Your clients are still struggling with ROI from existing customers
Despite a mandate to drive growth, chief marketers are still stuck in a decade-long rut that has yet to see them fully optimize the lifetime value of existing customers. In 2008, when asked if brands were fully realizing the revenue potential of customers, 76 percent said no. Ten years later, 77 percent of respondents to the same question in a new Chief Marketing Officer (CMO) Council audit still say no, and 10 percent say they are not even sure. This is why you and your AEs need to understand the math of a lifetime customer. We talk about/teach this is all of our AE bootcamps (live and on-demand) and I'm always surprised at how few of the attendees have been exposed to the idea of calculating, monitoring and monetizing the lifetime value of a customer. This failure to capitalize on customer revenue potential does not come as a surprise as the majority of marketers are missing an opportunity to leverage opt-in, triggered communications, including transactional email, to further relationships with customers. According to the latest study by the CMO Council and communication management platform Sendwithus, just 36 percent of respondents are leveraging transactional emails as an opportunity to further the value of relationships. While 30 percent believe they are engaging through triggered emails, it is only to reaffirm or acknowledge a past transaction, not to intentionally develop a more meaningful customer relationship. This occurs despite 94 percent of respondents’ belief that delivery of personalized communications across all customer touchpoints is critical to achieving profitable customer experiences. The new report, titled “Gaining Traction With Every Digital Interaction,” reveals that collaboration around the channels of choice for the customer is critical to turning an automated touchpoint into a [...]