Executives worldwide say expanding their customer base is a top priority, more so than retaining their existing one, according to August 2015 research.
Forbes Insights and ServiceSource surveyed 334 C-level executives and senior managers worldwide from a variety of industries. Some 42% of respondents said that expanding their customer base was an important strategic priority for their company. And, nearly one-third of executives worldwide said that retaining their existing customer base was a priority.
Improving customer engagement was also of importance, 31% of respondents said so, and maximizing customer lifetime value was another top priority according to 29% of executives worldwide.
While expanding a customer base is imperative for many marketers, understanding customers is just as essential. Separate Q4 2015 research from the CMO Council looked at how executives in North America were using revenue metrics to quantify the success of consumer efforts.
More than a third of respondents said that revenue metrics, like customer lifetime value, revenues per customer and overall revenue increases, were the primary type of metric they used to measure consumer engagement.