In times of economic downturn, marketing and sales teams are faced with the challenge of achieving greater efficiency with fewer resources. While reducing spending raises questions about where to allocate time and resources, the good news is that these teams can work together to become more resourceful and find creative solutions. Companies need to find common ground to pursue strategic targets and invest their efforts to yield positive returns. In a recent webinar co-hosted by G2 + ZoomInfo, attendees learned about strategies to find the right balance between customer acquisition, retention, and expansion to maximize revenue growth.
One of the challenges for revenue organizations is where to prioritize their efforts. Balancing acquisition, retention, and expansion largely depends on a company’s maturity level. However, it is worth considering that new user acquisition is a more reliable growth strategy for B2B companies than customer loyalty, according to a study by Ehrenberg-Bass, a reputable marketing research organization.
While acquisition is very costly, retention and expansion have relatively fewer costs. Understanding a company’s position in the marketplace can help determine which areas to explore. Sales and marketing alignment is crucial to achieve business goals and competitiveness. Dialing in on the right metrics, embracing the voice of the customer, paying attention to signals around intent, and mastering engagement and delivering value are actionable strategies to improve retention and expansion efforts.