CSOs Are Prioritizing Growth from Existing Customers

Seventy-three percent of chief sales officers are prioritizing growth from existing customers, highlighting account retention and growth as top priorities over bringing in new customers and accounts, according to Gartner.

The research firm found that 57 percent of CSOs see account retention and growth as a top-three priority.

Despite the importance of retaining and growing existing customers, many organizations are hindered by a customer value gap as suppliers struggle to convert the promise of their value proposition into realized customer value. "In today's competitive market, retaining and expanding relationships with current customers is not just a priority; it's essential for sustainable growth," says Daniel Hawkyard, director analyst in the Gartner Sales Practice. “As sales organizations strive to retain and grow their customer bases, they must address the value gap, which will lead to lower retention, advocacy, and growth if not managed effectively."

Gartner recommends that sales organizations first align cross-functional teams around why customers choose to partner with them. This involves recognizing the unique value proposition that initially attracts customers and ensuring that this promise aligns with their strategic goals.

"Customers are not just buying a product; they are buying the promise of value realization," Hawkyard says. "Sales leaders must focus on helping customers realize this value rather than trying to drive value proposition utilization."

Customer feedback plays a crucial role in this process, Gartner also suggests, noting that by systematically capturing and sharing qualitative feedback from customers, organizations can illustrate the value realization journey, ensuring that customer needs are met and expectations are exceeded.

CSOs play a critical role in closing the value gap by aligning the broader organization around a vision and understanding of the organization's value proposition and customers' value realization, the firm stresses.

"A unified, cross-functional approach is essential," Hawkyard says. "CSOs must ask themselves and their teams what truly differentiates their value proposition and how it helps customers achieve their business objectives."

Delivering value that drives both retention and growth requires a structured approach, Gartner says, adding that CSOs must enable their teams with clear guidance around the path to realize customer value, starting with onboarding programs that acclimate customers to the partnership, followed by personalized learning experiences that enhance understanding.

"The goal is to transform knowledge into action," Hawkyard states. "By providing contextualized experiences, sales leaders can help customers increase proficiency and confidence, ultimately leading to full adoption of the sellers’ solutions."