When it comes to gaining the greatest value out of your existing customers, customer retention is fundamental. As a business, earning this loyalty is a continuous and integrated approach that requires universal input from all members of an organisation.
68% of customers discontinue their purchasing from a specific business because they believe that they’re no longer cared for.
If you’re unable to provide substantial value to your consumers and sustain meaningful relationships, then you won’t have the opportunity to truly maximise the value they can offer you. In B2B organisations, attracting and securing new customers can prove to be particularly difficult. Once you’ve gotten them on board, keeping them is essential.
It all starts with the customer.
As such, it is imperative that you’re adequately meeting your consumers’ wants and needs at the very least and, to foster a long-term mutual benefit, going above and beyond their expectations of your organisation.
The following explores some practical strategies that can be implemented to boost the overall value your existing consumers have to offer.
KEEP YOUR CUSTOMERS AT THE HEART OF YOUR BUSINESS
When aiming to increase the value of your existing customers, a great starting point is the implementation of a customer-centric business model.
A customer-centric business structure involves providing an exceedingly satisfactory experience for your consumers during all of their interactions with your organisation.
Such approach allows for you to gain thorough comprehensions of your customers’ wants and needs and, as a result of this, make informed business decisions to ensure that expectations are met.
Consumers are receiving notable, relevant value each time they choose to instigate some form of contact with your business and, consequently, are more likely to continue returning to your organisation. This supports the fostering of long-term consumer loyalty, meaning that your satisfied existing customers have more opportunities to contribute positively to your business.
When following a customer-centric business model, the construction of a well-researched customer persona can assist greatly in truly understanding your consumers’ desires. It allows for you to systematically and clearly determine exactly who your existing customers are, giving your business the relevant information to develop focused practices.
YOUR CONSUMERS’ OPINION MATTERS
All you have to do is ask, and it’s likely that your customers will have some great ideas on how your business can better satisfy their needs.
Communicating directly with your existing consumers allows for you to gain an accurate depiction of your target markets perspective and hear their personal thoughts, while also showing them that you value their opinion.
It’s critical to understand where exactly you’re doing well or going wrong in the eyes of your audience. If you’re able to do that, you can then start planning to implement appropriate adjustments to your current approach that will ultimately create happier long-term customers.
Your existing consumers are a highly valuable resource when it comes to refining your organisational practices and achieving continual improvement. They’ve experienced what you have to offer, and likely know how they feel about it.
Asking for their ideas contributes to your ability to add new value to your business and, ultimately, assists you in performing to a higher standard.
Convey your appreciation of the continued support from existing, loyal customers through unexpected rewards that surprise and excite.
To actively reward your consumers in a meaningful way, you may choose to celebrate specific milestones in your relationship.
This could be as simple as a unique discount or bonus experience that acts as a direct display of your gratitude.
Thoughtful, unanticipated actions are memorable and assist in fostering strong, relevant and personal connections with your existing customers. They encourage positive interactions and, as such, increase the likelihood of sustained customer satisfaction and loyalty.
It’s important that this loyalty doesn’t go unnoticed.
BUILD BRAND ADVOCACY
Your particularly passionate existing consumers can prove to be highly beneficial in spreading positive word-of-mouth about your business.
These dedicated customers willingly generate referrals and increase brand awareness, all through the implementation of a technique that is cost-free to your organisation. The information shared is likely to be perceived as genuine due to the personal nature of the interaction. For this reason, such endorsements have the ability to effectively prompt relevant action from recipients with the potential to contribute positively to your organisation.
But how exactly are brand advocates created?
It isn’t possible for you to force individuals to advocate about your brand (at least, not ethically). However, if your organisation makes the conscious effort to provide exemplary services and/or products to customers, you’re definitely moving in the right direction.
As a business, it’s also important to ensure that all of your communication regarding different matters is honest and transparent. In order to become truly passionate about what you have to offer, existing customers need to know in confidence that you’re not exploiting them or manipulating their trust.
If one of your existing customers has an issue, be proactive in finding an appropriate resolution. Show them that you’re dedicated to addressing their problem and, even though they were initially dissatisfied, the right solution may work to strongly enhance their perception of your business.
You can also facilitate the formation of a strong brand community, encouraging conversation between individuals who are equally passionate about your business. In giving your existing likeminded customers a platform to share their thoughts, their enthusiasm has the opportunity to gain momentum and spread.
NOTICE CHURNING SIGNS
Are your customers in the process of departing?
It’s far more expensive to acquire new customers than it is to retain existing ones, therefore, being able to recognise the signs of your customers losing interest can prove to be highly beneficial for your business.
As such, it’s important to identify the exact areas of decline common among your customers, and then act swiftly to address any factors that are at their origin. If you’re able to understand why your customers choose to leave, then you can start comprising strategies to combat the main causes and increase customer retention.
Through increased customer retention, you are granted the prosperity of future opportunities where existing consumers can build even stronger relationships with your brand and continue to add value to your business.
If you’re interested in boosting the value of your customers, our B2B marketing consultants can help. For more information, get in contact with The Lead Agency today.