B2B Missions – How To Change A Fickle Customer To A Loyal Customer?
When it comes to B2B companies, the importance of returning customers cannot be overstated. A recent report found that existing customers, around 60% to 70% are more likely to buy from you – while the chance of purchase for new customers is between 5% to 20%.
However, sometimes this is easier said than done. If you are running a business, a B2B company, you have probably found that there are a few clients who slip the net.
It doesn’t matter how good your product or service is, how strong the relationship is, or how utilised your marketing channels are; sometimes, clients become fickle or, even worse, move away to a competitor.
If you are noticing a customer beginning to grow fickle, however, then there is something you can do to prevent them from moving on to the second stage. Often, B2B customer retention is about a clear, precise plan developed for the exact purpose of keeping customers loyal and changing the mind of those who are beginning to feel disenfranchised – for whatever reason – from your product or service.
The Impact Of A B2B Loyalty Program
A B2B loyalty program is one of the most important things to a B2B company. According to a recent study, as many as 65% of B2B brands are planning to implement a new loyalty program in the next 12 months. In most cases, these can be the difference between a successful B2B company and a company that is not quite able to reach their optimum potential.
They are, essentially, a customer retention solution that includes specific features that can help a business establish brand loyalty amongst their clients. However, this isn’t all about cash rewards. 77% of human behaviour is driven by emotion, so the best loyalty programs capitalise on this and form a plan that actively engages customers, deepens the connection between them and your brand, and effectively rewards positive behaviour.
Driving Customer Incentive
The result of a strong B2B loyalty program, then, is that it can drive the incentive of your customers – including the ones that are beginning to lose engagement with your brand. In a very simple sense, it is perfect for pushing sales, as engaged customers – whom you have established a strong relationship with – are far more likely to come back for more.
But apart from this, a loyalty program can also provide crucial data and information that can help you grow in the future. By gathering this data, you would be able to know how to push through with less popular products and plan future promotions for the products that are performing well.
It will also help you to rise above the competition. If your customers have the chance to earn rewards simply by committing to your brand, they are unlikely to move elsewhere – especially if they would have to start from scratch with a loyalty scheme. In this sense, it is all about making the customer feel valued and appreciated by your business. They have chosen you, after all, and they would like to feel that you have chosen them too.