Customer acquisition is the holy grail of any business. Targeted advertising, lead generation and social media are just a few of the ways to attract new buyers… But what about your current customers? Show them some love with a B2B customer retention strategy – it builds long-term relationships with your current buyers, in hopes that they’ll stay loyal to your business. And relationships aren’t the only thing you get from customer retention, but also increased brand loyalty and lifetime value! Find out here how to build loyalty with B-to-B customers and 5 must-know tips.
The term B2B sales refers to business-to-business sales.
The transaction of goods or services from one business to another, rather than from a business to a consumer.
Compared to consumer sales, B2B sales offers often have higher values and longer sales cycles.
When done right, B2B sales have the potential to be both extremely lucrative and deeply rewarding.
As a B2B sales professional, it’s important to develop a sales process that works for your company, your prospects and your overall goals.
Building a strong B2B customer base has two components: customer acquisition and customer retention.
As a growing business, you’re probably focused on customer acquisition. And that makes sense!
That’s because new buyers support your ever-changing product and pricing strategy. The more customers you acquire, the more you grow…
But here’s the thing: customer acquisition isn’t sustainable over long periods of time. Since 2018, organic and customer acquisition costs have increased by 50%.
In addition to digging a hole in your wallet, a heavy acquisition model leaves out your current buyers.
That’s where B2B customer retention comes in!
Retaining a B2B customer base prolongs your customer engagement and can increase your overall lifetime value.
Plus, helps you identify gaps in your product…
Winning a new customer is exciting; it’s an indication of the campaigns and strategies that come to fruition…
That’s why you love marketing, especially in B2B – right?
But what about your existing customers? Where do they stand?
One thing’s for sure, if you focus too much on acquiring new customers, you’re inevitably leaving your existing customers in the dark, and ultimately, you risk losing the people you’ve been struggling to get.
Here are 5 ways to ensure you never let go of your customers:
This is so much more relevant in B2B than in any other area of marketing…
Take your customers to the next level; ask them:
Continue to demonstrate value to existing customers.
It’s not enough to assume that your customer will maintain the same attitude toward a product or service as when they first purchased it.
All B2B companies conduct their own customer research.
While qualitative data helps to understand the “why” and quantitative data provides a high-level overview, it is not enough on its own.
Objective third-party research can often be the welcome input a brand needs.
Ultimately, you can greatly improve your understanding of your customer by layering your own data with external data collected from third parties.
Your most loyal customers are a very powerful acquisition tool.
Take advantage of this by encouraging them to :
By creating a community with your customers, you keep your existing buyers engaged, but you also give potential buyers a reason to sit down and learn about your offerings.
It’s absurd how often B2B companies overlook the simple concept of listening to their customers.
Yet even that is still only half the job…
When a customer knows that an organization really cares about them, they won’t leave in a hurry.
Want to retain B2B customers in the best way possible?
If your B2B customers know that they will be rewarded after an action, it will inevitably encourage them to engage and remain loyal.
Keep in mind that offering rewards, such as gifts or unique moments of sharing (events, customer parties, WeinCasino…) can really motivate your customers to stay loyal and engaged!
There are many ways to build B2B customer loyalty. But the golden rule is to execute a customer-oriented strategy.
What do your existing buyers want to hear? And how can you support them after they buy from you?
Once you have a clear understanding of your buyer’s needs, turn those ideas into action with one of the examples we covered today.
With small touches, personalization and dedicated customer relations events – like a wine tasting with INVINO Event – you can build loyalty with a B-to-B customer base in a way that is foolproof.
Now you know everything about B-to-B customer loyalty programs (or almost). Contact our team for an extraordinary B2B customer experience!
You will make sense…ation!