In B2B, getting new customers is important, but retaining existing ones is even more critical for growth. One of the strategies to do that is account-based marketing, where you personalise messaging and value propositions for specific key clients. Why? Because repeat customers are more profitable and become brand advocates for long-term success. Here are some proven strategies to boost B2B customer retention, loyalty and repeat business.
Business-to-Business Marketing
What is B2B Marketing?
B2B marketing or business-to-business marketing is the practice of promoting products or services from one business to another. Unlike consumer marketing, B2B marketing is about building long-term relationships and trust between businesses. This type of marketing involves creating and executing a marketing strategy that targets other businesses to convert leads into customers. B2B marketing is essential for any business that sells to other businesses as it helps establish credibility, partnerships and revenue growth. By understanding the needs and pain points of other businesses, you can tailor your marketing to your target audience and stand out in a crowded market.
The B2B Customer Journey
The B2B customer journey is a multi-step process that potential customers go through before making a purchase decision. This journey has three stages: awareness, consideration and decision.
- Awareness: In this first stage, potential customers become aware of your business’s products or services through various marketing channels such as social media marketing, content marketing and online advertising. The goal is to grab their attention and generate interest.
- Consideration: In the consideration stage, potential customers evaluate your offerings and compare them to competitors. They look for detailed information, case studies, and reviews to make informed decisions. Providing valuable content that addresses their specific needs and challenges is key at this stage.
- Decision: In the final stage, potential customers make a purchase decision based on their evaluation and comparison. This is where your marketing efforts should focus on your unique value proposition and how your solution meets their needs better than competitors.
Understanding the B2B customer journey allows you to create targeted marketing strategies that guide potential customers through each stage and convert them into successful customers and long-term business relationships.
Why Business-to-Business Customer Retention
Getting a new customer can cost 5 times more than retaining an existing one. Increasing customer retention by 5% can boost profits by 25% to 95%. These stats show how big the impact of customer retention is on your bottom line. Using marketing tools effectively is key to B2B marketing as they help scale processes, generate quality leads and build brand loyalty. Beyond profitability, loyal customers give you:
- Lower Marketing Costs: Reaching out to existing customers is much cheaper than getting new ones.
- Increased Customer Lifetime Value (CLTV): Repeat customers generate more revenue over time.
- Positive Word-of-Mouth Referrals: Happy customers become brand ambassadors.
- Valuable Feedback and Insights: Long-term customers give you valuable product and service improvement feedback.
Marketing Strategy
The Foundations – Define Your Brand Positioning
The strength of your ability to retain B2B customers is equal to the strength of your brand. You need to clearly define your brand and your brand positioning as part of developing your B2B marketing strategy. Brand positioning is about creating a unique identity for your business that differentiates it from competitors and resonates with your target audience. To do this, start by identifying your target market and understanding its needs, pain points, and preferences. Do research to get insights into what your business customers value most.
Next, define a unique value proposition that clearly communicates the benefits and advantages of your products or services. This value proposition should address the challenges your target audience is facing and how your offerings solve them. A well-defined brand positioning will help you have a consistent message across all marketing channels, from digital marketing and social media marketing to website-based content marketing and, potentially, influencer marketing.
By having a strong brand identity, you can build trust and credibility with your target audience and attract and retain business customers. Consistent brand positioning also means your marketing campaigns are aligned to your business goals and drive demand generation and growth.
B2B Customer Retention through Account-Based Marketing Strategies
Having a well-defined digital marketing strategy is key to a marketing strategy. It starts with identifying your target audience and combining elements like content marketing and SEO to attract and retain customers, grow your online presence, and increase your ability to engage with the right audience. Here are some ways to do it:
- Personalised Communication: Tailor your communication to individual customer needs and preferences. Use CRM to track customer interactions and segment your audience for targeted messaging. Personalised emails, custom offers, and relevant content show you value each customer’s unique needs.
- Exceptional Customer Service: Be proactive and responsive. Invest in training your customer service team to handle inquiries quickly and with empathy. Offer multiple support channels (phone, email, live chat) and fast resolution times.
- Proactive Relationship Management: Don’t wait for customers to contact you with issues. Check-in with clients regularly, offer support proactively and ask for feedback on their experience. This shows you care about their success and builds stronger relationships.
- Loyalty Programs and Incentives: Reward loyal customers with exclusive discounts, early access to new products or personalised offers. Create a tiered loyalty program to encourage repeat business and long-term partnerships.
- Value-Added Content and Resources: Provide content that educates and empowers your customers. Share industry insights, best practices and expert articles. Host webinars or online workshops to address their specific challenges.
- Feedback Mechanisms and Continuous Improvement: Ask for feedback through surveys, feedback forms or direct conversations. Address customer concerns and use feedback to improve your products, services and overall customer experience. Showing you care about continuous improvement builds trust and loyalty.
- Build a Community: Create a sense of community among your customers. Create a dedicated online forum or social media group where customers can connect, share best practices and network with each other. This creates a sense of belonging and strengthens customer relationships.
Measuring Retention and Growth in Digital Marketing
You need to track key metrics to measure your retention strategies.
Online marketing is about promoting products or services to decision-makers at other companies. It’s about connecting with prospects and building brand trust through social media and influencer marketing.
Here are the metrics to monitor:
- Customer Retention Rate: Percentage of customers who continue to do business with you over a period of time.
- Customer Churn Rate: Percentage of customers who stop doing business with you.
- Net Promoter Score (NPS): Measures customer loyalty and willingness to recommend your company.
- Customer Lifetime Value (CLTV): Total revenue from a customer over their lifetime with your company.
Marketing Tools to Measure and Track:
- CRM Systems (Salesforce, HubSpot): Track customer interactions and manage contacts and customer data.
- Analytics Platforms (Google Analytics): Website traffic, user behaviour and conversion rates.
- Survey Tools (SurveyMonkey, Typeform): Collect customer feedback and measure satisfaction.
Customer retention is an ongoing process, not a one-time fix. By following these strategies, you can build stronger relationships with your customers, get more repeat business and drive long-term growth for your B2B company. Start by reviewing your current retention efforts and identify areas to improve. Prioritise personalisation, exceptional customer service and continuous improvement to build a loyal customer base that fuels long-term success.
