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Realize The Full Potential Of Your Customers


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Yesterday’s blog entry entitled Getting More From Your Existing Customers is clearly a hot topic at present.
The Chief Marketing Officer Council has just released its ‘Routes to Revenue’ study, in which three-quarters of senior marketers questioned believe they are not realizing the full revenue potential of their current customer base.

What’s more, less than half (46.5%) of the 650 marketing professionals who took part in the online and in-person survey feel they have good insights into retention rates, customer profitability and lifetime value.

However, among those strategies cited for extracting greater revenue/profitability from existing customers are:

• making communications more personal, relevant, targeted and timely
• addressing under-penetrated markets or new customer segments
• finding new ways to up-sell and cross-sell existing accounts.

A much broader set of strategies are employed for acquiring new business, including:

• testing and launching new products aimed at specific market segments
• establishing new partnerships and revenue-sharing agreements
• stepping up demand generation and customer acquisition programs
• expanding geographical presence and intensifying international focus
• ramping up eCommerce and customer-direct communications
• restructuring or expanding channels of distribution.

And, according to nearly 60% of survey respondents, introducing better segmentation, profiling and targeting strategies is the principal way in which they are aiming to better engage core audiences.


This entry was posted on Thursday, January 22nd, 2009 at 9:56 am and is filed under Communication, new business aquisition, profiling, Profitability, retention, Sales, Segmentation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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