How to Reduce B2B Churn
For most business to business operators, customers are typically so hard to win but frighteningly easy to lose. The good news is that most of the reasons we lose customers are due to factors that we as business owners and professionals can influence. The even better news is that these aren’t rocket science and are actually business principles you will have been taught academically, on the job or heard mentioned on TV (if you are hooked on ‘Dragons Den’ like me). So if they are so obvious why do businesses not implement them? The reality is that some businesses overlook the simple obvious business principles as they search for more complicated philosophies or selling techniques to grow their business. I like to think of the following tips as the building blocks to create a solid foundation to your business to allow you to expand.
On boarding your customers – Business customers like to feel like they are important to your business. Your front end sales team are undoubtedly good at giving your prospects that warm feeling however companies often trip themselves up as the charming salesperson hands off to business as usual teams who lack the same level of engagement and enthusiasm for their relationship. How would you feel if all of a sudden you felt like a number? Your customers will remember that feeling and will be suddenly looking for their contract for exit clauses. The remedy of course is to ensure that there is a smooth transition from sales to BAU which requires simple yet effective communication between your internal teams and of course a clear strategy to keep your customer feeling loved through the process. This first impression will last and ensure your clients renew their terms.
In life communication – Depending on the nature of your business it’s unlikely that you will need to communicate with your client as frequently as you do at the outset. However, many businesses fail to engage with their clients at all or not enough. Make your customers feel that they matter and their opinion counts by calling them and proactively check if all is well. Email is a cost effective way of staying in touch with clients but be mindful of overdoing this. Sending a newsletter that has a specific message that leaves them with a feeling that you’ve kept them informed or provided added value is a good strategy rather than sending weak messages because monthly sounded like the right thing. Business customers always like a gift so if you own a box at a local stadium be sure to take your clients along or at Christmas time why not stay engaged and send corporate ecards from suppliers such as eCO2 Greetings or ecard shack.
Stay tuned in to your customer’s needs – Having worked tirelessly and invested large sums of money into acquiring new customers many businesses focus more on winning new clients. Your business should pay attention to your current customers needs or they will leave. Do your competitors have a better product? Do you have a better product that existing clients should benefit from? Are existing clients on a more expensive tariff? Address these early enough prior to contract renewal dates and you will prevent any thoughts your customer may be having about alternative suppliers. Econsultancy have recently released their latest survey for all the latest trends on email marketing.