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Table of Contents

Lead Story

Mobile leads 2014 payments parade

News

Industry Update

Pulse network sues Visa over debit card policies

Bebe breach a reminder of security vulnerabilities

NSA unleashes Nifi for commercial, government use

Cyber Week winners and losers

Features

Relationships are integral to rapid growth

Global travelers shifting to mobile

Views

Merchant life cycle marketing in acquiring

Marc Abbey
First Annapolis Consulting

Payments? Nah, we're a tech company

Todd Ablowitz
Double Diamond Group LLC

Education

Street SmartsSM:
Spreading the word: Marketing tactics for the MLS

Tom Waters and Ben Abel
Bank Associates Merchant Services

Mastering the original merchant 'app'

Dale S. Laszig
DSL Direct LLC

The ISO calendar: Don't set and forget your ISO agreement

Adam Atlas
Attorney at Law

RDC and improved FI risk management

Company Profile

Chosen Payments

New Products

Fully integrated POS inside custom mobile apps

CardFlight SDK
CardFlight

Easy, interactive online menu

Online Ordering
EasyWay Ordering

Inspiration

Don't let broken resolutions shut you down

Departments

Readers Speak: Talent for addressing issues of substance

Boost Your Biz: Customer marketing bolsters bottom line

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

December 22, 2014  •  Issue 14:12:02

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Boost Your Biz: Customer marketing bolsters bottom line

Companies large and small are seeing a direct link between customer marketing and higher revenues. As an ISO or merchant level salesperson seeking to generate more revenue from existing merchants, you can apply the principles of customer marketing to your business, too. While most sales organizations tend to focus on feeding the sales funnel, marketing to existing customers can be a cost-effective bottom line booster.

An October 2014 benchmark report by Demand Metric Research Corp. titled, Customer Marketing: Improving Customer Satisfaction & Revenue Impact, surveyed organizations about various customer marketing strategies. Ninety percent of those respondents said they use some form of customer marketing; 53 percent experienced moderate to significant revenue gains as a result of these initiatives.

Linking actions to results

The activities most frequently linked to positive revenue impact are:

Ignoring bottom-line results

Surprisingly, despite the positive link between the above strategies and revenue, respondents indicated they are employing a number of strategies that ranked lower in their ability to boost revenue. These less effective strategies include customer and user group events, testimonial programs, online customer communities, and cross-sell and up-sell campaigns, which ranked 5, 7 and 8, respectively, in the ranking of customer marketing activities.

In addition, organizations ranked renewal/churn rate as the most critical metric for measuring customer marketing effectiveness.

Refining staff training

Consider adjusting your customer marketing strategies and staff training to achieve optimal results. "Employees are the front line for executing a customer marketing strategy, and when they are trained with the critical skills and equipped with enabling systems and resources, the revenue impact potential is significant," the report stated. Critical skills employees should possess that were cited in the report include relationship building, communication, customer service, digital marketing and creativity.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

USAePay | Impact Paysystems | Electronic Merchant Systems | Inovio