Develop a unified customer-centric marketing strategy is now mandatory to maximise effectiveness and drive B2B business growth.
As Forrester sums up in their B2B Loyalty, the B2C Way [i]report, “B2B marketers must change their mindset, moving from a focus on products, internal processes, and organisational silos to a focus on the total customer relationship – from discovery and purchase to engagement, retention and loyalty”.
The customer marketing focus is also highlighted in Forrester’s Q2 2017 Predictive Marketing Analytics report, in which Sidetrade’s BrightTarget solution was hailed for its ability to predict “advanced business level outcomes”.
What is customer marketing?
Customer marketing is marketing built around existing customers. It’s focused on driving retention, building loyalty and earning brand advocates, to create an optimum customer experience. Most of all, it’s about understanding existing customers. That’s the foundation for a more consistent, coordinated marketing approach that impacts every stage of the customer relationship – which is the key to drive tangible business growth.
Why embrace customer marketing?
#1 – Cross the acquisition data-gap
Understanding your customer is the core tenet of effective customer marketing. Crossing the data-gap with customer marketing makes acquisition less difficult and expensive than retention. All prospects and customers are easier to target.
#2 – Increasing retention increases profit
Bain and Company research[ii] shows a 5% increase in customer retention can increase profits by 25% to 95%. Even conservatively, proactive retention campaigns can reduce churn by 1% each year – and the cost of churn can be millions of pounds.
#3 – Existing customers are your biggest assets
Few things are more powerful than positive word of mouth. Customers have the power to make or break a business, and customer marketing allows B2B marketers to capitalize. Customer marketing helps marketers deliver an exceptional customer experience and ensuring brand advocacy.
#4 – Customer marketing is a strong competitive edge
Customers today demand more. Very few, if any, industries can get away with simple functionality. The post-sale customer policy is an important factor of success. This is a chance to ensure that they would upgrade with you rather than leaving you the instant a competitor makes a cheaper offer.
Predictive analytics: The future of customer marketing
An effective customer marketing strategy relies on a broad and deep understanding of customers. B2B marketers must draw insights from multiple sources to create a single, integrated view they can act on, consistently, across siloes. These insights allow marketers to focus their marketing activities on the accounts that’ll be worth most to the company, over their lifetime. This makes itself felt throughout the customer relationship, from sale to engagement, retention and loyalty.
Given the impact, it’s easy to understand why powerhouses Gartner and Forrester are both vocal proponents of predictive. Even back in 2014, Gartner were calling advanced analytics a “top business priority”[iii], and Forrester’s Q2 2017 Predictive Marketing Analytics Report lends depth to the landscape.
In the report, Forrester outline a clear business case for predictive marketing analytics, as “early PMA adopters are seeing their efforts turn into real, measurable results”. “Today’s PMA solutions convincingly help B2B marketers”, they add.
Of the 11 most significant PMA providers assessed, Sidetrade’s BrightTarget solution was hailed for its focus on customer lifetime value and ability to predict “advanced business level outcomes” with “straightforward and elegant UI, and services that help customers focus on optimum segments and use cases”.
Overall the report finds this solution a good fit for “B2B marketers wanting to drive sustainable business growth [and] revenue across the entire customer life cycle”.
Read the full report here to discover how predictive marketing analytics can maximise customer marketing effectiveness for your organization.
[i] Forrester, B2B Loyalty the B2C Way
[ii] Bain & Company, Prescription for Cutting Costs
[iii] Gartner, Gartner Says Advanced Analytics Is a Top Business Priority