons
why, the carrying

448
00:15:58,746 --> 00:16:02,011
cost of keeping
a new customer is

449
00:16:02,016 --> 00:16:04,261
a fraction of the
cost of bringing

450
00:16:04,321 --> 00:16:05,611
on a new customer.

451
00:16:06,061 --> 00:16:08,761
So when your sales
and marketing costs

452
00:16:09,144 --> 00:16:11,116
to an existing
customer go pretty

453
00:16:11,116 --> 00:16:14,926
close to zero, all
of that money save

454
00:16:14,926 --> 00:16:17,656
drops directly to
your bottom line.

455
00:16:18,176 --> 00:16:20,916
Also a happy
customer is like

456
00:16:20,976 --> 00:16:24,096
an noncommissioned
sales rep, right?

457
00:16:24,345 --> 00:16:25,566
They are singing
your praises to

458
00:16:25,566 --> 00:16:27,923
other customers
and, they are

459
00:16:27,923 --> 00:16:29,573
providing referrals.

460
00:16:29,963 --> 00:16:31,593
They provide
opportunities

461
00:16:31,883 --> 00:16:34,133
for upsells and
cross-sells.

462
00:16:34,343 --> 00:16:37,493
They are your own
personal market

463
00:16:37,493 --> 00:16:39,593
research panel
that you can go to

464
00:16:39,593 --> 00:16:42,383
for feedback and
product suggestions.

465
00:16:43,040 --> 00:16:44,455
And of course,
the longer they're

466
00:16:44,455 --> 00:16:46,825
with you and they
continue to open

467
00:16:46,825 --> 00:16:48,175
their wallet to
you, the more

468
00:16:48,175 --> 00:16:50,995
entrenched you come
with that customer.

469
00:16:51,570 --> 00:16:53,970
So the KPIs that
we're gonna talk

470
00:16:53,970 --> 00:16:55,620
about in connection
with customer

471
00:16:55,625 --> 00:16:58,126
lifetime value,
customer complaints,

472
00:16:58,316 --> 00:17:00,633
client churn rates,
and cross-selling

473
00:17:00,953 --> 00:17:01,673
and upselling.

474
00:17:02,126 --> 00:17:03,686
First customer
complaints.

475
00:17:04,069 --> 00:17:06,679
this is a leading
indicator of client

476
00:17:06,679 --> 00:17:07,519
satisfaction.

477
00:17:07,917 --> 00:17:10,039
So measuring
complaints is

478
00:17:10,044 --> 00:17:12,489
critical to
ensuring that our

479
00:17:12,494 --> 00:17:14,349
quality matches
our customer's

480
00:17:14,349 --> 00:17:16,179
expectations and
requirements.

481
00:17:16,543 --> 00:17:19,059
So you can pick up a
change in complaint

482
00:17:19,064 --> 00:17:22,012
levels much earlier
than a change

483
00:17:22,042 --> 00:17:24,022
that you might see
through a customer

484
00:17:24,022 --> 00:17:26,392
satisfaction
survey or by

485
00:17:26,392 --> 00:17:27,952
looking at your
client retention

486
00:17:27,952 --> 00:17:28,762
metrics where.

487
00:17:29,042 --> 00:17:30,962
It's obviously
too late after

488
00:17:30,962 --> 00:17:31,832
you've lost them.

489
00:17:32,243 --> 00:17:34,093
customer complaints
is an early

490
00:17:34,210 --> 00:17:37,300
indicator regarding
client satisfaction

491
00:17:37,430 --> 00:17:40,430
that helps us react
and correct quickly.

492
00:17:40,430 --> 00:17:41,840
So we definitely
wanna keep a track

493
00:17:41,840 --> 00:17:44,094
on those client
churn rates.

494
00:17:44,714 --> 00:17:45,614
That's the
percentage of

495
00:17:46,174 --> 00:17:47,704
customers that
fail to make a

496
00:17:47,704 --> 00:17:50,014
repeat purchase
or discontinue

497
00:17:50,014 --> 00:17:52,114
your service
during a certain

498
00:17:52,114 --> 00:17:53,044
period of time.

499
00:17:53,525 --> 00:17:56,405
So that provides
insights on how

500
00:17:56,405 --> 00:17:57,515
the business
is performing.

