PHASE 8: CUSTOMER MARKETING
Grow revenues from existing customers.
When a customer says, “I did not know you did that,” you are in trouble. If your business depends on increasing the revenue generated from current customers, you must educate these customers in everything you can do for them. This is true because the customer life cycle does not stop once a prospect becomes a customer. Effective customer marketing leads to increased customer retention and Customer Lifetime Value (CLTV).
RAPID DIAGNOSTIC
1. You depend heavily on revenue from current customers to hit the revenue objective.
2. Your customers never say, “I did not know you did that” because they are aware of your entire product suite.
3. You know the win rate, sales cycle length and average deal size for current customers.
4. Your revenue growth within current customers comes from several of the following: price increases, cross-sell/upsell, or product renewals.
5. Your sales team is organized in a hunter/farmer model whereby there are dedicated sales resources focused on farming opportunities within current customers.
6. Your sales team is focused on building strong relationships within current accounts to expand into new organizations.
7. Your current demand generation program is customer-centric.
8. You have defined and measure the key performance indicators of a healthy customer.
9. You know the Customer Lifetime Value (CLTV) of each of your current customers.
10. You know the Customer Acquisition Cost (CAC) of each of our current customers.
DELIVERABLES
• Customer/Prospect Revenue Share Analysis
• Customer KPI Analysis
• Customer Revenue Growth Strategy
• Customer Lifetime Value (CLTV) and Customer Acquisition Cost (CAC) by Customer
• Customer Marketing Plan
• KPI Definitions & Success Metrics