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The service marketing leader is someone who can rally colleagues and customers to think creatively about your company’s service offerings and brand. They collaborate with your services portfolio or services product leader to craft and execute launches, and create content to promote the service offers. The position focuses on understanding the service portfolio, its aspects and competitive advantages, and how it creates business benefits and improved outcomes for your customers. They then translate this into valuable internal and external assets.
In a time of economic downturn, marketing the benefits and outcomes of the services that accelerate the technology’s ROI is extremely important to mitigate churn rates. In one of TSIAs recent community exchanges, there was a clear theme and focus on helping existing customers accelerate time to value and strengthen these relationships. Part of this effort results in doubling down on marketing activities to support the customer success and/or renewals team.
Of companies surveyed, 68% have a documented cadence of sales and marketing activities for renewals. But only 22% have communications within the renewal invoice.
Source: TSIA Gold Standards Benchmark H12020
How do you quickly build a marketing strategy to support the renewal motions and protect your recurring revenue? TSIA has 3 essential strategic wins:
Building a communication plan provides a structured approach and cadence for disseminating information. But a plan is only as good as its execution. Through social media, professional partners, content syndication, and blogging, you can spread your expertise to a range of audiences. However, it’s equally important to communicate during all the touchpoints your renewals team has to support customer retention.
TSIA has found that customer attrition rate decreases 6 points when someone from your company directly interacts with customers on a monthly basis to encourage them to utilize services they are entitled to.
In today’s economic environment, the same well-worn messaging and sales enablement strategies may not be as effective. By enabling your customer success/ renewals team about what business challenges key customers have, you will build credibility and visibility that will mitigate churn and prepare you for new business and growth.
We understand that our member companies, the technology industry, and the world at large have been impacted by COVID-19. Now, more than ever, we need to work together to get through these challenging times. TSIA is committed to providing visibility as quickly as possible into the changing industry trends and practices that come as a result of COVID-19. Visit our Rapid Research Response Initiative resource page for more information.
If you have any questions related to how COVID-19 is impacting your organization, we’re here to help.
Post Date: April 13, 2020
Jodie Paxton is the former vice president of service revenue generation research for TSIA. In this role, she worked closely with members to provide insights and best practices on how to develop service offers and monetize recurring revenue models. Jodie has over 16 years of experience as a strategist and thought leader in the services technology industry. She has held various roles where she was responsible for developing and marketing services portfolios, monetizing the contract renewal management process, and actively participated in change management of delivery organizations.
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The Technology & Services Industry Association (TSIA) is dedicated to helping technology and services organizations large and small grow and advance in the technology industry. Find out how you can achieve success, too. Call us at (858) 674-5491 or we can call you.