Customer loyalty was and remains the key to business success. In fact, customer retention is the true measure of the experience a company provides to its customers. Based on this experience, the customer or client decides whether to continue business with the company or not. In other words, a company’s ability to retain its customers has a major impact on revenue generation and profitability.
Let’s talk about a simple fact about customer retention. Convincing existing customers to make new purchases is more profitable than winning new customers. You’ve probably heard it many times, right? To prove it, let’s look at the findings of the Harvard Business Review. It states that acquiring new customers can be up to 25 percent more expensive than retaining existing ones.
However, you need to ensure that your business has a well-designed framework for customer retention strategy. In your search for new customers, never lose sight of those you are already connected with. Actually the golden rule for exemplary business success. Your existing customers are your real asset and you don’t want to put them at risk. The more customers you can retain, the higher your profits will be. simple math!
Relevance of customer loyalty in B2B channels
Customer loyalty is very important in B2B and B2C marketplaces. Both B2B and B2C companies want their customers or principals to make repeat purchases for them. However, in a B2B sales project, customer loyalty becomes much more important. In a B2B channel, you sell to companies that rely on a variety of products and services to function. However, you have a smaller daily customer base than a B2C distribution company.
However, every customer is very valuable to you. B2C companies can still afford to lose some existing customers from their broad customer base. The same goes for B2B companies that already have a few customers. Losing even one customer can significantly similarly impact your business. Because of this, you need to make sure your business is constantly looking for ways to increase customer retention rates.
Analysis by Bain and Company concludes that B2B companies can see up to a 95 percent increase in profits with just a 5 percent increase in their customer retention rate. As you can see, if you pay attention to customer loyalty, the chances of business success are great. Increasing your company’s customer retention rate is very important for increasing sales performance.
However, nowadays you have to think outside the box to retain your valuable customers. There is a lot of competition in every industry. The same goes for acquiring and retaining customers. Others do everything they can to entice your customers by offering them additional benefits. So your best bet is to offer unmatched customer service and get creative while you do it.
To help you out, this blog lists some thoughtful and unconventional customer retention strategies. With this useful strategy, B2B companies can maintain a steady level of customer retention. You can overcome customer churn challenges and make huge profits. So let’s get started!
Creative idea for customer loyalty in B2B marketplace
Give customers a warm welcome on board
When you deliver your product or service to a new customer, it doesn’t stop there. Actually starting from here. In a real sense, the customer journey begins when you have shipped the final product. From there, you need to make sure they have an experience they will be happy to come back for.
So send a welcome email to your new subscribers and express your willingness to help them in any way you can. Just as you provide your new hires with an onboarding experience for high employee engagement, you can do the same for your new customers. That way, you inspire more trust and loyalty in them. They will be attracted by the positive experiences you had and will also be happy to deal with you in the future.
You can also offer them a free demonstration of how to use the product or service in question. You can offer to send your representative to provide guidance to your employees on the results so that they can be used smoothly. They need to be consistent to ensure their experience remains positive. As mentioned above, new client onboarding is the beginning, not the end.
Suppose you have subscribed to a new Wi-Fi connection for your workplace. If there is a disturbance, there will be a significant disturbance in almost all work areas. Therefore, you want your service provider to have a dedicated customer support line. You have to tell them the problem and solve it as soon as possible.
But how would you feel if there was no dedicated customer support line? In this case, you can’t report a problem in real-time to fix it. Do you want to continue with the same Wi-Fi service? Instead, you want to turn to a service provider who is available 24/7 to answer customer questions, needs, and complaints.
Likewise, your customers need the same. They want a dedicated customer support line to report their complaints or questions. However, you must provide them with ongoing customer support. The after-sales service mechanism must be strong enough to enable customers to solve their problems in real time. Their grievances must be dealt with as a priority before their experiences turn bitter.
Soliciting feedback and suggestions from customers is a progressive idea. Asking for their advice and recommendations makes your customers feel valued. The key is to give them a big sense of ownership. Because of this, you should consistently seek feedback from them. At the same time, you shouldn’t bother them with feedback.
You should also offer them channels to expand the offering. You can even ask them for suggestions on product design or service quality. Embedding a customer perspective into your products and services would be great. This ensures higher quality and greater convenience for customers. You also need to make sure that you are communicating with the client as their idea is picked up. This creates more trust and friendliness between you and your customers. Your customers will have enough reasons to stay with you.
Surprising your customers is always a great idea! We all love surprises, right? So, to retain your customers, you need to find ways to keep them happy and excited. You can surprise them with Christmas gifts. Or you can surprise them by sending them Happy New Year wishes. There are many ways and opportunities to send surprises to your customers!
Another great idea is to send them a wish or a basket to celebrate the anniversary of their relationship with your company. It won’t cost a fortune, but the value of this little surprise will be well worth it. There are many ways to celebrate the customer’s relationship with your business. All of these emotions will continue to translate into greater customer retention prospects.
Engage them with exclusive previews of upcoming product launches
Your exclusive subscribers should know about your upcoming launch before anyone else. However, you should offer your best customers an exclusive preview of the upcoming launch. This will capture their excitement and build loyalty. They look forward to learning more about your company’s new products and services. When you offer them a preview, you should also briefly explain how your upcoming launch could be game-changing for them.
Moreover, you can even invite your customers to present a new product or service. Your invitation will make the relationship more friendly. The fact that you always invite them to every new launch will win them loyalty. They will appreciate the fact that you are showing them great value and will respond by making a commitment to stay with you.
Treat your most valued customer with a business lunch
This can be another useful way to add value to your customers. You can send them exclusive invitations for the annual company party or various business dinners. This, in turn, will encourage a sense of ownership from your best customers. This gives them the impression that you value their relationship with your company.
They will also appreciate this loyalty and will happily maintain it for a longer period of time. Instead of going to a new supplier or company, they will continue to do business with you. For today’s customers, the customer experience is much better than the product and price. If you can please them on all three parameters, they won’t go anywhere else. Building relationships outside of the store will always be key to retaining customers!
It may seem like a simple idea, but it’s not something companies implement in the usual sense. Companies often make big commitments and deliver far less than they promised. Making massive claims to win over customers is not uncommon. But when a company fails to live up to its guarantees, it lets customers off the hook. For obvious reasons, they may not be interested in buying again from a company that is overly committed and underdelivers.
You will have to find another shop here. Let the quality of your business and your customer service speak for themselves. Make fewer commitments and be more true to your word. When you start exceeding customer expectations, you earn a large part of their trust. Even you would love it when someone offers you more than they promised, right? It will be a pleasant surprise, evoke positive emotions. However, deliver more than you promise and watch your customer retention rate soar!
In short, all of these strategies are ultimately about increasing customer value through excellent customer service. Customers will happily return to a company that offers value, even if the price is higher. Actually, they prioritize service and experience over price. So, to increase your customer retention rate and thus generate higher profits, you need to find the best way to cultivate your customer’s sense of belonging. Remember, they are more important to your business success than your potential customers!