With a lot riding on marketing’s shoulders, where do you begin? A good place to start is your existing customer base. We’ve all heard the axiom that your current customers are your best customers, but there’s solid data behind it. Growing account revenue by renewing customers is typically more cost-effective (between five and 12 times less expensive, according to Gartner research) than trying to increase revenue by adding new customers.
B2B marketers stand a better chance prospecting among existing accounts than they do testing the waters on the open market. It’s typically a lower-risk and often higher-reward activity, although still far from easy money. To the contrary, marketers have their work cut out for them. The keys to success lie in knowing more about both prospects and customers and using that knowledge to more effectively target cross-sell and upsell opportunities.
That is why “account-based marketing” is emerging as a hot trend. Account-based marketing builds on a foundation of robust data collection and analysis, the use of predictive analytics to identify expansion opportunities from within an existing customer base, and the creation of segments and relevant content based on life cycle journeys. It marries these elements with automation that enables marketers to deliver advertising and personalized Web experiences targeted for specific accounts.
That pretty much summarizes it…