As a software provider grows and builds a portfolio of products and services, a crucial part of that growth hinges on convincing existing customers to either buy more or buy higher-value offerings. The aim is to turn the customer using a midrange solution into one using a top-range solution, possibly with a few add-ons.
Current customer account growth and retention are among the top priorities for chief sales officers (full report available to Gartner clients). With current account growth critical to success, software providers need to research and evaluate strategies for identifying and maximizing current account opportunities.
One viable strategy for maximizing current account opportunities is account-based marketing (ABM). ABM is a marketing (i.e., sales and marketing) strategy that targets select accounts with synchronized and continuous marketing and sales activities, engaging them through all stages of the buying journey.
However, ABM tends to be prioritized for lead generation and new customer acquisition (full report available to Gartner clients), leaving the potential for current customer account retention and revenue growth untapped. Software providers looking to utilize ABM as a strategy for customer retention and account growth should use the following tactics.