According to a survey by Gartner, B2B marketing budgets make for approximately 9.5% of the total revenue of companies in 2022, and the percentage is gradually recovering from the effects of COVID-19. The marketing landscape is ever-changing, so marketers always need to be on the edge of their seats to keep up with changes and maintain their competitive advantage.
Budget allocation makes for a significant driver in the success of a marketing strategy. Let’s break down the B2B budget allocation as per the current norm of 2022.
Focus on Retention Than Revenue
Bagging new leads and driving new revenue seems exciting; however, marketing leaders are taking a break (not completely, though) and focusing more on retention and expansion of existing customer revenue. The justification for this idea is that once a customer has bought from you, they’re likely to buy from you again if they are satisfied with your offering. And for that, you need to persuade them much less than you’d have to do for a new customer.
So, investing in out-of-the-box marketing campaigns to woo your new customers is only one part of the story. The other significant part is finding ways to expand the deals with your current customers and increase their LTV.
So, let’s see how a marketer can invest in order to retain its existing customers.
Investment to Educate Existing Customers
This includes creating informational content to educate existing customers about products/services so that they understand their value and utilize them to their full potential. Once the customers are aware of the value for money a product/service provides, they are likely to invest in it again.
Investing in Customer-Only Events
How can you make your customers feel that you value them?
How do they know that they are not only a revenue generator for your brand but you “genuinely” value them?
You can host events exclusively for your customers and show them that you value them. To start with, you can organize immersive customer-led training and workshops, have round table discussions and even have your founders and directors deliver speeches just for your customers.
ABM to Existing Customers
Investing in account-based marketing is a smart tactic to expand your existing accounts. After segregating your customers into different accounts, you need to build separate campaigns with separate messaging and offers for them. That way, you’d have the product usage data for each account and see what all features are of most value…
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Originally published: by B2B Marketing Leaders
