Are you getting ready to launch a new product, or have you recently launched a new offering? If you take a closer look at who's buying, you'll probably notice that your current customers and clients are your top spenders.
It takes less convincing (and fewer advertising dollars) to get an established customer to try a new product than it does to convert a brand new lead. The path to continual growth lies in customer engagement that wins repeat business.
A study from the Partner Marketing group found that 96% of the companies surveyed were focused on new prospects, while only 40% said their focus was on their current set of customers. However, the real growth happens when you focus on building trusting relationships with your long-term clients.
Building Loyalty Builds a Better Business
Many B2B marketing companies are now shifting their focus to building and maintaining their customer relationships. Rather than struggling to continually reel in new business, they create an approach that builds trust and loyalty.
Building these relationships requires cross-company alignment on goals, data, and tactics. Creating priorities that revolve around the entire customer life cycle is a drastic change for many companies, but also a highly important part of creating depth in customer relationships.
So, what can you do to deepen your customer relationships?
Hone Your Value-Add
Make it clear to your clients why there is value in working with your business. To start, provide ongoing product education and exceptional customer service. These are two easy ways to increase your value-add and stand apart. Assure your customers that you can help them find success and that you will be there as a partner if a problem arises. Once the customer has bought into the benefits of doing business with your company, it's much easier to engage your up-sell and cross-sell strategies.
Track Metrics and Re-Engage
Renewal and churn rates are two big metrics to track when trying to understand the depth of your customer relationships. In the case that a client does leave the company, you should also have an effective win back strategy in place. Whether that's a discount to return or a newsletter highlighting your newest products, there are many ways to re-engage the customers who have already left.
But what activities can you implement to retain customers and curb churn? Making regular account updates is a standard part of many B2B marketing customer success programs, according to research from Regalix. This includes reviewing products and services with existing customers and understanding their current needs.
Another strong way to increase customer retention is to supply ongoing product demonstrations so that your customers are always up to date on the latest functions and features. B2B marketing companies should also spend some time collecting customer opinion data and making changes based on those results.
Nurture New Customers
In the early stages of a customer relationship, providing a welcoming and valuable onboarding experience is key to building long-lasting customer relationships and positioning yourself as a partner for the company. Regular check-ins with your clients (new and old) to make sure that you are meeting their needs is another excellent way to show them that you're committed to them as a client.
Tracking metrics for your current customers can help you determine their propensity to spend more money with your company down the line. Tracking customer feedback as well as metrics, like cost to serve and lifetime value, along with factors like risk can help you determine the level of attention that each account needs in order to sustain a valuable relationship with your company.
If you need help with your B2B marketing strategy or tips on building solid customer relationships, contact Cox Media Group Local Solutions.