CUSTOMER MARKETING Flashcards
Customer marketing
Customer marketing is a set of strategies and tactics aimed at your customer base in order to improve their experience with your brand and increase the value they gain from their engagement with you. Through customer marketing, you can boost retention, evangelize your customer base and nurture existing customers toward future sales.
Customer acquisition
Customer acquisition refers to all of the steps, processes and resources involved in attracting a first-time customer to your business.
Brand awareness, lead generation, product marketing, nurturing and sales strategies all fall under the umbrella of customer acquisition — but the concept of customer acquisition stops as soon as your prospects officially close as a customer.
Customer retention
Customer retention is the act of renewing your existing customers so they continue to work with your company. It’s the inverse of churn.
The first step of retention is acquiring good-fit customers in the first place, but there are other components like customer support, customer success and customer experience that contribute to a customer’s likelihood to renew.
Customer expansion
Customer expansion is the act of increasing the MRR you see from existing customers. This is typically accomplished through upsells and cross-sells.
Customer success
Customer success is partnering with your customers to help them meet and exceed their goals. It’s a proactive function that aims to help maximize the value customers gain from working with your company so they’re more likely to renew and expand.
Customer support
Customer support is solving the problems your customers have when things go wrong. This is a reactive function that uses tools like a ticketing system or self-service knowledge base.
Customer service
Customer service is assisting your customers with the offering they bought from you and ensuring it’s meeting their needs. Customer service can be thought of as a proactive version of customer support. It’s outreach meant to provide customers with value before your customers need to go looking for it.
Customer satisfaction
Customer satisfaction is the management of client sentiment. When tracking this, you should look at not only how your main point of contact feels about your product or service but also how that sentiment trickles down to the rest of their company.
Satisfaction is the baseline of a happy customer. Not every customer will necessarily become an evangelist who recommends your company to their entire network, but you should be able to satisfy every customer your company takes on.
The customer journey
The customer journey is a way of tracking a customer’s experience with your company from a visitor’s first interaction through when they sign a deal. It’s a framework for a greater philosophy of client nurturing.
The customer journey is not one-size-fits-all. What the overarching framework will look like depends on numerous factors, including your industry, sales cycle and product or service.
“By providing the right segmentation, by triggering the right actions in an approach to proactively progress your relationships, it allows you to be responsive to your client,” says New Breed’s Client Success Manager, Dylan Berno.
