Without proper marketing efforts, the world is unlikely to know about your life-changing products — and this would leave your business in all sorts of financial trouble. To avoid such occurrences, companies do everything they can to draw attention to their products. While there is no standard size, marketing budgets in the UK have grown the slowest since 2016.
While committing to hefty sums can give you great results, there are better and less expensive ways to get the word out. Taking your staff through a key account management course, for instance, is an incredible way to achieve this feat.
Lower customer acquisition cost
Experts indicate that it can take up to twelve touches to convince a prospect to buy your product. From the initial point of contact, you must walk them through your entire sales funnel before they are finally ready to make a purchase. The amount of time and resources necessary to do this is what causes most marketing budgets to blow up.
Once you have recruited a customer, you can convert them into a return customer to lower acquisition costs. Once you have understood the needs of a customer, you can create a long-standing relationship and turn them into a lifetime customer. With proper handling, you can transform these relationships into strategic partnerships that are mutually beneficial.
Speed up product development
Providing your business with a steady flow of cash, key accounts offer insights into your products. The key to a successful business relationship is keeping everything profitable. You will need to polish and improve your products to fill their evolving needs.
As you already understand the needs of your customers, you do not have to feel that you are in the dark when making changes. Rather, you will have a wealth of data to inform and guide the process. Hence, you can focus more effort and resources on improving service delivery and growing product lines.
While marketing is the lifeblood of a successful business, it should not cost you a fortune to get the job done. Tending to the need of your key accounts can help you lower the advertising costs without affecting your sales negatively.