How well do we really know our customers?

As you know, we at Vainu have developed a lead generation software that allows companies not only to find new customers but also to make comprehensive analysis of their existing ones. You'd probably assume that since we are the best experts of our own sales intelligence solution, we would know every single customer of ours in and out.>

But do we?

The 15 % month-over-month growth brings us four new customers every weekday. In addition, we open up a new market every quarter and hire a new employee every week. These are true facts explaining the speed of our growth but also just lame excuses why we lack information about our customers.

Or lacked.

This is what we found out when me and our Customer Success superstar Anne Liiri analyzed our customer base with Vainu Analyzer:

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1. We are a growth company that sells to other growth companies.

Most of our customers are founded after 2010. Statistically the churn rate is higher within startups. The reason for this is that they try out new services actively but move on very easily as well (or they just stop existing). Taking a look on the technologies these growth companies are using, we can make a quick analysis on their digital readiness: These early adaptors are digitally light years ahead compared to other customer groups. This explains very well why we target our sales on every new market to startups and growth companies.

Most of our customers are where we are, even though our software could easily be sold through the cloud.

2. Our share of wallet is decreasing.

We have a significant amount of customers who are growing exponentially: 100 % and more. Even though some of our clients are big corporations with hundreds of employees, the biggest group in our customer base are companies with a maximum of 20 employees. In some of these fast growing companies we haven’t been able to increase account value even though they are recruiting new talent actively. In order to grow our share of wallet, meaning the percentage of our customer's total spending, and to boost our ROI, we should be upselling our service to the right companies even more actively.

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3. Most of our customers are within 50 km radius of our office.

We are selling an online service that could easily be sold and delivered through the cloud. Still, most of our customers are where we are. We are missing out on the potential outside the capital region in each country that we are operating in. Helsinki, Stockholm, Amsterdam, Oslo and New York are good starting points but there are limitless possibilities in each market.

Every time there is an internationalization news or our customer launches their website in a new language, we should be in touch.

4. Every fifth customer is doing smartbound.

Almost 20 % of our customers are using both a marketing automation tool and Vainu. This means that every fifth customer is investing both in inbound and outbound, growing 12 % on average. As we've discussed in our latest Smartbound eBook, organizations that combine their inbound and outbound efforts in order to work with smartbound are considered to be the world's most successful and fast growing B2B companies.

5. Going international is a sign to upsell our company databases.

With daily or even hourly Vainu reports we keep track on every single buying signal relating internationalization and one of our customers. Are we able to upsell them with more databases as they plan to enter new markets? Every time there is an internationalization news or our customer launches their website in a new language, we should be in touch. Thanks to instant notifications that pop up in our inboxes, 99 % of the leads related to signs of internationalization, expansion or any other important events related to our clients, just can't be overseen by our Customer Success team.

What about you, how well do YOU know your customers?

As we don't want the classic cobbler's child syndrome to be our destiny, we can't miss out on any account insights related to how our customers think and act. The data is there, available to us at all times. It is just about analyzing and acting - over and over again.

What about you, how well do YOU know your customers?

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Topics: Data Visualization

Veera Virintie

Veera is a marketing and communications professional and runs a network of 3000+ women at Aalto Women in Business.