Using a Buyer’s Journey can Increase Revenue by 80%

Nate DameBy Nate Dame, CEO and Founder, Propecta

What if I told you there was one marketing strategy that could offer you an 80% annual increase in upsell and cross-sell revenue? Most companies would drop everything and start focusing on that immediately.

According to research from the Aberdeen Group, mapping marketing activities to the customer buying journey is the path to that increase. A recent study breaks down the benefits:

Customer Journeys

From the study:

Specifically, they enjoy a 79% greater annual increase in cross-sell and up-sell revenue and a 30% greater annual improvement in the number of positive social media / word-of-mouth mentions, compared to those that fail to make journey management a part of their CEM activities.

The Buyer Journey is Marketing’s Territory Now

Why such dramatic benefits? More and more of the buyer journey is falling into marketing’s territory.

  • 2/3 to 90% of the buyer's journey is complete before he contacts a brand.
  • 77% of B2B purchasers say they won’t even speak to a salesperson until they’ve done their own research first.
  • On average, B2B influencers do 12 searches prior to visiting a specific brand’s site.

Where sales reps used to join the journey in time to help buyers explore solutions and compare vendors, more and more buyers are completing those tasks on their own. Marketing has had to step in, to provide content and conversion opportunities at every stage of the journey.

Secret Weapon: Marketing Analytics

Ironing out an initial buyer’s journey and mapping marketing activities to it is the first step, but the secret to real success with this model is constant maintenance. Optimizing this strategy means adjusting the map every time a client comes through the funnel: where were you right? Where did you misjudge? Those insights make the strategy more effective next time.

From the study:

Companies that understand the journeys taken by their high-value or loyal clients, and use these as guidelines for future interactions with buyers of similar characteristics are able to tailor each message to maximize their success.

As you hone communications to match various stages of the buyer’s journey, make sure the right analytics are in place from the get-go, so you can determine which content is working and what needs tweaking.

The theme for TMSA’s 2017 Conference is the buyer’s journey, and it will equip Sales and Marketing teams to more effectively attract, convert, close, and retain customers. The event will feature shippers from leading brands in over 30 sessions and roundtables. Register today to reserve your seat!

 

Share this post:

Comments on "Using a Buyer’s Journey can Increase Revenue by 80%"

Comments 0-5 of 1

Michael Stewart - Tuesday, November 22, 2016
1000946747

Excellent article Nate. I think where most marketers stumble is monitoring too many data points. Start out simple. Monitor the analytics that are actionable and that directly answer the current set of customer persona questions. There will always be adjustments that need to be made. Marketing today is not a set it and forget it kind of thing; unless of course you want to go backwards. Looking forward to the conference this year.

Please login to comment