As the saying goes, “Make new friends but keep the old. One is silver, and the other, gold.” The same applies to customers. Much value is given to the acquisition of new customers, to great branding, to fancy websites. Still, very often, the focus on customers who have already been acquired is a secondary consideration.
If there is one thing, you must never forget, companies that succeed put their customers in the spotlight, for both acquisition and retention.
This spotlight on retention becomes even more important when it comes to B2B companies. The business model for such B2B organizations is not the one where they’re expected to generate daily new customers without any need for resales and remarketing. B2B customer engagement is rarely ever just a one-time thing, especially if you’re doing it right.
Now comes the question of understanding how to attribute value to the efforts of acquisition and retention. What parameters to judge your actions on. It is pretty simple. With the use of an insightful recurring billing and subscription management tool and tracking the right acquisition metrics, you’ll see quantifiable data on the impact of your efforts.
Here are six essential metrics that all B2B companies should track to benchmark for success –
1) Customer Acquisition Cost
Customer acquisition cost (CAC) measures the average cost spent converting a prospect into a customer. Understanding CAC is essential for keeping track of the return on investment for your marketing & sales teams’ efforts.
2) Ratio of New versus Returning Users
While the standard may differ from industry to industry, estimates generally claim that it costs at least five times more to acquire a new customer than retain an existing one. This is very important since these returning customers may have a significant ability to attract new customers.
New leads by source information on how many leads you have coming through your sales pipeline and tracking where they’re coming from can help you better target future offerings to reliable sources. If, after tracking new leads by source for a certain period, you find that significantly more leads are coming in through one channel over another, you can course-correct your strategy and revenue allocation.
4) Pipeline Velocity
Forecasting is one of the most challenging tasks associated with revenue management and planning purposes, but the right tools and solutions can help simplify this. Pipeline velocity helps to understand how long it takes buyers to move through your B2B company’s sales process. If a buyer spends too much time in your B2B company’s sales pipeline, they may not make it all the way through – they may abandon your B2B company in favor of a competitor, instead.
5) Customer Lifetime Value
Customer lifetime value (CLV) is a metric that shows how much money a typical customer spends throughout their relationship with your company. Using CLV, you can better understand the different personas among your customers; the first step to effective targeting or personalization allows for a personalized experience, something many customers now expect.
6) Churn Rate
In its most simplistic form, the churn rate is the percentage of total customers that stop using/ paying over a period of time. So, if there were 10,000 real customers in March and 1,000 of them stopped being customers, the monthly churn rate would be 10%. It would help if you focused on keeping your B2B company’s churn rate as low as possible.
In Conclusion
Regularly tracking the right metrics for your business and implementing changes based on what the data tells you can be a game-changer for efficiently driving acquisition. Businesses with subscription billing software (or subscription businesses) can help track this data, swiftly respond to changing dynamics, and scale better and faster. With a plethora of real-time metrics, user feedback and insights on subscriber usage patterns and deeper insights can be generated with Magnaquest’s Subscription Management and Billing system. You can use this learning to speedily design and deploy value-added services, increasing the proficiency of all outreach across new and existing customers.
42 comments
Aurliesrpt
July 7, 2022 at 9:17 pm
winning slots on facebook home
slot games free
simslots free slots slot machine
Shaynasrpt
July 14, 2022 at 5:24 am
acknowledgements dissertation
phd dissertation editing help
uk dissertation writing service
Joetesrpt
July 15, 2022 at 5:52 pm
how to cite a dissertation
writing phd dissertation
online dissertation help
Joetesrpt
July 18, 2022 at 5:21 pm
mathematics dissertation help
writing the doctoral dissertation
buy dissertations
