Ep. 73 | Adopting an Intelligent Customer Experience
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Beyond Sales & Marketing Alignment
In this week’s Rethink Marketing episode, we chat with Ian Lurie from Portent about adopting an intelligent customer experience framework.
We met with Ian at the Engage Conference presented by the Search Engine Marketers of Portland. Ian was the closing keynote speaker.
Sales and Marketing teams have invested time and money in new technologies and processes to attract and convert their audiences. But we seem to lose our way once the deal closes and the prospect becomes a customer.
What should be a balanced and seamless transition, in fact, turns out to be disjointed and directionless.
Ian believes we should make the customer experience seamless across the organization from first touch to successful renewals. And, if we don’t, we’ll lose customers and money.
Let’s look at the data.
The top performing B2B companies, on average, invest 30 percent of their budget and 25 percent of their time to expanding existing customer relationships. And these are the investments that yield 50 percent of their total revenue.
One of the defining traits of top performing companies is their customer happiness score, which average 90 percent versus an average of 68 percent for everyone else. Happy customers tend to remain loyal to the companies that made them happy, which yields extraordinary benefits. A two percent increase in customer retention has the same impact on profits as cutting costs by 10 percent. And reducing customer churn by 5 percent can increase profits by 25 to 95 percent.
According to Forrester, acquiring a new customer costs a business six times more than satisfying and retaining a current customer. And Gartner Group reports that a staggering 80 percent of a company’s future revenue will come from just 20 percent of its existing customers.
So figuring out how to improve the customer experience, through new technologies and better collaboration, will no doubt benefit the customer, and your bottom line.
Enjoy the conversation, and we hope you can get one or two takeaways that you can bring to your business.
Further Reading from the Act-On blog: