B2B marketers work hard to maintain relationships with their existing customers, but new research shows that they are not realizing the full revenue potential of their buyers.
The CMO Council recently published the “Gaining Traction with Every Digital Interaction” white paper, which looked at how B2B marketers have maintained relationships with their customers over time. Statistics showed that the majority (77 percent) are not realizing the full revenue potential of their existing customers.
In addition, 20 percent of respondents said that they are struggling or failing to develop and deepen profitable relationships with their customers through individual digital communications. The majority (94 percent) of marketers said that it is these communications that are important to realizing their customer experience goals.
In the future, 64 percent claimed that they will find new ways to upsell and cross-sell to existing customers. Most respondents (64 percent) said that they will personalize communications across all touchpoints.
B2B Buyers Already Expect a Personalized Customer Experience
As B2B marketers look to personalize the customer experience, previous research suggests that buyers are already expecting a personalized experience.
Epsilon Marketing’s “The Power of Me: The Impact of Personalization on Marketing Performance” report found that 80 percent of customers are more likely to do business with a company that offers personalized experiences.
However, it’s worth noting that personalization still means different things to different buyers. Thirty-two percent say it means customization, while 32 percent also believe it means good service. Sixteen percent of consumers believe it means adequate discounts/offers.