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If improving revenue retention is a key priority in FY25, here is some food for thought. If you believe data is the essential foundation for improving retention, imagine the possibilities with 50-100x more data about your customers. Here’s the thing: Every business has this customer data, but 99% of businesses are sleeping on a data set that could change their business. It’s the unstructured data that’s sitting in ticketing systems, CRMs, chat systems, surveys, and the biggest silo by volume - corporate email systems. Most of us still rely on structured data like usage, click rates, and engagement logs to gauge our customers' health. However, structured data provides only a partial view of customer behavior and revenue drivers. Unstructured data—like customer emails, chats, tickets, and calls —holds the most valuable insights that, when leveraged, will significantly improve revenue outcomes.
Why Unstructured Data is Essential for Revenue GrowthImproving Customer Retention: Unstructured data helps businesses identify early warning signs of dissatisfaction, allowing them to create proactive interventions before customers churn. Repeated mentions of poor experiences, response lags, product-related frustration, and more in call transcripts, cases, and emails indicate potential churn risks. By identifying these trends while they are trending, businesses will improve retention.
Fueling Product Innovation: Let’s face it: Our customers bought a product or service. Post-sales teams don’t develop products and are limited in what they can directly impact. Product teams need more unbiased, unfiltered contextual customer data, and they need it consistently. Unstructured data provides real-time feedback on how customers use products and services. Businesses can analyze customer feedback from multiple channels to identify recurring requests and pain points. This data fuels product innovation and informs customer-led roadmaps that lead to higher engagement rates and more profound value. Developing products that directly respond to customer feedback leads to faster adoption, better advocacy, and a competitive advantage.
Identifying Expansion Opportunities: Unstructured data reveals customer needs and preferences that structured data often overlooks. Businesses can uncover untapped expansion opportunities by analyzing email, chats, and case feedback. These insights help identify additional products or services that interest customers, leading to new upsell or cross-sell possibilities. To drive immediate improvements in revenue retention, the key isn't pouring resources into complex churn algorithms, chatbots, or traditional customer success platforms—it's being more creative with the data you're already collecting. Start listening more closely to your customers, identify the patterns in their pain points, and share this knowledge with your peers who can improve your offerings. This is the year to start thinking outside of the box.
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