Introducing: New Insights for the Advocacy Era
Read time: 5 mins
Put advocacy at the heart of your strategy to kick start a cycle of sustainable, organic growth – now and into the future
In early December, we released our latest product launch. Here are the highlights:
- Think you know who your best customers are? Think again! Discover which ones are truly your most valuable through Extended Customer Revenue.
- See everything you need to know about your advocacy programme at a glance with our new Executive Dashboard.
Navigating the current economic climate calls for smart, calculated business decisions.
A recent study from Forrester of 9,000 companies across four economic downturns showed that roughly 6-9% of businesses came out the other end stronger.
Their secret? Cutting the fat, not operating muscle, whilst selectively investing in high growth opportunities. Forrester calls this a Smart Growth Agenda – defending at-risk revenue, while growing revenue where new opportunities present themselves.
The opportunity to cut some of that fat could lie within your paid social and search strategy.
Marketers are still spending, on average, a staggering 64% of their entire marketing budget on Google, Amazon and Facebook. When you consider that the cost of acquiring customers on channels like Facebook has increased by 60% over the last 5 years – while simultaneously producing diminishing results — it’s clear this strategy is unsustainable.
As for those high-growth opportunities, we believe that recognising the value of customer advocacy and placing it at the heart of your business should be top of your to-do list.
Referred customers typically spend 11% more on their first order, are 5x more likely to refer others to your brand and have a 2% higher LTV than non-referred customers.
And if the thought of happier customers alone isn’t enough to convince you, consider this. In his latest book Winning on Purpose, Fred Reichheld, the godfather of NPS, tells us that businesses with the highest degree of advocacy beat the market 3x. Or, as Andy Taylor, CEO at Enterprise Rent-A-Car sums it up: “The only way to grow a business is to get customers to come back and tell their friends.”
This is why we firmly believe the secret to growing your business lies in your customer advocates. But don’t just take our word for it. We were recently recognised as Customer Advocacy Momentum Leaders in G2’s Winter Report, with users scoring our product vision as 9.7 out of 10. And through our latest round of product innovations, we’ve taken the next step in this journey.
Introducing our new features
Extended Customer Revenue
Challenge: Identifying your best customers
The biggest untapped asset any business has at their disposal is their existing customer base.
Research by Gartner shows that 80% of your future profits will come from just 20% of your existing customers. In an additional report, Gartner also predicts that by 2025, 75% of companies will “break up” with customers who are a poor fit, as the cost of retaining them eclipses high-value customer acquisition costs.
Both of these stats sharply bring into focus the importance of understanding which of your customers are delivering the most value to your business.
To define their best customers, businesses often use models such as Recency, Frequency and Monetary (RFM), which focus on those with the highest individual spend.
But by doing this, you’re missing a critical consideration: how many new customers is that shopper introducing to my brand?
This is even more crucial in a recession where customer value will need to be measured in other ways, given that 59% of UK shoppers now plan to cut down on their own spending (according to Forrester).
Solution: Adding the lens of referral data to discover the true value of your customers
Extended Customer Revenue (ECR), a capability unique to Mention Me, lets you identify your company's truly most valuable customers: your brand advocates.
By adding the lens of referral data, you can measure a customer’s individual spend plus the spend of the friends and family they bring along.
This means you can segment your customer base with a 3D view of the value they’re bringing to your business.
By knowing who your most valuable customers are and delivering them the best experience, you’ll nurture further advocacy that keeps them coming back and bringing their friends. This is the winning formula to drive sustainable, organic growth through these uncertain economic times — and beyond.
See a demo of ECR in action here:
New Executive Dashboard
Challenge: Understanding the true value you're driving from customer advocates
While marketing budgets have risen from 6.4% to 9.5% of company revenue, they still fall behind pre-pandemic levels of around 11%, according to Gartner's State of Marketing Budgets 2022 Report.
During times of uncertainty, marketing budgets are often the first to come under scrutiny. As you likely know all too well, marketers are under increased pressure to grow their business sustainably, despite resources shrinking.
That’s why it’s never been more important for marketing teams to understand which channels are consistently delivering results. For time-poor marketers who are already tasked with managing an enormous amount of data, you need the ability to do this at a glance.
Solution: See everything you need to know about your advocacy programme at a glance with our new Executive Dashboard
Our new Executive Dashboard highlights all the key metrics from your advocacy programme in one place. This lets you see how well your campaign is performing and understand the value it’s driving at a glance.
Not only that, but the dashboard will also reveal key insights around how to further optimise your campaign and drive better results, faster.
If you’re using our Optimise package, you’ll also get to see the additional value you’re generating through activating first-party referral data and pushing advocacy insights through your marketing stack, helping to reduce CPA and increase ROAS.
See a demo of the Executive Dashboard in action here:
Already a customer? Speak to your Client Success Manager about how you can leverage our new releases to amplify your advocacy programme’s performance.
Not yet accelerating sustainable, organic growth through advocacy? Talk to our Sales team.