501
00:17:57,515 --> 00:17:59,855
Of course, it
is an indicator

502
00:17:59,855 --> 00:18:01,715
of customer
dissatisfaction.

503
00:18:02,010 --> 00:18:04,370
Indication of
product quality,

504
00:18:04,742 --> 00:18:07,317
maybe that shows
that your prices

505
00:18:07,317 --> 00:18:08,037
aren't favorable.

506
00:18:08,037 --> 00:18:10,077
They get in there
and then they see

507
00:18:10,077 --> 00:18:11,007
that they're not
really getting

508
00:18:11,007 --> 00:18:12,597
the value that
they thought they

509
00:18:12,597 --> 00:18:14,217
would, so they're
not renewing.

510
00:18:14,601 --> 00:18:17,020
Maybe competitors
are coming in with

511
00:18:17,140 --> 00:18:18,850
better offers, so
you're losing them

512
00:18:18,855 --> 00:18:21,434
to competitors, if
they aren't, doing

513
00:18:21,434 --> 00:18:22,244
repeat business.

514
00:18:22,727 --> 00:18:24,077
you need to keep
marketing to your

515
00:18:24,077 --> 00:18:26,207
clients and maybe
your marketing,

516
00:18:26,307 --> 00:18:28,631
game falls off once
you sign them on.

517
00:18:28,907 --> 00:18:31,097
Or it could be just
a natural part of

518
00:18:31,097 --> 00:18:31,847
the life cycle.

519
00:18:32,237 --> 00:18:34,157
But we do wanna make
sure we are paying

520
00:18:34,157 --> 00:18:35,687
attention to these
and understanding

521
00:18:35,687 --> 00:18:38,717
why it's happening,
so we know what we

522
00:18:38,722 --> 00:18:39,387
might need to fix.

523
00:18:40,030 --> 00:18:41,732
Do we need to
create a better

524
00:18:41,799 --> 00:18:42,812
renewal program?

525
00:18:43,151 --> 00:18:44,312
Do we need to
make sure we're

526
00:18:44,312 --> 00:18:46,022
staying more
customer-centric

527
00:18:46,322 --> 00:18:48,604
after they sign
so that they are

528
00:18:48,604 --> 00:18:51,314
keeping us in mind,
so we can reduce

529
00:18:51,344 --> 00:18:53,564
churn rates and
therefore maximize

530
00:18:53,569 --> 00:18:54,124
our renewal revenue?

531
00:18:55,043 --> 00:18:57,023
And then the last
one is that we're

532
00:18:57,023 --> 00:18:58,253
talking about,
there's many more,

533
00:18:58,253 --> 00:18:59,693
but the one we're
talking about today

534
00:18:59,956 --> 00:19:02,033
is cross-selling
and upselling.

535
00:19:02,333 --> 00:19:04,643
So that is
getting additional

536
00:19:04,643 --> 00:19:06,633
value from your
existing customers

537
00:19:06,633 --> 00:19:08,959
and providing
additional value

538
00:19:08,959 --> 00:19:11,173
to your existing
customers so that

539
00:19:11,173 --> 00:19:13,213
you increase that
repeat business.

540
00:19:13,637 --> 00:19:16,033
You're exposing your
customer to more of

541
00:19:16,033 --> 00:19:18,179
your, service and
product portfolio.

542
00:19:18,947 --> 00:19:21,576
You're creating a
deep relationship.

543
00:19:21,888 --> 00:19:23,928
Enhancing the
customer experience.

544
00:19:24,218 --> 00:19:26,911
if you aren't
getting cross sells

545
00:19:26,941 --> 00:19:29,371
and upsells, then
you are failing in

546
00:19:29,371 --> 00:19:31,673
one of these areas
and you need to

547
00:19:31,673 --> 00:19:34,043
make sure that you
are looking to see

548
00:19:34,343 --> 00:19:37,519
how you can, do
that and you Many

549
00:19:37,756 --> 00:19:39,951
product and service
ladders are built

550
00:19:39,951 --> 00:19:42,261
on the assumption
of cross-selling

551
00:19:42,321 --> 00:19:43,191
and upselling.

552
00:19:43,191 --> 00:19:45,231
That is an important
part of growing

553
00:19:45,231 --> 00:19:45,921
your business.

