In a financially strained world, customer retention is becoming more important than ever for B2B companies. In this article, we will explore seven B2B customer retention strategies expected to provide the best results in 2023.
From personalized communication to continuous improvement, these strategies can help businesses build strong relationships with their customers and keep them coming back for more.
The following statistics demonstrate the importance of customer retention for B2B companies. They will highlight the potential benefits of implementing effective customer retention strategies:
B2B and B2C customer retention strategies differ in several ways. This is due to differences in the nature of their customers, purchase decision-making processes, and business models.
The following customer retention strategies are designed to help companies keep their customers happy and engaged. They help create a foundation for lasting relationships.
According to a study by Epsilon PeopleCloud Messaging, 80% of customers are likelier to do business with a company that offers personalized experiences. Personalization can help build trust and loyalty with your clients and increase their engagement and satisfaction with your brand.
Salesforce uses data and analytics to provide personalized recommendations and insights and customized training and support to help clients get the most out of their platform.
They included personalized dashboards and reports that provided real-time data on key business metrics tailored to each client’s specific needs and preferences. This level of personalization helped build stronger relationships with their clients and has contributed to Salesforce’s growth.
Touchpoint provides personalized onboarding experiences for users, allowing them to customize their dashboard according to their specific needs.
To implement an exceptional customer service strategy, you need to ensure that your customer service team is:
Rackspace, a managed cloud computing service provider, has built its reputation on providing exceptional customer service. They do that by assigning a dedicated “support team” to each customer. This team works closely with the customer to understand their unique needs and to provide personalized service.
To implement a regular check-in strategy, you need to establish a communication sequence that works for you and your customers.
This could involve setting up quarterly or monthly check-ins, depending on the nature of your business and your customers’ needs.
During these check-ins, you should:
These check-ins can also be an opportunity to educate your customers about new products or services you offer or to update them on your company’s latest developments. By staying top of mind with your customers, you can ensure that they are aware of everything you have to offer, which can help to drive repeat business.
An example of a company implementing a regular check-in strategy is Wistia, a video marketing software provider. One unique aspect of Wistia’s check-in strategy is its “Customer Growth Dashboard,” which provides customers with a detailed overview of their video marketing performance, including metrics like video views, engagement, and conversion rates.
Here’s an example of check-in email you could send:
Thanks for being [Software name] customers for almost [Number of years] and congrats on [Relevant milestone regarding product usage]!
I am TextMagic’s main contact at [Company name]. After a routine account check-in, I think there’s an opportunity to be leveraging your [Feature] more through three key areas:
1) [Feature 1 that is relevant to the user] – [benefit]
2) [Feature 2 that is relevant to the user] – [benefit]
3) [Feature 3 that is relevant to the user] – [benefit]
Would you be open to connecting around your current strategy and how these features might align with it?
Need more customer email templates? Check out our article with 62 pre-made email templates for every support situation.
By offering perks and benefits tailored to their customer’s needs and preferences, companies can build strong, long-lasting relationships and significantly boost customer retention rates.
Here are the main strategies companies use to achieve that:
Feedback provides valuable insights into how your customers perceive your products or services, what they like and dislike, and what they need to continue doing business with you. Here are some ways to effectively collect customer feedback:
Companies can deepen customer relationships and increase customer retention by providing access to additional products and services. Here are some actionable ways to achieve that:
The goal of continuous improvement is to stay ahead of the competition and meet customers’ evolving needs.
This involves regularly analyzing customer feedback and data to make iterative improvements to products or services. Here are some actionable examples of how B2B businesses can achieve continuous improvement:
A real-life example of a company that successfully implemented continuous improvement is Dropbox. After receiving feedback from users that they wanted more file-sharing options, Dropbox implemented a new feature that allowed users to share files with anyone, regardless of whether they had a Dropbox account.
Retaining existing customers is typically less expensive and more profitable than acquiring new customers. Minding the following practices will help any business foster strong customer relationships, build loyalty, and increase revenue growth.
By following the abovementioned strategies, businesses can create a loyal customer base more likely to stick with them in the long run. As they require minimal investment compared to acquiring new customers, these strategies are effective and cost-efficient.
B2B companies prioritizing customer retention will see an increase in revenue and a boost in their brand reputation and credibility in the market.
Raluca Mocanu is a copywriter at Touchpoint and began her content writing journey in 2016. She loves traveling, reading, on-stage drama and recently discovered a deep interest in psychology.
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