Selling to a new customer is like planting a seed and waiting for it to grow–slow, uncertain, and resource-intensive. But selling to an existing customer? That’s like nurturing a healthy tree that’s already bearing fruit. Acquiring new B2B customers is not only harder but also more expensive. A study shows businesses have a 60 to 70 percent chance of selling to an existing customer, compared to just 5 to 20 percent for a new prospect.
One out of every three customers will discontinue your service after just one bad experience. Think about that: for every three clients you serve, just a single slip-up with one of them could mean a lost relationship, lost revenue, and potentially a damaged reputation. In B2B, where client loyalty is the backbone of long-term success, that loss can ripple far beyond a single client. With so much at stake in every interaction, handling tough conversations well isn’t optional—it’s essential. Enter the BIFF Response model.
You may know your business inside and out—but do your customers? With 77 percent of consumers making purchasing decisions based on name recognition, it’s clear that branding matters. Defining and communicating your value proposition and unique selling proposition (USP) help your business stand out and resonate with your target audience. When done right, these propositions set your brand apart, making it memorable and trustworthy in the eyes of your prospects, customers, and other stakeholders.
What drives B2B customers to choose one vendor over another? Dr. Ron Friedman, psychologist and the founder of ignite80, surveyed B2B buyers about what drives their decision-making process. The findings show that “B2B customers prefer interactions that fuel their psychological needs—even if they require more time or cost more money.” These ingrained psychological needs include autonomy (desire for choice), relatedness (connection with others), and mastery (experiences that grow their skills).
Client reviews hold immense power. A recent survey states that 94 percent of customers say they have avoided a business based on bad reviews. Yet, many businesses, especially in the B2B marketplace, overlook the importance of actively soliciting feedback from their clients. If you’re not proactively seeking positive reviews, you’re missing out on a valuable opportunity to influence prospects and build credibility. So, how do you generate client reviews that share success stories and drive trust and boost conversions?
The difference between a thriving business and a struggling one often boils down to one common factor: customer service. Unlike B2C interactions, where transactions are often one-off or short-term, B2B relationships are typically long-term, complex, and involve higher stakes. As such, the quality of customer service can make or break these relationships, directly impacting a business’s bottom line. To fully grasp the significance of exceptional customer service in B2B, it’s important to understand how it differs from the broader concept of customer experience.
No matter what industry you are in, third-party validation and customer reviews are essential for building credibility and driving sales. B2C companies rely on customer reviews to establish brand reputation and social proof about their products and services. B2B businesses can benefit from reviews as well, In fact, research shows that 92 percent of B2B decision-makers are more likely to make a purchase after reading a trusted review.
What motivates people to make a purchase? Why do they choose one product or service over another? Buyer motivation is complex, especially when it comes to B2B customers. When marketers understand the motives behind a B2B purchase, they can intrinsically appeal to these factors from the beginning, thereby nurturing and expediting the buyer’s journey.
Marketers and business leaders know that a rich understanding of their clients’ style, preferences, needs and priorities is essential to strong relationships, exceptional service and sustained business growth. It’s easy to fall into the trap of assuming you know everything about your clients. These blind spots can lead to missed opportunities, poor performance, miscommunication and lost business. When you see your customer through a magnifying glass and truly understand their every need, it creates a ripple effect throughout the organization that leads to more business, better business and a stronger bottom line.
Negative reviews are inevitable. With today’s widespread and fast-paced online connectivity, it’s easier than ever for customers to voice their opinions about experiences with businesses. When customers are happy and share their thoughts online, it can lead to a deeper understanding of your customer and word-of-mouth marketing that drives new, relevant prospects to your door. But when customers are displeased, their bad reviews can turn potential customers away and can have a long-lasting impact on a business.
Most experienced business executives agree that in order to get and retain customers, it is critical to build customer relationships. But whose job is that? In one word: everyone’s. In the 1980s, Singapore Airlines trained their agents in this concept by claiming there are only two departments in the company: inside sales and outside sales. But not every company is set up that way. Traditionally, the individuals who are more involved in building customer relationships are those in marketing, sales and customer service. While there might be some overlap in each of these areas, their responsibilities vary.
Often, the focus of marketing initiatives is focusing on how to bring in more customers. Yet, did you know that it is 6-7 times more expensive to acquire a new customer than it is to keep a current one? That’s a statistic worth considering.
The reality is that the value of current customers is often overlooked when setting marketing goals and priorities. The process to retain customers should begin after their first purchase to ensure the development of a meaningful relationship, future sales and ongoing loyalty.
Every business has its policies and procedures to support business operations. However, when those behaviors negatively impact the customer experience, it’s time to re-evaluate. Here’s an example: I recently stayed in a hotel and resort in Southern California and the experience was anything but hospitable. We arrived at the hotel, hot and tired, from a long trip.
Most companies spend a lot of money to bring on new customers. While a constant influx of new customers is important, keeping the ones you already have is even more critical. According to the Harvard Business Review, increasing customer retention rates by just five percent can increase profits between 25 and 95 percent. Many focus on the
Exceptional customer service is a competitive differential. Every business seeks to provide it, but somehow, not all deliver. To be notable, customer service has to bypass good and edge closer to superlative. Why? Because customers fire companies every day because of unacceptable employee attitudes and actions. How does the word superlative translate to action? Let’s
According to E Joseph Cossman, entrepreneur and author of How I Made Millions in Mail Order, “The best way to remember your wife’s birthday is to forget it once.” Unlike your spouse, your customers probably wouldn’t notice if you forgot their birthdays. On the other hand, they probably would notice if you remembered their birthdays
Jeff Bezos, Founder and CEO of ecommerce giant Amazon, has described his company’s customer service philosophy as follows: “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little better.” With this mandate, is it
