There is a stark difference between B2C and B2B trading, and that’s there is an endless supply of B2C consumers and a concentrated pool of B2B consumers. We, as individuals, are B2C consumers, but B2B trading is the act of trading between businesses, of which there are not as many. It’s not so much of a problem to not retain loyal B2C consumers because of the endless supply of new customers.
B2B contracts are typically worth their weight in gold, especially the high-priced contracts. Loyal and engaged B2B customers can increase profits by up to 75%, so how do you retain them? Keep reading to find out.
Engaging And Educating Content
Naturally, there will be questions about the product or service you’re selling. There are typically up to 6 people involved in the B2B buyer cycle at any one time, and that’s a potential for 6 people to want rapid answers to questions. Providing engaging and educational content allows buyers, vendors, distributors, or supplies to answer their own questions. You’ll know personally that it’s so much more convenient to find the answer to a question in the FAQ section rather than waiting to speak to someone.
Think about using webinars, e-books, and white papers to promote industry-related content that helps to keep people engaged with your brand. Utilising a mixture of written-, video-, and audio-based content works best. Educational content also helps build trust between you and your clients as they learn more about your brand and products or services.
Enticing B2B Customer Loyalty Programmes
In B2B, the Net Promoter Score measures customer loyalty. It’s an index that ranges from -100 to 100 and looks at a customer’s willingness to recommend products or services for a specific company. That’s where a loyalty program for b2b customers comes into play. Customers tied into a high-rewards-based B2B rewards programme are far more likely to recommend a business to their friends or colleagues.
And, as well as being a way of consumers showing how loyal they are to a brand, 73% agree it’s a way for consumers to show their loyalty to customers. It’s a two-way street that’s mutually beneficial for both parties. It’s easy to set up a lucrative B2B loyalty programme through companies such as Incentive Smart.
Intervene Long Before A Contract Renewal
Contract renewal periods are a nerve-wracking time indeed. Contract renewals are a chance for consumers to explore their options. Communicating heavily with clients at the 3-6 month mark will reinforce your presence and give you the chance to consider whether you can offer a reduced price for the contract renewal, especially if you communicate with the consumers and find they have found a better deal. Waiting until the last minute leaves you zero time for negotiation ? you might lose the client almost instantly.
