This originally appeared in O’Dwyer PR.
Tech companies are shifting their communications increasingly toward customer engagement and loyalty, according to a new study from Alloy.
The Alloy Technology Marketing Report surveyed more than 115 B2B tech professionals in sales and marketing positions in July and August of this year and found that addressing the full customer lifecycle was a top priority.
Close to three-quarters (73 percent) of the survey respondents said that they have accelerated their revenue goals from existing customers over the past 12 months, and that number rises to 86 percent for FinTechs and 94 percent for HealthIT companies.
On the other side, more than four in 10 (41 percent) said that they were reducing their emphasis on net new sales.
This change may be at least partly due to changes in buyer behavior. One of those changes: B2B buyers are more willing to make large purchases online than they were in the past. In addition, the overall digital transformation of the market has made it necessary for tech brands to reposition themselves and enter new markets in order to stay competitive.
Those shifting boundaries have in effect reshaped the customer experience for many buyers in the tech sector, raising the importance of maintaining existing relationships and bolstering customer retention.
When it comes to what department is ultimately responsible for growing customer revenue, sales still comes out on top, cited by nearly half (49 percent) of respondents. But the power of customer success (21 percent) and customer experience (10 percent) is considerable, together accounting for almost a third of responses.
Ultimately, survey respondents agreed that the real key to revenue growth is collaboration. Nearly 70 percent said that their organization would be more successful if sales, RevOps, marketing, CX and customer success were more closely aligned. For vendors selling IT solution, that number rises to 95 percent.
“This data signals that global tech brands in today’s market conditions are shifting their focus to a customer’s lifetime value—not the initial sale and average customer value,” the study’s authors say.