Business-to-business (B2B) marketing leaders are under the gun to grow revenue. Rather than focusing on growing business from existing accounts, however, many B2B marketers focus on attracting new prospects. B2B marketing often turns into a never-ending game of acquiring new leads for new business. Meanwhile, marketers are leaving money on the table by ignoring opportunities with their existing customers.
Most of the B2B clients I speak with know they need to stop focusing on just new lead acquisition. These marketing leaders want to do a better job of growing revenue from existing clients, but are at a loss on where to start. Here are a few actionable tips to help B2B marketing leaders improve their demand generation strategies for existing clients.
1, Refine your account-based marketing (ABM) strategy. There is no question ABM is redefining B2B marketing. While some B2B marketers are using ABM to better target new business, most are still getting their heads around this B2B marketing trend. (For tips on how to refine your ABM plans see Plan a Successful Account-Based Marketing Program, Gartner subscription required). Marketers looking for more revenue should ensure they enhance their target account lists with offers for relevant products and services to existing clients.
2.) Be smarter with analytics. While many marketing leaders have data and the analytics at their disposal, most aren’t leveraging them effectively. Marketing leaders need to get a better handle on their customer data, targeting key accounts and using better analysis to identify opportunities for growth (for more on how to leverage customer data see Four Ways B2B Marketers Can Generate Demand Within Existing Accounts, Gartner subscription required). For example, marketing leaders need to look for opportunities to cross-sell more products to existing clients or look for upsell opportunities. By mining purchase patterns and content consumption history, marketers can unearth new insights that they can leverage for more business.
3.) Better align sales, marketing and technology. Alignment between sales and marketing in B2B organizations can be an elusive goal. One of the biggest challenges for sales and marketing usually centers on lead quality. But, this is where technology can help, if used properly. Thanks to improved demand generation through ABM and multichannel marketing, marketing and sales can better define leads from the beginning – and improve lead quality and sales conversation. Applied to existing clients properly, this can be a path to more revenue thorugh better collaboration between sales professionals and marketers (for more on how to improve sales and marketing collaboration see How to Align Marketing, Sales and Technology for Successful Lead Management, Gartner subscription required).
Smart marketing leaders can effectively combine ABM with analytics and better sales-marketing-technology alignment to grow business. Those that don’t may need to find new jobs along with all those new leads.