subject: B2B Clients and Loyalty [print this page] B2B Clients and Loyalty B2B Clients and Loyalty
Relevant business studies indicate that U.S. companies lose about 50% of their customers every five years, and a 5% increase in customer retention can increase profits by 100%.
Providing superior service helps to build stronger client relationships and retain clients. In past years, the discussion on customer loyalty has been mostly about business-to-consumer (B2C). The business-to-business (B2B) focus is more on value proposition' and relationship-building efforts, because B2B deals are more complex and long-term, with more variables and higher stakes'; and more than one person makes the decision about retaining or dropping a vendor, so loyalty is more of a challenge.
One effective way of maintaining partner relationships are reward programs. By offering incentives and rewards to B2B partners companies can promote loyalty.
The following suggestions are also helpful:
Assign a dedicated team to each client - train employees on how to cultivate relationships, handle claims, keep clients happy, and offer loyalty incentives.
Be consistent make sure all employees and departments provide the client with the same outstanding service. Make sure the client knows that rewards are available.
Educate your clients - "an educated client is a satisfied client, "so provide them with valuable information via newsletters, presentations, reports, and tools.
Think and act as the client - get to know their business, and train your team to act as an extension of theirs, invest in client rewards and incentives to show your commitment.
Ensure quality and accuracy in every delivery - create checkpoints at every service level to make sure all operations and procedures are correct.
Be proactive contact your clients before they contact you. Aim for quality, but be able to admit mistakes, and make corrections promptly.
Provide round the clock' support make sure your on call' team is as knowledgeable as your daytime team, and give them the problem solving tools they need.
Monitor client satisfaction benchmark against industry standards. Interview your clients and measure survey results to find areas that need improvement.
"Be" your core values - practice honesty and integrity, honor creativity and diversity, have good communication, be passionate, and enjoy work and life.
In addition to following the above-mentioned practices, companies should consider implementing a channel incentive reward program in order to nurture relationships, boost loyalty, and, ultimately, profits.
