This is the first in a three-part series highlighting the importance of relationship data and its value to ABM campaigns.
People will tell you a successful business is a mix of:
- A great product
- Great marketing
- And a solid grasp of the company’s finances.
But the truth is your business’s success depends on the quality of relationships you build with your customers.
From the heady days of Rolodex to today’s world, where technology drives social selling, relationships have been and remain a vital ingredient of every successful business. A study on ‘The Economics of Loyalty’ by Bain & Company, working with Earl Sasser of Harvard Business School, revealed: "your existing customers are 50% more likely to try your new products and spend 31% more compared to new customers."
Why are relationships meaningful for growth-minded revenue teams?
The primary benefit of quality relationships with customers is trust. Trust means customers are comfortable allowing you into their world. And this is the easiest route to an intimate understanding of your customers' needs.
With this sort of understanding, you can:
Develop relevant products crafted specifically for your ICP
Crafting your product to match your customer's needs is much easier when you deeply understand their needs.
Of course, this doesn't happen right away. You build an in-depth understanding throughout the customer relationship. Strong relationships also mean the customer is more comfortable sharing their plans for the future.
This enables you to provide solutions relevant to your ideal customer profile (ICP) before they fully understand they need your product.
Create a personalized experience that leads to happy customers and increased customer satisfaction
Personalized experiences are crucial to cementing customer loyalty.
And they can only be created through knowledge derived from deep relationships with the customer. As the industry becomes more competitive, brands that provide customers with tailored purchase experiences will grow faster than those offering generic experiences.
Build a community of satisfied customers who are more likely to refer and repeat business when they join new companies
Repeat business is the backbone of success in any endeavor.
Having a community of satisfied and loyal customers serves as the launchpad to expand your sales efforts and improve your product offering.
In this manner, relationships should be your key focus if you are genuinely committed to achieving your sales goals.
Product development, go-to-market, and engineering are all critical. But the quality of your relationships with your customers determines your level of success more than we accept.