Defining & Identifying The Most Strategically Important Clients
The first, and by far the most important goal of a CMO is to define and identify the most important “growth potential” clients. During the process, you should determine who they are, what their needs and pain points are, and how they prefer to consume information and be introduced to new ideas or concepts. The reason this is most important is that the success of all other initiatives hinges on this one initiative. If you simply skip over this or get it completely wrong, chances are you’re going to be in some trouble down the road.
Performing this type of research is very time intensive, so I won’t go into it in this post, but here’s a nice write up by Jon Henshaw over at Raven Tools on defining your target audience and creating buyer personas.
Acquiring The Most Strategically Important Clients
After you’ve taken the time to clearly define your target audience and the customers which will not only bring you the most revenue but will be the most profitable, acquiring them is fairly easy with several digital marketing strategies. Unlike older, outdated strategies, with digital, specifically SEO
, and paid advertising
like PPC, and Social Media, you can put your message right in front of your most important clients and guess what? It converts at a higher rate and it’s cheaper acquire them too. Shhhhh… don’t tell your competitors 🙂
Retaining The Most Strategically Important Clients
Many will argue that client retention lies solely on the shoulders of the Chief Services Offer and their team of representatives, however, I disagree somewhat. Yes, client retention is heavily impacted by the front line employees and their leaders, however, with the help of the marketing team and focused content marketing initiatives
, you can greatly increase the length of stay of each of your clients. Here’s one example of how to do this…
John (made up name) purchased a new marketing automation system from you. The system is fairly complex and has a steep learning curve. By providing a robust FAQ section along with video tutorials and written guides (all produced by the marketing team), you’ve increased the chances of John having a fantastic experience and staying on as a paying customer. If you didn’t provide such resources, John might have started looking for an easier solution online and stopped paying for your product after one month. This is just one of many ways to use content to improve the customer experience.
Growing The Amount of Revenue Coming From The Most Important Clients
Putting great emphasis on client retention as well as growing client accounts are two of the easiest ways for your organization to grow revenue and build a thriving business. There are two specific ways you can work to grow the amount of revenue your clients are spending with you. The first way to grow revenue from current clients is through remarketing. Smart marketers are not only segmenting leads they receive, but they are segmenting their customers based on what they purchased. If I purchased a golf shirt from the Nike Outlet, they could then send me promotions around golf pants, shoes, and other golf products that I might be in need of. These very targeted remarketing efforts always convert at a higher rate as opposed to a blanket promotion such as, we know you purchased something from us, we are having a sale on basketball shoes this week. As you can see, definitely not as effective.
The second way to grow revenue is through content marketing. Putting together ebooks, white papers, webinars or other targeted collateral or training that can be exclusively distributed to your clients for free is a great way to build awareness for your additional products or services. Again, if you segmented your list, you can send them collateral specifically geared towards something else they might need. This, coupled with a follow up call from an account representative to discuss opportunities has proven to be a very powerful way to grow the amount of revenue coming from each of your important clients.
Increasing The Perceived Value of The Products or Services Offered
The last initiative, which I feel is closely tied to the second and fourth initiatives, is to increase the perceived value of the products or services offered to your clients. This not only helps grow your client base but helps retain your clients for a longer period of time.
To do this, you need to truly understand what your unique selling proposition (what makes you better than everyone else in the space) is and build internal and external campaigns to solidify it in the minds of everyone who interacts with your brand. If your front line employees don’t know what makes you different and consistently sell it to your clients, the perceived value remains the same or decreases over time. Content marketing is a great way to increase the perceived value internally and externally. Again, guides, ebooks, infographics, and other digital assets can help you in your efforts.
As you can clearly see, a CMO definitely has their work cut out for them, however, by leveraging new technologies and marketing strategies, getting there is a whole lot easier than it used to be. Do you have any other tips on how to handle these five initiatives? If so, please share in the comments section below.