5 Essential Ways To Improve B2B Customer Retention

Business customers are few in number so one should do their best to hold on to them. Each and every one of them is so valuable that you cannot afford to lose them. The best way hand on to them is to keep them active. This means that you keep in touch with them regularly, giving them service updates and regular checks in order to find out whether your previous dealings with them are proving good for them or not and what could be done to improve.

How To Improve B2B Customer Retention?

Improve B2B Customer Retention

There are several ways to improve your customer retention. A lot of different marketing strategies have come up, but they all are not effective. The top five ways to improve business retention are given below.

STARTED A NEW BUSINESS/COMPANY? WAITING FOR YOUR CUSTOMERS? READ THIS:

4 Basic (And Best) Ways to Attract and Keep Customers (That You Must Know)

1. Meeting Customer Expectations

This is the most important factor in improving your customer retention. You should meet all the promises you made when you sealed the deal with the client. This will create trust between you and your customer and will make it simpler for you to get more orders from this particular client. He/she if satisfied with your work could recommend you to their colleagues and other business industries.

Your products should meet the demand in the market, like the quality of the product, the features, and the services that come with them should be included in the package.

2. Customer Service & Satisfaction

Customer service and satisfaction are a clearly worthy objective when you talk about customer retention. Again this is a trust building exercise but can turn out to be a very difficult one. If your customer is a bitter person he/she will make your life a living hell and you will have to cope with them no matter what the situation is. Studies show that efficient customer services do pay off in the long term and help in customer retention. Customers who faced problems which were resolved efficiently are more likely to come back to you than those who never faced a problem at all.

3. Loyalty Programs

Loyalty programs often include special discounts or extra perks, along with special services and privileges. Some companies offer travel rewards based on the volume of purchases. These rewards are highly appreciated by employees, making this strategy a highly effective and desirable one. As many businesses forbid their employees to accept more than a token amount of value, these services are much appreciated by them. The more they purchase, the higher the rewards they get.

4. Newsletters

Newsletters help keep organizations aware and up to the date on your products and services. This helps them become aware of your competitive marketing strategies and how you are better than your competitors. It also tells them what special offers and discounts you are offering and to what extent they can benefit from them.

5. Unique Selling Proposition

Be creative when marketing yourself; a unique selling proposition (USP) might be the boost you wanted. A unique selling proposition not only helps strengthen your existing customer relationships but also attracts new ones. This makes your client realize that you are worth continuing services with.

GOOD CUSTOMERS = GOOD BUSINESS. BUT, ARE YOU SURE THEY ARE HAPPY?

4 Main (And Valid) Reasons Your Customer Service Program Is Failing

Do you have any experience running a B2B company/startup? Let us know your views in the comments below.

HOW TO: Determine The Best Social Media Platforms For Your Business

As shared by Hub Spot, 63.7% of Internet users regularly use a social network per an EMarketer February 2011 survey, and 63% of companies surveyed in a December 2010 McKinsey Global Institute study say social media has increased marketing effectiveness among other benefits for their business, including customer satisfaction, reducing marketing and support costs, and increasing revenue.

Social Media Platform

Beyond common knowledge, with stats like this, it’s hard to argue that social media hasn’t grown and expanded to the point that it’s imperative for a business to incorporate it in some way if they want to swim with the competition vs. sink with those who don’t quite get it. But it often happens that businesses get caught up in the hype of social media—social media networks such as Facebook and Twitter more specifically—that they tend to lose sight of what makes the most sense for their business when considering all social elements available to them as part of their marketing campaign.

Expand your definition of Social

First, social media is more than social media networks such as Facebook, Twitter and LinkedIn. Everything we do to interface on the Internet can be defined as social, from blogs and forums to article directories and email campaigns. What’s important is identifying where a business’ target market hangs out and marketing to them there.

Capitalize on synergy and economic benefits

By capitalizing on all available social media options such as article directories, blogs, social media networks, and forums, you’re creating content throughout the Internet that creates recent and current content and inbound links to your website, blog, social media networks, and so on. There’s a lot of synergy to be had if you choose to take advantage of it, in addition to the fact that a small business now has the opportunity to create a massive social media internet campaign at a relatively low cost. This means they can now do what only the major players had the capital to do when off-line advertising and marketing was the only option.

Get clear on B2B vs. B2C for your business

Recent studies show some social media platforms are much better for B2B vs. B2C leads and conversions and vice versa, so you want to take this into consideration based on the emphasis for your business. For example, per a Leadforce1 June 2010 study LinkedIn drove the most referrals to B2B sites with a total of 17,618 leads vs. Facebook and Twitter that only drove 4465 and 6170 leads respectively. Also, in the Hub Spot State of Inbound Marketing 2011 Report, LinkedIn generated the most B2B conversions at 61%, with the company blog coming in at 55%, Facebook at 41%, and Twitter at 39%. On the flipside, Facebook was shown to generate the most B2C conversions at 67% with the company blog coming in at 63%, Twitter at 53% and LinkedIn at 39%.

Social media is critical for a business’ marketing success and survival in today’s world, but there are a variety of elements to consider. It’s also important to realize social media is more than social networks, such as Facebook, Twitter and LinkedIn, to ensure capitalizing on all aspects of ‘social’ available for maximum results.

This article is written by Chris Marentis. He writes from experience about lead generation, closing the sale and leveraging social media. If you wish to write for us, kindly check this.