Despite the tremendous changes in the digital market, corporate companies tend to stick to their traditional business models. The focus is on retention rather than lead generation.
Lead generation can be achieved when a corporate puts aside part of its revenue for innovation. And not all corporates do that. The reason is that moving away from the traditional business models is never easy.
Can a corporate company survive by solely focusing on retention of customers?
Throwing out all of the traditional business models, replacing them with a new ones, means that the basic sales model for your existing products is gone. No good can come from that.
Retention of the traditional business model with at the same time devising new ones will make it easier to move away from the old.
How do you achieve retention?
Enhancing existing products usually means bringing out batches of updates to the existing market, satisfying its changing needs, allowing the corporate sales team to follow up on the new features with the existing customer database.
Retention of customers can be achieved in several ways:
– Exit detection: when you notice in the predictive data tools that an end user is about to leave your product, you can create an immediate call to action,
– Immediate Call to action: retention calls, offering (online) coupon discounts etc.,
– Account-Based marketing: the traditional marketing model is passive (capturing the customers’ information in an online form) whereas account-based marketing is pro-active (capturing additional information about other end users within the same firm).
How do you achieve lead generation?
Innovation means getting new products out, enabling the corporate sales team to go for lead generation with as a result a growing the customer database.
Lead generation can be achieved in various ways:
– “Create diversity in your content: Your buyers have unique consumption wants and needs, so make sure your content comes in multiple formats. Your buyers are also at varying stages in the buyer journey — make sure you have content that speaks to each stage, so you can accelerate your buyers to close”,
– Personalization: the end user is king, usually they have the knowledge what they are looking for. Therefore they must be enabled to make their own choices in what they would like to see or receive,
– Audience building: market new products on social media, engage in free meetups with end users, offer paid email sends. Just to drive more leads to your sites,
– Inbound Lead generation model: “the beauty of an inbound lead generation model is that customers come to you. There’s no cold-calling, cold emailing, or even much advertising involved for most inbound campaigns. The key with inbound lead gen is the opt-in: everyone you speak with has indicated their interest and given permission for a follow-up. Talk about a time saver”.
The above methods are not exhaustive, there are many more methods for retaining customers or getting new leads. Nor are they mutually exclusive.
Corporate companies must focus on both retention and lead generation. Which in effect means keeping the traditional business models while at the same time devising new ones. Spending money on innovation as well as on enhancements of their existing products.
That is their only chance for growth.