B2B Marketers Prioritizing Customer Acquisition Over Retention
A new report published by Act-On Software shows that more of today’s mid-sized B2B companies have management objectives tied to acquisition revenue than customer retention.
According to the data, 82 percent of respondents have management objectives tied to acquisition revenue. This is compared to 48 percent who said that they have more objectives invested in customer retention.
“Marketing teams have traditionally focused their time and money on customer acquisition – but that focus is rapidly shifting,” wrote the authors of the report. “Marketers in top performing companies are becoming the new managers of the customer relationship – from customer acquisition, to the more lucrative customer retention and expansion.”
In addition to prioritizing customer acquisition, 82 percent of respondents said that they have objectives linked to lead generation. Less than half of companies (43 percent) have customer satisfaction as a key goal.
The average B2B mid-sized company receives 30 percent of its revenue from existing customers. However, only 18 percent of respondents’ time is regularly dedicated to retention and keeping these clients around.
Making a Connection with Customers
“Customer centricity” has not been a priority for B2B companies as of late, according to research published by Corporate Visions. Only 27 percent of marketers focus on their prospects’ stories, and just 14 percent of them said that their “customer centricity” was high.
The researchers behind the Corporate Visions study noted that creating a unified messaging strategy is critical to providing consistency to the customer.
“[Marketers should] implement a consistent, structured marketing methodology that identifies unconsidered needs and creates the buying vision,” wrote the researchers.
At the moment, only 13 percent of sellers believe that product- or company-focused presentations are the most impactful marketing tactics. This indicates that the majority of sellers want to return to more customer-centric marketing.