Moving from Account Renewals to Account Expansion

In this blog series, we have been reviewing the four strategies that sales leaders are using to make their 2019 goals. Here we explore strategy #3, expanding business in existing accounts.
It won’t surprise you that existing accounts are the lifeblood of a sales organization. In fact, the 2018-2019 Sales Performance Study shows that, on average, 70% of revenues come from existing customers.
And where new account acquisition is very inefficient, sales to existing customers can be very beneficial to the bottom line. Sales cycles with current customers are half that of cycles with new accounts (7.2 months vs. 3.8 in our study). In addition, we know that the ability to provide insights and perspective is linked to better win rates. It’s easier to find ways to provide more relevant thought leadership and insights when you already know the customer. Shorter cycles and higher win rates are major contributors to productivity.
All that