As the economic slowdown continues, marketing departments are adjusting their strategies to focus on growing current customers. 46% of marketers are shifting from "growth at any cost" to customer lifecycle marketing in order to increase net revenue retention. To do this, companies need to look at the revenue, revenue potential, and overall profile of every customer to segment their audience.
Upselling is another technique to increase revenue. Companies should focus on relevant products or services, use social proof, and incorporate behavioral science to reduce perceived risk in the sales process. Finally, marketers should provide sales enablement materials and social media plans to customers to help close more sales.
Overall, current customers represent an opportunity to increase revenue, so companies should focus on customer segmentation, upselling, and behavioral science to boost retention and reduce churn.
Customer Marketing: The Key to Surviving the Economic Downturn
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