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ve BINAR Land & Expand 6 Simple Strategies to Grow your Company s Top and Bottom SHORT

Name: ve BINAR Land & Expand 6 Simple Strategies to Grow your Company s Top and Bottom SHORT
Uploaded: 2023-04-21T13:50:01+00:00
Duration: 56 s
Channel: Henning Schwinum
Description: Henning Schwinum breaks down land and expand: land is your first sale to a customer, expand is selling them add-ons like more users or new locations…

21 Apr 2023 · 1 min

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Henning Schwinum breaks down land and expand: land is your first sale to a customer, expand is selling them add-ons like more users or new locations. Gartner says 80% of future revenue comes from 20% of current customers. Closing existing customers runs 60-70%, versus 5-20% for new ones.

Questions this video answers

80% of future revenue will come from 20% of the current customer base.

5% to 20%.

60% to 70%.

Chapters

So as a premise for this conversation, Land and Expand to Me Land is the first opportunity that you sell within an existing customer. So your first deal at Google is your land. The expand is every single add on sale. If it's more users to that customer, if it's new locations, those are all expansion land to the initial sale, which is the land. According to Gartner Group, an average of 80% of the company's future revenue will come from 20% of the current customer base. You better make sure those existing customers are well taken care of. If you're going after a net new customer, the close rate is 5 to 20%. In contrast to that, an existing customer has a 60 to 70% rate.