Who Owns Customer Expansion?
Who nurtures on-going relationships with customers at your company? Ask 10 different people this question and I’ll bet you get many different answers.
Now more than ever, revenue growth is a major challenge for companies across the board. Some studies show that existing customers drive as much as 50-80% of revenue. With more and more organizations looking to grow revenue opportunities within existing customer bases, it’s surprising that most marketers miss the opportunity.
Analyst Denis Pombriant says: “The techniques that marketing uses to attract new customers can be easily applied to existing customers. This means programs directed at specific populations that have a particular version or vintage of a product, for instance. Unlike conventional marketing, the emphasis does not have to be on closing a deal. Instead, offering helpful tips on maximizing the return on the existing investment is a great way to keep the lines of communication open and prepare for the eventual upgrade.”
We recently partnered with analyst Brian Vellmure to shed light on tapping into customers to accelerate growth. Brian writes: “The ownership of customer retention, loyalty and expansion is a shared responsibility that when optimized, will leverage the best of all expertise and knowledge within the organization. While many organizations have inside sales and/or customer success teams, the expansion and integration of marketing, sales, service and success for the creation of shared value with the customer is the goal.”
Read Accelerating Growth: Through Customer Retention, Loyalty and Expansion for a framework on how to become a more customer-centric organization.
Inside this guide you’ll find:
Best practices for leveraging customer data to expand your share of wallet
Examples of how high growth companies use predictive analytics to successfully target cross-sell & up-sell opportunitiesTactics for offsetting the revenue loss of customer churnTips on how your organization can make retention, loyalty and expansion a shared responsibility
Get your copy of the ebook here.
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