Understanding your customer allows you to make more effective decisions at every level, from how you allocate resources, to how you align territories, to how you can land and expand across your customers.
Today, in the new COVID economy with reduced budgets and protectionist mode in full swing—unless you’re a video conferencing company—it’s harder than ever before to secure new customers and net new logos. So, it’s no secret that it’s more important than ever to foster and grow your existing customer base.
of B2B CMOs are focusing on their existing customer base to fuel growth
Your ultimate tool: trust
It makes sense. Your customers know you, trust you and hopefully recognize that you’ve helped them before; they’re more willing to spend money with you after having seen your previous track record.
Truly understanding your customer allows you to glean major insights about your business, like what percentage of your revenue is coming from your largest customers? Typically, 70% of B2B companies’ revenue comes from just 20% of their customers, which most likely proves that landing and expanding within a business has been done at your company before, and is evidence there’s more room for growth amongst your customers.
of B2B companies’ revenue comes from 20% of their customers
Innovation through change: Traction Complete
As part of our innovation during the new COVID market, we focused on building a Hierarchy Builder app that helps to give you better insight and analytics into your largest customers.
Traction Complete automatically crawls through your accounts, links those that are part of a broader business, and aggregates the opportunity, product, contact, lead and activity data. The Complete View instantly highlights which sales reps are selling into these major accounts, what has been sold and what hasn’t—creating a map of where you can grow the account.
The aggregated data provides marketing insights into how many contacts and leads exist in your database from each hierarchy, so teams can embark on Account-based marketing.
Optimizing with integrations
Integrating with a data provider, such as Dun & Bradstreet’s Optimizer for Salesforce, allows you to go even further by seeing Whitespace; those accounts that are part of the overall business, but that you don’t have in your Salesforce environment.
Your roadmap to growth
Today, it turns out that the bigger you are as a business, the more difficult understanding your customers becomes.
In 2020, most large businesses have an average of five major platforms containing their customer data: a CRM, a Marketing Automation Platform, a Customer Success platform, an ERP, and a Central Data Warehouse or MDM.
There are several teams involved, from Sales, to CS and Marketing, and countless people involved at the customer level across different departments, divisions and subsidiaries. There’s a huge volume of Leads and complex go-to-market rules. On top of that, in every system there is bad data; duplicates, empty records, records from ten years ago.
So, what can you do to sift through the noise and ensure you truly understand your customers?
Land and expand: Drive deep connections with decision-makers, build lasting interpersonal relationships and deliver service excellence—easy right? Stay tuned for Part Two of our series, 7 Steps to Land and Expand, where we dive into our top tips and proven strategies for an effective land and expand model.
Traction Complete: If you want to bring the cross-sell and upsell opportunities to the forefront and provide a map of where your sales reps should invest their time, check out Traction Complete.