Customer retention is the gold standard in B2B marketing.
It takes time, effort and engagement to convert a prospect into a buyer, and the objective isn't to pour your resources into securing one standalone sale.
The goal is to build that transaction into a long-term relationship, where you'll see far higher returns in revenue, customer advocacy and brand reputation.
Today, Tiga UK runs through eight of the best customer retention strategies used in the B2B space to help you grow from strength to strength, with a healthy approach to keeping your customers firmly on board.
Successful B2B organisations don't just sell products or services.
They make their customers' lives better by equipping them with assets, information, education or resources that add another layer of value to each sale.
Establishing yourself as an authority in any sector is a powerful strategy and can work wonders for SEO, prominence and trust. Think about:
The best resources are those that inspire engagement, help your customers get to know your brand personality, and know they can turn to you for help if they need to.
Customer retention is the gold standard in B2B marketing. ”
We've mentioned brand personality, leading us naturally onto the next step - creating a connection.
If your B2B customers love your brand and feel that they resonate with your values, aims and purpose, they're far more likely to stay with you.
Every interaction you have, whether a phone call, email marketing, sending invoices or receiving a new order, should make your customer feel that their business is valued and they're not one of a thousand clients.
There are multiple ways to achieve this level of bespoke communications, and it doesn't necessarily mean you need to have a designated account manager for every customer (although that's also an option!). You can:
A customer who is valued, respected, and appreciated, whenever they deal with your company, will be hard-pressed to go elsewhere.
Whether you call it a welcome series, onboarding or client education, the honeymoon period after a first sale is a crucial time when you add a little secret sauce to make the experience memorable.
New customers are perhaps the most fragile - they don't know you yet, they're new to your products or services, and need a boost to feel confident that they've made an excellent buying decision.
Options include things like:
Selling a product that has technical aspects or works in a specific way without this onboarding approach is a key factor that leads to customer churn and perhaps frustration if they perceive that whatever they've bought isn't as amazing as they'd hoped.
When you've had a customer account for a long time, you might feel a sense of assurance that they're happy, but it pays dividends to reach out now and again.
Checking in with a customer only when they'd made an enquiry, or only if there's a problem, is never a good call.
If any of the below have occurred, it's time to get in touch, see how things are going, and ask if there are any requirements you can help with:
Any of these might be a sign that they're having a quiet period or could indicate that they're considering moving on or have an issue with a product they haven't sought assistance with.
Making the time to initiate contact and inviting your customer to discuss any reservations can be a contract-saver.
The business space can be highly competitive, but at the heart of any enterprise are people passionate about the products or services they provide.
Starting a community is a way to engage with customers on their terms and add another perk to their transactions.
You can create community B2B groups through forums, social media, private networking sites or any other media that makes sense.
When you create an interface of this nature, you can answer questions, respond to feedback, deliver free quality content, and provide bonuses like sneak peeks into new product concepts.
Around 55% of businesses report that a sense of community leads to boosts in sales, and it's an additional way to foster that dialogue and 1:1 connection you're striving for.
Selling in a market that appeals to newer businesses? Why not have an 'Ask a Question Monday' webinar, and encourage your customers to participate?
Even the best B2B businesses in the world will inevitably have a customer with an issue of some kind from time to time.
Your relationship is only as strong as your last contact, so if your customer has a problem, show them that you'll move heaven and earth to put it right.
Customer support and UX are fundamentals to building a solid retention strategy, so think about:
Investing in responsive, smart website design, on-demand customer assistance and reaching out to customers if you've any clue they're struggling with something will ensure you maintain the status of a helpful, supportive and valuable supplier.
Some businesses feel that opening themselves up to public reviews or dealing with a negative complaint makes them vulnerable to brand reputation damage - but the opposite is true.
Feedback is a hugely valuable tool and a way to see where you can improve, how you can compete, and opportunities to surpass customer expectations at every turn.
Listening to comments means your customer has a voice, they know they're heard, and they believe that you care about their experience enough to ask for their thoughts.
Even better, you can collate suggestions or requests, make this a visible log, and use it as a promotional tool to engage your customer base every time you put recommendations into action.
A give-and-take relationship encourages customers to want to work with you, knowing that their ideas hold serious weight.
Now, exit interviews can be tough; there are no two ways about it.
But, if you use this time to understand exactly why your customer is walking away, you could make proactive changes to prevent the same dissatisfaction from arising elsewhere.
It might also be a chance to win them back, even if a tiny, tentative one.
If you make a concerted attempt to get a former customer back, you've got about a 20% to 40% likelihood of succeeding - which is a lot higher than the average 5-20% potential of landing a new prospect.
The right approach depends on the reason the customer is leaving or the problems they encountered that have caused them to seek an alternative supplier, but as food for thought:
Even if you don't always succeed, a win-back process is one of the vital elements of a superb B2B customer retention strategy - and if you don't try, you'll never know!
Customer churn is a massive challenge for many B2B enterprises. The impact becomes even greater when an ex-client then moves over to a competitor, diminishing your market share to benefit a rival company's bottom line.
Retention isn't just a way to build a regular, stable client base but is critical to fostering customer loyalty and long-term profits that will stand you in good stead. If you're looking for a trusted B2B marketing partner, get in touch with Tiga today.
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This post was written by:
Stuart is the Managing Director of Tiga Creative Marketing. He founded the agency over 30 years ago.
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