Report: Marketers Failing to Realize the Full Revenue Potential of their Client Base
Past research has indicated that marketers are focused on enhancing the customer experience to boost their bottom line, but new data shows that they are struggling to achieve their objectives. The “Predicting Routes to Revenue” report from the CMO Council has found that nearly half of marketers (47 percent) claim they are not realizing the full revenue potential of their customers.
While 44 percent of respondents said they are “getting there,” only 3 percent believe they are doing so. Additionally, 66 percent said they are “hit or miss” when it comes to delivering promises to clients.
“B2B marketers need to take the same rigor and the same attention to data and intelligence to craft lifecycle engagements for their customers that take into account their buying patterns, market needs and business requirements in order to gain maximum opportunity from each engagement and touch point,” said Liz Miller, senior vice president of marketing with the CMO Council.
About half of the respondents (49 percent) stated that personalized engagements that take customer preferences into account are essential to realizing greater revenue. Omni-channel communications (41 percent) and consistent experiences across all channels (36 percent) were also deemed necessary for more profitability.
In order to reach out to more customers and boost engagement over the past five years, 49 percent stated that they’ve needed to align more closely with sales and support.
Working With Sales for Better Results
As the need to work with sales has become more evident, research shows that marketers have been eager to team up with their colleagues. A survey conducted by ToutApp in December 2015 discovered that 70 percent of B2B marketers would like to have more meetings with their sales team. Nearly 90 percent believe that intra-team meetings are essential to improving marketing outcomes.
One-quarter of survey respondents said that the differences between sales and marketing metrics is their biggest challenge in terms of collaboration.