The churn of customers is a major concern for all businesses, but especially B2B companies. Your bottom line could be destroyed if you don’t manage to keep your customers.
It is best to develop a customer retention strategy that will keep your current customers while also giving you the foundation to grow your business.
Why does B2B need a plan to retain customers?
It’s not unusual for customers to leave a company now and then. If “every once in a while” turns into “frequently,” it can be a major problem for your B2B company.
Recent statistics show that preventable churn can cost businesses 136 billion dollars annually.
If your customers are also businesses, you can bet they will go to your competitor once they decide to stop using your solution.
A good B2B retention plan doesn’t mean being defensive. While a decent strategy can keep clients from leaving for your competitors, a great retention plan will create brand awareness, inspire loyalty, and solidify your client base.
Here are some suggestions to help you create your plan.
Put customer education first.
The customer journey does not end once the customer has purchased from you.
Your customers will become frustrated if they don’t fully understand the potential of your solution. They may even wonder why they paid for it. The No. Research shows that the No.
This means that education should be at the heart of your onboarding process to make sure that you are educating your customers about the full potential of the product or service that you have sold them.
Schedule welcome emails and create an explainer video. Keep customers updated on the latest versions of products or services through regular communication.
If your B2B customers aren’t informed about the potential of the solution, they will likely leave. Education breeds loyalty.
Offer resources to solve problems.
After a company has purchased your solution, you will receive a lot of questions. Your business, whether it provides SaaS, physical products, or consulting, is expected to help another company solve a problem. You’ll need to be able to solve a problem if it arises.
You won’t be able to address each of these issues personally, so you should create resources to help your customers resolve their problems.
Create a library of high-quality, readily accessible content for your customers to help them solve any issue that may arise.
After you have created a knowledge base of videos, blogs, and e-books, as well as webinars and whitepapers, you will give your customers the freedom to explore your products without you having to guide them.
Keep an ear out for the grapevine.
If you have been paying attention, you won’t be surprised when a customer decides they don’t want to work with your company anymore. You’ll always see red flags. By being on the lookout for them, it will be easier to keep a client.
Watch out for these red flags:
- Customers haven’t been logged in to your platform for some time
- The search for contract or terms of service information
- The engagement level of your customers with your product is dwindling
If a customer shows signs of declining interest in your product, reach out to them personally and see what you can help with. Even the smallest gesture can be enough to bring a customer back.
Customize your service
B2B is no exception. Customers want to connect. Customer loyalty increases as a result of the interaction between you and your brand.
A personalized service is the cornerstone of any high-quality retention strategy. Create loyalty schemes, personalize messages, and offer content relevant to the customer’s situation.
This may not seem much, but it adds up to a valuable customer experience. This is especially important when your customer has multiple decision-makers who use your product in different ways.
Listen to your customers.
It’s easy to become defensive after investing blood, sweat, and tears in a business. When a customer gives constructive feedback, you may feel threatened. The magic is in the input.
Every day is a school day. But absorbing information is only the first step. It would be best if you made the most of the feedback.
Show them how you are listening to their suggestions. This can transform your relationship from a business transaction to a partnership.
Prioritize communication
Communication is key to a successful B2B relationship. Creating an active communication plan will ensure that your clients are satisfied with the services you provide.
It’s a good idea to keep in touch with your customers, even if they are happy with their current situation.
It’s not just about scheduling meetings to discuss business issues. It would be best if you connected with the people in the company.
You can use this relationship to increase your upselling, cross-selling, and solving problems.
Remind your customers of their worth.
B2B relationships will always be a little more emotional than normal. Everyone wants to do well for their company, so it is only natural that owners, managers, and employees expect their partners to strive for the highest standards.
Reminding your B2B clients how much you appreciate their partnership can be a powerful tool. Every time you contact a client, it’s an opportunity to delight and excite them, as well as deliver the best customer service. This approach should be part of the DNA of your business.
It would be best if you reinforced the reasons why your customers choose to work for you every time you speak to them. You can always give your customers a token of appreciation when they are least expecting it. Vouchers, free upgrades, or other small gestures show them how much you appreciate their loyalty.