3 ways B2B companies can improve customer retention and cultivate loyalty3 min readReading Time: 2 minutes
Most, if not all, B2B companies have a customer acquisition system in place to help them attract new customers and grow their business. However, they are unknowingly neglecting the fastest path to growth by prioritising customer acquisition and failing to create a loyalty marketing strategy. In a highly competitive market with lengthy sales cycles improving customer retention and increasing customer lifetime value is the best way to grow your B2B company. This article looks at four things you can do to increase customer retention and cultivate loyalty.
1. Do your research
Customer satisfaction is often used interchangeably with customer loyalty, but a satisfied customer isn’t necessarily loyal. While customer satisfaction is driven by things like excellent customer service and consistent communication, loyalty is driven by small details that almost seem inconsequential. Therefore, to cultivate loyalty, you must find what makes your customers tick, and this is where research comes in.
While there are many tools that you can use to collect data about your target audience, the most effective way to find out what your customers want is to simply ask them. Ask them what they want or expect from you and use this information to create a data-driven strategy. Additionally, you can utilise platforms like Upzelo to automatically collect and analyse data for customer satisfaction and retention.
2. Understand the new buyer journey
New research from Gartner revealed that customers only spend 17% of the cumulative time put into making a purchase meeting suppliers. The rest of the time is spent researching online and offline and meeting with buyer groups. Therefore, to convert potential buyers into loyal customers, you must understand a customer’s journey. B2B customers go through the following steps before making a purchase:
• Problem identification
• Solution exploration
• Requirements building
• Supplier selection
• Consensus creation
Existing customers can help convert new customers, especially in the final stages, so encourage them to talk about you through testimonials and reviews. To do this, create a referral channel for points and rewards.
3. Improve customer experience with market personalisation
Marketing personalisation is an excellent way to encourage loyalty and improve retention. As a matter of fact, 44% of customers say that they’re likely to return to a business that offers a personalised purchasing experience.
Marketing personalisation in the B2B market involves more than just an email with a customer’s name. You have to segment your list of customers, so you can offer relevant content and offers based on their industry, buying history and personal preferences. To achieve this level of personalisation, you’ll need a customer data management platform that supports the creation of a single customer view. You’ll also need to integrate your CDM platform with your customer relationship management software to update customer information and communications in real-time.
4. Develop a loyalty program
To encourage customer loyalty, you need a loyalty program. This program allows you to reward customers and build advocacy from your long-standing customers. There are different types of customer loyalty programs, including point systems, credit card programs, VIP rewards, etc.
For more information on how to hack b2b growth, get in touch with us today. We help businesses reduce churn, drive retention, and increase the lifetime value of customers.