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B2B companies put considerable effort into retaining their existing customers for good reason, and its about more than just upselling, cross-selling, or generating referral opportunities. Stopping this cycle isnt always easy, but building stronger brand loyalty can help. Unfortunately, this approach is often overlooked.
Loyalty programs significantly enhance your company’s financial well-being. Beyond simply rewarding returning customers, a strategically designed loyalty program can unlock multiple revenue streams that greatly benefit your brand. What makes a successful loyalty program? So, how do these programs actually generate income?
Prompt: Is it possible to compare costs of acquiring new clients versus cost of loyalty actions? Answer: Yes, it is possible to compare the costs of acquiring new customers versus the costs of implementing loyalty actions. Calculate the ROI for each group to determine the cost-effectiveness of conquest and loyalty actions.
“Customer engagement is highly correlated to customer loyalty ,” says Aimee Lucas , Customer Experience Transformist and VP at the Temkin Group , a customer experience research and consulting firm. However, loyalty can generate revenue on another front: demand gen. Loyal customers draw in more customers.
Interesting tidbit: The probability of selling to a new prospect is 5–20%. The probability of selling to an existing customer is 60–70%. In 2020, with businesses in turmoil, many have shifted to focus on growing accounts by upselling more services and cross-selling new product lines. Source: ZoomInfo.
“Do you want fries and a coke with that?” — We’ve all had the ultimate cross-selling experience at McDonald’s. As a consumer, you know that cross-selling works. It works so well that Amazon once claimed up to 35% of its revenue comes from cross-selling. What is Cross-Selling? They saw a 37.4%
Interesting tidbit: The probability of selling to a new prospect is 5–20%. The probability of selling to an existing customer is 60–70%. In 2020, with businesses in turmoil, many have shifted to focus on growing accounts by upselling more services and cross-selling new product lines. Source: ZoomInfo.
“Do you want fries and a coke with that?” — we’ve all had the ultimate cross-selling experience at McDonald’s. As a consumer, you know that cross-selling works. It works so well that Amazon once claimed up to 35% of its revenue comes from cross-selling. What is Cross-Selling? They saw a 37.4%
Successful companies actively seek out and resolve problems before customers tell them about them, which can significantly bolster customer loyalty. Penetration marketing Marketing teams can use their skills in data analysis to help account managers find valuable insights that lead to better upselling and cross-selling opportunities.
Here are three customer journey practices for tapping this institutional, cross-functional wisdom. Implement a cross-functional voice of the customer (VOC) program to gather and sort input for shared understanding. A previous column showcased seven content strategies for using martech insight and talent to upsell and engage customers.
Thats why fostering customer loyalty in B2B is critical to your success. Retaining existing customers costs significantly less than acquiring new ones, and the likelihood of selling to an existing customer is much higher. Here are some cutting-edge strategies designed to build loyalty and drive growth.
Cross-selling and upselling campaigns are a great way to achieve this stickiness. And yet, in our recent customer benchmarking survey, The State of Marketing in Microsoft Dynamics Today , there were some surprising results related to cross-selling and upselling marketing efforts. Be relevant. Consider timing.
Source: GTM Partners, 3Ps GTM Maturity Model It’s not just about selling more products. This streamlines sales, strengthens loyalty and expands revenue through seamless upgrades and bundled offerings. This sharpens the team’s upsell and cross-sell strategies, improving retention.
ZoomInfo has identified four areas — or quadrants — that together create a framework for a successful go-to-market approach: Build loyalty. Build Loyalty. With stakes that high, it is perhaps ironic that the early steps of building customer loyalty start with the figurative eyes and ears of a company. Offer expansion.
Upsell and Cross-Sell. Existing clients provide a readily available market you can further capitalize on through upselling and cross-selling. Consequently, your current clientele is ideal for testing new products, price models, or loyalty tiers. Expand here first, then build out the most popular new offerings.
The challenge is that even if you’re focusing on retention, cross-sells, and upsells, doing these tasks well isn’t always easy, and the job begins the moment the customer transitions from prospect to customer. Or if you have 1,000 employees using software and only have 700 licenses, it’s time to sell the additional licenses.
Delivering value over the course of a customer’s relationship with your company will drive loyalty, and ultimately, advocacy. Increasing Customer Loyalty and Retention. Increased customer loyalty and retention is one of the primary goals of customer marketing. Marketing Automation and Customer Relationships.
Expect more sophisticated in-store media networks that allow for cross-channel campaigns, with personalized offers appearing on digital screens as a customer walks through a store, said Megan Harbold, VP strategy and growth for omnichannel marketing platform Skai. This will drive many to reevaluate and strengthen their loyalty programs.
Gartner, How Marketers Are Adapting to Disruption During COVID-19: Findings From the 2020 Customer Loyalty and Management Marketing Poll, September 2020.). What’s more, ZoomInfo’s research team analyzed recent web searches conducted by Fortune 500 companies on 10 topics that might indicate an early interest in building loyalty.
Your deep understanding of customer behavior, cross-functional perspective and ability to demonstrate tangible business impact make you a key player in this effort. Improving cross-team collaboration Your use cases can promote collaboration by: Encouraging teams to define which data fields should come from each source. Processing.
The goal is to build lasting relationships by providing meaningful experiences that encourage customer satisfaction and loyalty. Loyalty and advocacy Your best customers deserve something special. Quick tip: A loyalty program is great, but don’t overthink it—sometimes just a heartfelt thank-you or a little perk goes a long way.