554
00:19:45,921 --> 00:19:48,364
So if those things
aren't working, then

555
00:19:48,364 --> 00:19:49,834
we definitely need
to figure out what's

556
00:19:49,839 --> 00:19:50,614
going on there.

557
00:19:51,084 --> 00:19:53,524
maybe the upsell
opportunities aren't

558
00:19:53,524 --> 00:19:54,574
truly upsells.

559
00:19:54,574 --> 00:19:56,827
Maybe that
really, is one

560
00:19:56,827 --> 00:19:58,387
service doesn't
really follow

561
00:19:58,392 --> 00:19:59,317
on the next one.

562
00:19:59,592 --> 00:20:01,147
And so we need to
look at that to

563
00:20:01,147 --> 00:20:03,637
make sure we have
appropriate ladders.

564
00:20:04,083 --> 00:20:08,012
So the role of
contracts in the

565
00:20:08,042 --> 00:20:10,627
customer lifetime
value, process

566
00:20:11,352 --> 00:20:12,162
many things.

567
00:20:12,167 --> 00:20:15,282
First, contracts
set expectations

568
00:20:15,372 --> 00:20:17,992
from the beginning,
you the transaction

569
00:20:17,992 --> 00:20:19,852
or, and the utility
of a contract does

570
00:20:19,852 --> 00:20:21,835
not end at signing.

571
00:20:22,075 --> 00:20:23,665
You once you sign
that contract,

572
00:20:23,940 --> 00:20:25,470
That is the place
where you set

573
00:20:25,470 --> 00:20:26,460
expectations.

574
00:20:26,747 --> 00:20:27,990
You want to make
sure that the

575
00:20:27,990 --> 00:20:30,300
client clearly
understands what

576
00:20:30,300 --> 00:20:32,613
the process will
be, so that there

577
00:20:32,613 --> 00:20:34,233
are no surprises.

578
00:20:34,623 --> 00:20:36,543
In addition, once
that contract is

579
00:20:36,548 --> 00:20:38,613
signed, you want
to make sure that

580
00:20:38,613 --> 00:20:41,523
there is a handoff
process from

581
00:20:41,523 --> 00:20:42,183
your salesperson.

582
00:20:42,975 --> 00:20:44,183
To the team
that will be

583
00:20:44,183 --> 00:20:45,323
doing delivery.

584
00:20:45,623 --> 00:20:47,543
So that, that
is seamless.

585
00:20:47,859 --> 00:20:50,823
You never, want to
have bumps in that

586
00:20:51,088 --> 00:20:53,186
because you want
customer confidence

587
00:20:53,186 --> 00:20:56,068
to be high that the
time when they are

588
00:20:56,281 --> 00:20:58,218
second guessing a
purchase and we've

589
00:20:58,218 --> 00:20:59,718
all done this,
know, whether it's

590
00:20:59,723 --> 00:21:02,022
in our businesses
or personally.

591
00:21:02,350 --> 00:21:04,493
Once we sign on
the dotted line and

592
00:21:04,493 --> 00:21:05,843
we start to second
guess ourselves.

593
00:21:06,148 --> 00:21:07,418
Don't let
that happen.

594
00:21:07,666 --> 00:21:09,548
Make sure you have
a process in place

595
00:21:09,548 --> 00:21:10,628
to make it smooth.

596
00:21:10,965 --> 00:21:13,725
No surprises, happy
customers give

597
00:21:13,730 --> 00:21:15,520
you the benefit
of the doubt as

598
00:21:15,525 --> 00:21:17,910
the, engagement
moves along.

599
00:21:18,310 --> 00:21:20,927
maybe you introduce
the delivery

600
00:21:20,932 --> 00:21:22,547
team so that they
really feel like

601
00:21:22,547 --> 00:21:24,947
they understand
who's working on

602
00:21:25,007 --> 00:21:26,327
their, engagement.

603
00:21:26,715 --> 00:21:29,865
Contracts provide
transparency again,

604
00:21:29,865 --> 00:21:32,048
you making sure
that they understand

605
00:21:32,048 --> 00:21:33,488
the entire journey.

606
00:21:33,732 --> 00:21:35,557
and a lot of times
this will be done

607
00:21:35,557 --> 00:21:38,453
through a kickoff,
meeting, again

608
00:21:38,458 --> 00:21:39,790
to talk about
the process and

609
00:21:39,850 --> 00:21:40,930
introduce the team.

