In B2B, new customers stand for 10% of the business, existing customers for 90%. This conference talks about the 90%. With a new customer, the cash flow is negative, due to acquisition costs, but this is compensated by repetitive sales later on.
If the customer buys repetitively, generally the repurchase rate is a very good predictor of business success. More than that – every company in the past has grown in accordance with a growing loyal customer base. Real sales therefore happen AFTER onboarding.
This is where subjective data show its strength. New customers are curious, enthusiastic, or sceptical. Whatever the attitude initially, what counts to make customers stay, is their individual value perception. If they see no value, they walk away.
Subjective data tells us primarily how value is perceived, , and also reveals why. With this knowledge, we are in a good position for ‘customer gardening’; the systematic development of perceived value. ‘Customer gardening’ in times of digital business, IS sales. It is a kind of sales, that grows within the customer, who is convinced by the perceived value and wants more of it.
In digital times, data gets us all the way to sales success – if we have subjective data, if we get our data right, and our processes aligned. But until you are there, a number of nuts need to be cracked. These are the topics along the way:
- Understanding perceived value and its drivers.
- What is the purpose of the data?
- What data is needed?
- What data is available, what is not?
- How to fill the holes where data is missing?
- Which data points contribute to information, which to noise?
- Which are the critical data points for our purpose?
- How to install a structured path to sales success?
- How to approach sales automation?
- How to interact with CRM and automated marketing?
- How to get customers engaged to become active partners in value creation?
- How to turn all this into business culture?
If these are questions of importance for you or your business, you should register for the Subjective Data Conference on March 27th.