You’ve heard it, you’ve probably said it, your company probably says it. Everybody thinks they’re gonna land and expand. But what I want you to do is take a moment and think about all of the efforts, initiatives you have inside your company.
What is sales people work on what marketing people work on what products people work on? And I will bet you that most of the effort that you have goes on winning new customers, how do I win new customers? Surely we focus a lot on land. And by the way, we probably also focus on retention. But the thing companies rarely focus on putting true effort and energy behind is the expanding part of land and expand.
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“Growth in subscriptions comes from land and expand, you focus on land already, focus more on expand.”
– Mark Stiving
What does expanded mean? It means I want a customer and they’re paying me some amount of money, let’s say it’s $100 a month, how do I get them up to $125 a month, or up to $200 a month? Think about growing individual customers or individual buyers.
And that’s what expand really means. If you’re curious, there’s only four ways I know to get more money from a current customer, we can raise their prices, we can convince them to use more of our product. And if we have the right pricing metric, then we get paid more. We could upsell them into a bigger package. Think good, better, best.
We get them to go from good to better. We could cross sell them into a different related package. But in the end, if we’re not focusing on how we get more money from our current customers, we’re ignoring the expand part of land and expand. That’s probably where most of your opportunities for growth.
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Connect with Mark Stiving:
- Email: [email protected]