Phase 2: Accounts
Persuade existing customers to buy more.
Products that encourage existing customers to spend more contribute lots of revenue growth, and this type of revenue creates lots of enterprise value. Products that get current customers to spend more can be produced and distributed inexpensively by leveraging existing resources such as manufacturing capacity and sales channels. Products that source revenue exclusively from new customers produce less revenue growth, and it is more expensive growth. Your company will have to increase costs to secure these sales because new products are often too complex for the existing sales force to sell, requiring the expense of an entirely new sales force.
- Ideal customer profiles
- Customer acquisition cost by product
- Customer lifetime value by product
- Account potential
- Account scoring
- Propensity to buy formula by product
With Account Data Planning complete, it is now time for Phase 3: Buyers.