Author: Anastasia Pavlova
Are you familiar with the Pareto principle, otherwise known as the 80/20 rule? Essentially, it states that 80% of your business wealth will come from 20% of your customer base. Add this to the fact that it costs at least 10 times more to acquire new customers than to sell to the ones you already have, according to eMarketer, and you’ve got a strong business case to invest in your customer base.
Despite these powerful numbers, B2B marketers are still primarily focusing their investment and activities into driving acquisition, which means that they are leaving money on the table. Today, more than ever, marketers must focus on providing value through the entire customer lifecycle. From acquisition, where your goal is to acquire customers at the lowest possible cost, to engaging those customers in meaningful conversations on the channels they’re on, to retaining them and continuing to provide value, to ultimately turning those customers into brand advocates.
Think beyond acquisition and focus on customer base marketing, which revolves around each customer’s lifetime value, not just their first purchase, by identifying and marketing additional cross-sell products or services to an existing customer, working to keep them happy and keep them as a customer, and developing current customers into loyal brand advocates.
Customer base marketing can be broken down into these four pillars:
Customer base marketing creates a more engaged customer base by helping them maximize the return on their investment—successfully onboarding them, nurturing them with personalized, automated, and actionable tips to ensure broad product adoption and usage, and gradually opening their horizons to new capabilities and complementary products.
Customer base marketing doesn’t just bring more value your customers; it benefits your business as well:
Ready to learn more and take a deep-dive into customer base marketing? Read our ebook Customer Marketing: How to Keep Your Customers Coming Back for More.
[Ebook] How to Unlock the Full Potential of Your Customer Base was posted at Marketo Marketing Blog - Best Practices and Thought Leadership. | http://blog.marketo.com
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