In marketing, it’s not all about getting new customers and new logos. Tapping into your existing customer base to drive more demand is necessary for sustainable growth.
Jason Widup, VP of Marketing, and Mark Huber, Head of Brand & Product Marketing at Metadata, dive into different ways to create demand with existing customers and Metadata’s strategy for doing so.
Listen to the full session to uncover how to drive demand with your existing customer base.
Watch the full episode
Three top takeaways:
In the meantime, here are three important takeaways from the episode:
Takeaway 1: Nurturing customer advocates is the name of the game.
Customers who love your products or services are irreplaceable. But they won’t appear out of thin air unless you nurture them. And that’s why customer marketing is so important.
For us at Metadata, turning customers into advocates is really the name of the game in customer marketing.
Having customer advocates opens up many opportunities for your brand.
One is through a customer advisory board. Having a group like this encourages customers to speak not only to people at your company but also to other customers.
Who better to help and advise customers than successful customers?
Takeaway 2: Balance quantitative and qualitative goals
Measuring customer marketing can be tough. The best way to get a well-rounded picture of how well you’re doing is to approach it from different angles.
For example, you can measure quantitative results by looking at the number of reviews you’re generating each quarter.
We look at the time between when a customer contract starts and when they launch their first campaign. If it’s an average of 20 days and it goes down to 18, we know we’re heading in the right direction.
On the qualitative side, we look at customer health indices and reviews to see how we’re doing with existing customers.
Takeaway 3: Don’t overlook Net Retention Rate (NRR)
Many marketers either don’t know about or overlook the net retention rate.
It’s almost like a churn rate, but with a more positive spin on it.
NRR involves looking at how much revenue is left over after customer churn in each given quarter. And then how much did your existing customers grow revenue in that same quarter. The difference is your net retention rate.
Ideally, you want that to be over 100% because that means you’re bringing in more dollars than you’re losing.
At Metadata, our primary company metric isn’t ARR, it’s actually NRR. By focusing on this, we can also look closely at our customer experience and act accordingly.
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