Chandasrpt
July 20, 2022 at 1:05 pm
phd dissertation peer reviewing help
buy dissertation
marketing acknowledgement
Avivasrpt
July 21, 2022 at 7:10 am
uga dissertation
dissertation proofreading services
buy dissertation writing services
Dortheasrpt
July 22, 2022 at 2:43 am
doctoral dissertation help history
dissertations writing
writing dissertations
Verieesrpt
July 22, 2022 at 10:13 pm
custom dissertation writing help
ma dissertation writing service
dissertation defense presentation
Glynnissrpt
July 23, 2022 at 4:26 pm
dissertation chapters
writing a dissertation literature review
writing help
Suzannsrpt
July 24, 2022 at 10:55 am
whats a dissertation
18 month doctorate without dissertation
dissertation help leicester
Sallisrpt
July 25, 2022 at 5:36 am
help dissertation
writing paper help
how long is a dissertation
Darsiesrpt
July 26, 2022 at 2:34 am
dissertation services
edd dissertation topics
disertation
Tandisrpt
July 26, 2022 at 5:37 am
casino online real money usa
online casinos usa
free casino bonus no deposit
Mabellesrpt
July 27, 2022 at 12:45 am
how to write a dissertation
custom dissertation writing services
research writing help
Tandisrpt
July 27, 2022 at 7:03 am
mobile casino
usa casinos
bonus casino online
Jenneesrpt
July 27, 2022 at 10:03 pm
powerpoint for creative writing
writing a dissertation
phd dissertation peer reviewing help
Abagaelsrpt
July 28, 2022 at 7:23 am
online casinos no deposit bonus
best deposit bonus casino
no deposit casino games
Herminasrpt
July 28, 2022 at 6:12 pm
dissertation introduction
definition of dissertation
uf dissertation format
Shaylasrpt
July 29, 2022 at 6:32 am
real money casino online
us online casinos
best casino sites
Audresrpt
July 29, 2022 at 2:00 pm
help tutor
dissertation statistics help
dissertation plan
Verenasrpt
July 30, 2022 at 5:22 am
deposit bonuses
bonus no deposit
play bingo for real money
Hestiasrpt
July 30, 2022 at 9:37 am
dissertation format
proposal and dissertation help geography
how long should a dissertation be lse
Dixiesrpt
July 31, 2022 at 3:24 am
bingo casino online
online casinos free money
best casino bonus
Laureensrpt
August 1, 2022 at 1:28 am
casino online usa
casino play for real money
online casino best welcome bonus
Frannisrpt
August 2, 2022 at 2:22 am
real money casino
best online casino bonus
free welcome bonus
Pearlsrpt
August 3, 2022 at 12:42 am
online gambling real money
free spins casino
online casinos us
Bobbiesrpt
August 3, 2022 at 11:18 pm
casino win real money
online casino no deposit bonus
casino bonus online
Lesliesrpt
August 4, 2022 at 9:25 pm
best online usa casinos
real money casino games
casino games that pay real money
ทางเข้า PG SLOT
August 5, 2022 at 11:41 pm
ทางเข้า PG SLOTให้บริการตลอด 24 ชั่วโมง เว็บไซต์สล็อตออนไลน์ที่ได้รับการการันตีจากนักพนันว่าเป็นเว็บที่ดีที่สุด เล่นได้ทุกระบบ เว็บของเรานั้นไม่ได้มีให้คุณเล่นทดลองเล่น พีจีสล็อต
graliontorile
August 6, 2022 at 1:48 pm
Have you ever considered creating an e-book or guest authoring on other websites? I have a blog centered on the same subjects you discuss and would really like to have you share some stories/information. I know my subscribers would appreciate your work. If you are even remotely interested, feel free to send me an email.
mscwin
August 7, 2022 at 7:21 am
mscwin เว็บพนันออนไลน์ เป็นเว็บไซต์ ยอดนิยม ที่นักลงทุน ทุกคนต้องรู้จัก pg slot แจ็ตพอร์ต แตกหนัก แตกบ่อย พร้อมโปรโมชั่น สุดพิเศษ การันตีความมันส์ ที่ไม่ซ้ำใคร แน่นอน
Trudiesrpt
August 7, 2022 at 9:45 pm
casino games for real money
online casino signup bonus no deposit
casino online real money usa
Honorsrpt
August 8, 2022 at 3:07 am
best multi device vpn
hide me vpn free
vpn download free
Jaynellsrpt
August 8, 2022 at 9:41 pm
online casino games for real money
online gambling for real money
online gambling real money
Teddiesrpt
August 8, 2022 at 11:58 pm
ipvanish vpn
best windows vpn app
best vpn?
Dulceasrpt
August 10, 2022 at 5:26 am
casino online real money
no deposit online casino real money
online casino usa real money
Jenneesrpt
August 10, 2022 at 8:08 am
best free vpn service
the best free vpn
best vpn to use in china
Jenneesrpt
August 11, 2022 at 4:13 am
free vpn for roobet
buy vpn with credit card
best vpn for mlb tv
Carolansrpt
August 11, 2022 at 4:40 am
blackjack real money
mobile online casino
online casino win real money
Ashleighsrpt
August 12, 2022 at 12:58 am
free vpn for firefox
buy a vpn
cyberghost vpn free trial
Fanyasrpt
August 12, 2022 at 4:34 am
best online casino deposit bonuses
top usa online casinos
free bonus no deposit casino
Kelseysrpt
August 12, 2022 at 11:15 pm
best windows vpn app
buy vpn with bitcoin
what is vpn on windows