The rise of the subscription model has brought significant attention to the role existing customers play in generating company revenue. As one Gartner study suggests, 80% of your future profits are expected to come from 20% of existing customers. This creates a unique challenge for executives in prioritizing existing customers to maximize lifetime value.
If your business does not have a customer success team, you might be able to leverage your marketing team. Marketing teams benefit from a wealth of resources, infrastructure, and automation platforms that could potentially service customers along with their traditional acquisition initiatives. Their existing skills in campaign management and content creation can deliver real impact on customer retention.
The restriction your marketing team might face in customer marketing is their current technology stack. Traditional marketing automation tools are built around funnel marketing. They might offer powerful ways to leverage CRM databases and drive prospects to leads to customers, but customer marketing is not funnel marketing.
Funnel marketing for B2B businesses still relies on limited prospect data and heavy automation. This strategy will not work for your existing customers. Existing customers require an intimate relationship with their provider to even consider add-on sales or renewal. Repurposed funnel marketing workflows are not the answer. Even with best practices, marketing automation tools are not built for customer data or tracking the right KPIs for a retention campaign. Your team needs visibility into feature activation, customer health, and a comprehensive churn prevention strategy. Without an infrastructure that supports that, you will be unable to drive significant gains in add-on sales, upsells, and customer renewals.
At Totango, we believe customer marketers need a customer success platform. A platform that enables them to join deeper customer metrics with specific capabilities built around the customer journey. It is also vital that these tools provide your executive team monitoring capabilities on the top customer retention metrics. When your customer marketers are equipped with the right tool, they can successfully guide the customer journey to success.