If your B2B company is like most, 90% of your revenue comes from your top 10% of clients. This puts your revenue stream in a precarious place if two, or even one, client decided to part ways. B2B customers are a unique bunch, and it’s imperative that your company take strategic steps to retain them. Here’s how to build predictable growth with sustainable B2B customer retention strategies.
Set the stage for personalized B2B marketing and communications.
To put on the best show for your audience (ahem, customers), you have to know who they are first. Get busy sorting them into three specific tiers based on their value to your company. An easy way to do this is to sort by contract size using the 20/60/20 theory. Once you have your top-tier, middle tier, and lower tier defined, you can begin marketing to their specific needs and industry using targeted communications that are timely, insightful, and industry-specific.
Personalized, but automated marketing makes it possible to speak to all of your customers where they prefer, and how they’d like in a cost-effective way. Rev up your marketing efforts by integrating your CRM with the B2B loyalty software you use to motivate customers to stick with your company. Don’t have one or either of these key pieces of technology? Get them. These platforms make efficient data collection, master record development, and personalized content creation possible.
Captivate B2B customers with compelling content, call-outs, and rewards.
Win your client’s loyalty by showing them you’re invested in their success. When a customer reaches a significant milestone because of your product or service, be sure to recognize their achievements at corporate events or in case studies. Offer training and content on your services, product functionality, and other goods your company develops to make your customer’s jobs easier. House your training online on an easily-accessible platform that rewards participants for completing courses and taking surveys.
Developing effective B2B customer retention strategies can be tricky, given today’s complex markets. But now you know the drill: separate customers into defined tiers based on their value, personalize all marketing communications and engage them where it matters most.
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