Say your revenue team has just closed a deal. It’s an amazing feeling, right? Your sales team is ringing the gong and your marketing team is popping the champagne. Everyone’s excited to welcome another customer into the family.
But when the champagne bottle is empty, and it’s time to get back to business, many marketers will often only think about their marketing attribution in terms of what is bringing in net new business. After the deal closes, marketing typically has a set onboarding and customer cadence that treats their customers equally and provides them with the same set of content from marketing automation.
The reality is that marketing attribution shouldn’t stop at a closed deal won. How often though do your find yourselves running into customers at a trade show? How many times have you noticed customers browsing your website and downloading content to become more educated? And how often are customers taking a reference call for you or writing a review on G2Crowd?!
It’d be such a shame to miss out on all those marketing interactions and touchpoints that take place after the deal has been won. Wouldn’t it be great to understand whether there was a pattern to marketing touches or customer advocacy that led to more upsells, renewals, retention and a better overall customer experience?
In the era of SAAS, renewal and retention rates are just as important, if not more important than net-new business to your investors! It’s time that marketers go beyond tracking what revenue they sourced, to analyzing and getting credit for customer retention revenue numbers.
Marketers should start becoming best friends with their client success team. With the help of multi-touch attribution insights, marketers can do a lot more than just help grow net-new revenue — they’ll finally be able to provide tremendous insights into what type of content resonates the best at each stage of a customer upsell or renewal cycle.
These types of metrics can also give your revenue team a deep understanding of how offline activities and customer advocacy campaigns impact retention and renewals. With a couple clicks of a button, a multi-touch attribution tool like BrightFunnel can easily help marketers understand which marketing tactics are most impactful at each stage within the renewal and upsell cycle. This reporting would allow you to proactively design and target programs to actively engage your customers vs. just pumping them with the same content.
While marketing automation might work to send customers down different paths based on their engagement, what would you do if you found out that those email campaigns actually had no impact on renewals and upsells?
You might be tempted to invest in opt-in preferences for your customers through a contact preference project, but what if you realized that customers that renew or upgrade do not even care about reading your marketing emails.
Wouldn’t it be better to know that getting customers to a particular dinner or user conference would increase the likelihood of them renewing by 50%?! Imagine communicating that to your CS Team! You better believe they would be ensuring that they were participating in your events and working hard to ensure attendance.
Or what if you found out that a particular ebook that had not sourced many deals had actually touched 70% of closed/won renewals last quarter, would you still have cut it?
These are all the type of immediate insights you can get from BrightFunnel!
We would love to help your marketing team increase renewal rates using BrightFunnel! Schedule time to speak with our Revenue Intelligence team to get started.