Sure, webinar marketing initiatives can lead to high-value impact and brand loyalty for your business. Webinars are a great way to inform, engage, and sell your brand to your audience. A successful webinar event needs to include a cross-promotional strategy so you can attract a wider audience. However, where do you start?
Cross-channel consistency: Ensure that messaging is consistent across all touchpoints, enhancing the overall customer experience and reinforcing brand identity. Retention strategies: Implement retention strategies based on customer behavior analysis, such as loyalty programs or personalized offers for repeat customers.
Get articles selected just for you, in your inbox Sign up now Increasing loyalty with AI-driven personalization MOL Group’s digital transformation began a few years ago, when they decided to make the switch from being a traditional fuel retailer to a digitally driven consumer goods retailer and integrated mobility service provider.
of companies report a gap in penetrating new business units or cross-selling/upselling. Articles were created in real-time for selling conversations rather than to gain brand awareness. Companies Do Not Have a Strong Ability to Expand Business in Existing Accounts. According to CSO Insights, 54.9% But, they could not define it.
If you can master this skill, you’ll continually improve your digital marketing efforts and drive more brand loyalty online. This is useful for upselling and cross-selling to current customers. Upselling and Cross-Selling to Current Customers. 10 Practical Ways to Use Predictive Analytics in Marketing.
This skill lets them spot opportunities for cross-selling, identify the most effective marketing channels, and create more targeted messaging based on customer behavior patterns. Marketing professionals must learn to create triggered email sequences, set up lead-scoring systems, and build cross-channel campaign rules.
While building loyalty with existing customers continues to rank as a top priority for companies, 2020 was also a big year for acquiring new ones — as well as expanding into new markets — primarily because of the pandemic. Maintaining Brand Loyalty During the Pandemic. Source: ZoomInfo.
These relationships form a foundation of mutual success, where customer experience directly impacts retention, loyalty, and revenue. These elements build trust, foster loyalty, and position your business as a reliable partner. Strong relationships built on trust also open the door to cross-selling and upselling opportunities.
A high maturity level of customer-centricity enables more cost-effective initiatives related to recruiting, retaining, and growing the value of more customers; and creating relationships to build trust, loyalty, and advocacy. Organizational Culture.
With data collection at an all-time high, some marketers cross the line, using personal details (e.g., ” That’s marketing that delivers fresh, unique experiences without crossing privacy boundaries. When used thoughtfully, AI enhances engagement, builds trust and drives loyalty in ways traditional methods cannot.
Retaining customers and fostering their loyalty are essential components of the email funnel. Loyalty/advocacy. a hard sell). To keep them engaged and foster customer loyalty, they need to see immediate value in what you offer. Reactivation/win-back. What do awareness stage emails look like?
The other quadrants include customer loyalty , market expansion, and company transformation. Product launches centered around cross-selling. Tying in with these launches, there are also indications that businesses have more interest in cross-selling to customers — an indicator of offer expansion activity.
Thoughtful email marketing can encourage this high-value set of customers through loyalty offers, bonuses, limited time offers, and exclusive invitations. This information can help you make strategic decisions about how you should sell to this segment and. The cross-industry average for hard bounces is 0.58%. Bounce Rate.
Unlike reactive customer service, which responds to issues after they occur, proactive customer service aims to prevent problems from happening at all, improve customer satisfaction, and build trust and loyalty. To provide proactive customer service, you need to fully understand your customers.
Personalized touchpoints can encourage a customer to complete a transaction or provide cross-sell and upsell opportunities through relevant product recommendations. EXAMPLE: Your company sells outdoor adventure gear online. Test and refine your email strategy. You have a customer base that frequently purchases camping equipment.
Whether through thought leadership articles or compelling storytelling to journalists, PR lets brands earn the audience’s trust, laying the foundation for long-term loyalty and advocacy. This is where PR shines, connecting audiences to brands through earned media. This strategy helps amplify their messages and reach new audiences.
Evolving Customer Needs and Foster Loyalty : In his book, The Practice of Management , Peter Drucker declares there is only one purpose of a business: to create a customer. This both protects existing revenue streams and can lead to cross-selling and upselling opportunities, increasing the lifetime value of each customer.
For B2B companies who desire to acquire and gain market share and category ownership , and to build customer trust and customer loyalty , customer-centricity is paramount. This shift in focus translates to tangible business value, such as increased customer loyalty, referral rates , and brand preference.
After all, you can’t build brand loyalty if you don’t have customers. Reevaluate your organisation’s upselling and cross-selling strategies. Because customer retention is so crucial within a B2B context, it’s important that you (and your sales colleagues) continually reassess how your organisation upsells and cross-sells.
Mailchimp) Building Relationships : Regular emails keep the brand top-of-mind and build loyalty with past travelers. HubSpot) Upselling Opportunities : Travel brands can cross-sell experiences or upgrades in emails, maximizing revenue from each booking. And don’t forget about deals, discounts and loyalty offers.
As a business, you’re always looking for ways to sell your products or services. Content marketing is a great way to do so: When you generate informative, useful, and interesting content for your audience, you can also directly or indirectly sell your products or services to them. Customer Retention/Loyalty: 74%.
Well, here are some questions you need to consider: How do you know if your customers are ready for cross-sells and upsells? But have you also heard you have a 60-70% chance of selling to an existing customer ? On the other hand, you only have a 5-20% chance of selling to a prospect. What is a customer expansion strategy?
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