Five Ways to Increase Your Customer Retention Rate
Cut your B2B customer churn rate down
Every business to business company knows some of the most valuable parts of their business are their customers. Most B2B businesses invest a great deal of time and money into developing relationships with their customers, and that is usually money well spent. Numerous studies have shown that it is cheaper to keep an existing customer than to attract a new one. Below are some of the key ways to decrease your customer churn rate and keep your clients coming back for more.
Offer Competitive Pricing
One of the most obvious ways to prevent customer loss, and attract new customers, is to offer competitive pricing. While this tip may seem obvious, it is definitely worth noting. Your B2B company needs to offer prices that are similar or better than the competition. Like some B2C companies, you could offer price matches to keep your customers from buying from other businesses. It is also smart to reward your best customers with special customer specific pricing.
Foster Customer Relationships
Even though the business is buying from you through your online store, you still need to create and nurture a relationship with them. Your sales team should contact their buyers to confirm large detailed orders, touch base with them occasionally to ensure that the products they purchased are satisfying their needs, and thank them for buying from your company. By contacting buyers throughout and after the purchasing process, not just when they are trying to make a sale, you are showing that your genuinely value their business.
Don’t Over Promise
One of the biggest turnoffs for buyers is being sold on a benefit that can’t be delivered. If you say that the item that they purchased will arrive on Wednesday but it doesn’t come until the following Thursday, that is a huge disappointment. When you promise a customer something, you need to be able to fulfill that promise. Remember that it is better to under promise and over deliver than over promise and under deliver. If you tell a customer that it will take two weeks to get to them but it ends up only taking one, that will create greater customer satisfaction.
Make Buying from You as Simple as Possible
When working with B2B buyers, many of them end up reordering the same products over and over again. Instead of making this take valuable time away from the buyer, enable one click reordering. By integrating your CRM with your eCommerce store, customers will be able to view their previous orders and reorder with one click. This can save a buyer a lot of time and energy which will make them more inclined to keep purchasing from your eCommerce store.
Have an Easy to Use eCommerce Site
Your website should never get in the way of a sale. Your eCommerce site needs to be easy to use, with simple navigation and a helpful search tool. The checkout process should have step by step instructions that allow buyers to easily place their orders. If your website is difficult to use and order from, chances are the buyers will quit using it and find another site that makes it easy to buy from them. If purchasing from you is a negative online experience, buyers will remember that and choose not to come back.
Clarity Can Help
Clarity has helped numerous B2B clients improve their eCommerce offerings to help prevent customer loss. From integrating their systems with their eCommerce store to helping them better configure their site, our team has helped many of our clients keep their customers satisfied. To find out more about how Clarity can help your business increase your customer retention rate, call or click to contact us today!