How to Focus Your Loyalty Program on B2B Customer Retention
The cost of bringing in new customers can be up to 4-10 times as much as keeping current customers. This is especially surprising when you consider the fact that 44% of companies put greater emphasis on new customer acquisition than current customer retention (a mere 18%). With such an obvious discrepancy, it makes you wonder why more businesses aren’t shifting their efforts to focus on keeping the customers they already have, rather than seeking out new ones. All of this is especially true for B2B companies, who have fewer customers making up a larger share of their revenue. B2B customer retention is probably the most important kind of customer retention!
While we shouldn’t stop trying to increase customer acquisition, these statistics make it clear that investing more in B2B customer retention is more lucrative. And one of the best ways to increase B2B customer retention is with a winning loyalty program!
In a typical B2C loyalty program, your marketing approach needs widespread appeal in order to attract as many customers as possible. You want the program to be simple and useable for a broad audience, casting a wide net to bring in potential new customers.
B2B loyalty programs, on the other hand, typically deal with a much smaller pool of VIP participants. This limited, exclusive audience affords you the unique opportunity to tailor your B2B loyalty program to your participant’s individual needs and, most importantly, develop specific channel marketing strategies to keep them around longer.
6 Tips for Better B2B Customer Retention
There are many ways in which a B2B loyalty program can help to cement customer retention, but here are our top 6:
- Promote brand values
- Use online technology to improve customer experience
- Emphasize convenience with mobile apps
- Offer training incentives
- Integrate your loyalty program with CRM technology
- Reward your top customers with exciting incentive travel
Check out our slideshare below for more details on how to use a B2B loyalty program to dramatically boost your customer retention rates!