Dan and Nick explore the tremendous opportunities to drive incremental revenue through customer retention and expansion. So much of marketing’s focus is on top of funnel/acquisition, but the reality is that organizations have a much greater chance of completing a successful sale with a current customer(60-70%) than with a new prospect(5-20%) according to Gleanster. And the impact of of customer retention is powerful. Gartner says that a 5% increase in customer retention can increase the bottom line anywhere between 25%-125%. Yet, according to the Gleanster report, 90% of marketers are NOT properly managing the end to end customer experience. [see Marketing Profs article: ]
Furthermore, a new Forrester report suggests that marketing needs to be in the driver’s seat on the subject of customer retention and growth. Nick shares some real world examples from SAP. Lastly, Dan and Nick discuss a great new article in The Economist from Andy Cunningham, CMO of Avaya. Andy suggests that the emotional component is often overlooked in digital marketing. B2B, she says needs to be B2P, Business to Person. Engagement is critical, along with a me last approach to marketing.
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