610
00:21:41,300 --> 00:21:44,037
you wanna make sure
you have your, very

611
00:21:44,037 --> 00:21:47,097
clear performance
and delivery

612
00:21:47,127 --> 00:21:48,447
process in place.

613
00:21:48,843 --> 00:21:51,563
You want to make
sure that the

614
00:21:51,563 --> 00:21:53,823
contract lays
out all of the

615
00:21:53,823 --> 00:21:56,860
milestones when you
expect to have, them

616
00:21:56,865 --> 00:21:59,640
to be hit, what will
be delivered, who

617
00:21:59,640 --> 00:22:02,190
it's delivered to,
what the acceptance

618
00:22:02,190 --> 00:22:04,657
process is when
you expect to have,

619
00:22:04,693 --> 00:22:06,163
questions, when
they have their

620
00:22:06,163 --> 00:22:07,243
questions to you.

621
00:22:07,426 --> 00:22:08,836
when you have time
to turn that back

622
00:22:08,836 --> 00:22:10,666
around, if there are
any issues to turn

623
00:22:10,666 --> 00:22:11,596
that back around.

624
00:22:11,900 --> 00:22:14,510
There should be no
surprises in that

625
00:22:14,510 --> 00:22:16,940
process, and that
should be laid out

626
00:22:17,000 --> 00:22:19,983
in your s o w if not
in the agreement.

627
00:22:20,233 --> 00:22:22,273
Of course, you have
to have a dispute

628
00:22:22,273 --> 00:22:23,123
resolution process.

629
00:22:23,923 --> 00:22:26,323
the more complicated
the engagement I.

630
00:22:26,323 --> 00:22:27,658
There's
possibility that

631
00:22:27,775 --> 00:22:29,202
there'll be some
miscommunications

632
00:22:29,202 --> 00:22:31,002
and we wanna make
sure those things

633
00:22:31,002 --> 00:22:33,702
are resolved as
soon as possible

634
00:22:33,910 --> 00:22:37,182
to maintain a good
relationship so that

635
00:22:37,212 --> 00:22:39,072
we, have a long-term
relationship

636
00:22:39,077 --> 00:22:39,822
with that client.

637
00:22:40,282 --> 00:22:42,057
And then, Equally
important as

638
00:22:42,057 --> 00:22:44,963
onboarding is
offboarding, making

639
00:22:44,963 --> 00:22:46,733
sure you tie up
any loose ends,

640
00:22:46,733 --> 00:22:48,913
making sure you
remain a resource

641
00:22:48,918 --> 00:22:49,753
for your client.

642
00:22:50,159 --> 00:22:52,190
This also makes
it easy for you

643
00:22:52,195 --> 00:22:54,380
to do have those
cross cells and

644
00:22:54,385 --> 00:22:55,400
do those upsells.

645
00:22:55,943 --> 00:22:57,895
You wanna also,
be able to come to

646
00:22:57,895 --> 00:23:00,335
them for referrals,
you want them

647
00:23:00,568 --> 00:23:02,095
to consider you,
for them to be a

648
00:23:02,095 --> 00:23:04,315
referral source
and of course,

649
00:23:04,315 --> 00:23:06,625
a testimonial
process as well.

650
00:23:06,965 --> 00:23:09,405
It increases their
value because

651
00:23:09,405 --> 00:23:10,185
it helps you

652
00:23:10,185 --> 00:23:10,845
obviously,

653
00:23:11,125 --> 00:23:13,465
sell and reach
new markets.

654
00:23:14,012 --> 00:23:16,292
So I hope this was
helpful to you.

655
00:23:16,297 --> 00:23:19,053
Again, this is just
an overview some

656
00:23:19,053 --> 00:23:22,176
examples of the way
that contracts do

657
00:23:22,176 --> 00:23:24,756
help you hit some of
your key performance

658
00:23:24,756 --> 00:23:25,656
indicators.

659
00:23:26,031 --> 00:23:28,056
Don't think of
them as just,

660
00:23:28,126 --> 00:23:30,090
intellectual
property tool,

661
00:23:30,090 --> 00:23:32,340
but it is also a.

662
00:23:32,357 --> 00:23:33,843
Performance tool.

663
00:23:34,316 --> 00:23:35,246
Until next time.

664
00:23:35,486 --> 00:23:36,266
Thank you friends.