When we take and have a look at the budget of the majority of the companies that are competing at the top of the chart, it is seen that they devote a large percentage of their yearly budget to targeted advertising in a quest to cover new grounds. Now the question is: What happens to the existing customers? Any attempt to resell them will cost far less. It might not take more than a simple email and deals will be sealed. We shall be taking a look at B2B customer loyalty and how brands can exploit it to their advantage.
#1. Customer Retention
The target of sales in any company that wants to cut on the overhead costs that they are incurring should be customer retention. According to Harvard Business Review, It is 25 times more expensive to bring on a new customer than to keep an existing one. If companies can put in a 5% boost in their customer retention drive; they are going to achieve between a 25%-95% boost in their sales index. That is the power of B2B customer loyalty for you!
#2. Dealing With a Small Number
In most of the B2B campaigns, you are going to deal with a small number of customers, unlike the scenario when you what to target a wide market of customers that you have to be on your wit\’s end to convince before they look in your direction. Retaining this small number of customers is the key to business growth and development. Efforts put into enhancing excellent customer experience will lead to profitable growth.
#3. A Great Way To Keep The Customers Loyal
Running a B2B customer loyalty program will keep businesses closer to their existing customers. The customer of today desires a situation whereby they will be treated with an air of loyalty. If you can deliver that to the customer through this campaign, they will remain forever loyal and committed to your brand. You should bear in mind that for every product that a customer intends to buy online; there are at least five contending brands for the attention of the customer.
#4. Target Is On VIP Customers
The advert drive we are talking about here is different from what is obtained in B2C. The target of B2B is VIP customers whose impact on sales will push it to the highest height. It is not targeted at every customer but at the VIP customers that have the financial muscle to push sales to a height that will make every CEO beam with a wide grin.
We shall now look in the direction of strategies that one can use to effectively execute a B2B customer loyalty that will push the sales fortunes of every company to an eloquent height.
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#5. Target Your Brand Values
The content of your ad campaign should have a direct bearing on your brand if you want to effectively keep B2B customer loyalty. The customer wants to know more and is convinced of the merits of your brand and that is why he should remain loyal to you over every other consideration. Any attempt to promote business value over brand value will be counter-productive.
#6. Deliver Something Extraordinary
Like it was stated earlier, for every product or service, the customer of today has at least five choices to make. If your brand will be the ultimate, then the customer loyalty programs should be structured in a way that will bring something excitingly new to the experience of the customer. Sit down and look around at what your competitors are doing right and improve on such aspects. Cut out completely the areas of defects in your campaign. You can include something exciting like an open-loop prepaid card that leverages mobile technology and offers freedom, choice, and flexibility.
#7. The Convenience of Your Customers
This is the era of mobile technology where you can get your message through to your customers even when they are on the go through their mobile devices. An effective B2B customer loyalty campaign should be a mobile complaint. If you can give a high standard in a way that is convenient for your customers, they will be committed to your brand or service for life.
#8. Building A List
If your B2B customer loyalty campaign is to be successful, then you should build a list of your loyal customers. As they come in to buy for the first time, their contact details should be collected and you will use it to build your list. When it is time to resell to VIP customers, it will be pretty easy to use the details of their info to send them custom-made personalized sales content. However, it is not all about sales; first show that you care before reselling to them.
One of the creative ways to show that you care is to send them best wishes on their birthdays. You can monitor their progress and send them congratulatory wishes when they attain a milestone in their career or other personal endeavours in life. They will get hooked to your B2B customer loyalty campaign if you can strategically carry out this campaign.
It can be seen from what we have discussed so far that the future of the B2B customer loyalty campaign is bright. It will become the main focus as the cost of advertising gets higher and brands are looking for ways to cut down on their advert costs.