Turn to customer loyalty.
As e-commerce becomes more prevalent and the new “big box” stores overtake the Internet (think Amazon), a traditional B2B customer loyalty strategy will no longer effectively prevent customers from turning to the simplicity and ease of online sourcing. Consumers as customers expect a seamless, lightning-speed digital experience and businesses as customers are no different.
Deloitte research exploring the relationship between customer acknowledgement (showing appreciation for customer business) and customer satisfaction and repurchase behavior suggests that a simple ‘thank you’ can be more valuable than financial rewards.
Increasing customer retention rates by 5% can increase profits by 25 to 95 percent.
Many B2B organizations rely on relationships to keep customers loyal. Many of those same organizations have teams of people maintaining relationships with a complex network of retailers and end users. Take a look at the company mission and message and be sure employees reflect them.
Go Digital with a B2B Customer Loyalty Platform
Launch a loyalty program designed to retain those valuable customers and provide tiered reward structures for those who are new to the business. Tiered and point-based rewards programs effectively motivate and delight customers and over time boost customer satisfaction retention.
Use your knowledge.
Long-standing companies are experts in their industries. While it’s vital for businesses to adjust for agility to combat digital disruption, it doesn’t mark the end of an era. Young, digitally-born companies may pose a threat, but they don’t always know the industries they serve as well as some of the more established players. Leveraging and publishing industry knowledge can prove useful to prospects, existing customers, and boost SEO (search engine optimization) for a brand.