Customer Retention Tips For B2B Businesses

The problem of customer retention is not a new phenomenon to many companies in Africa. Customer turnover to a certain degree is allowable depending with the industry in question.

Globalization, stiff competition, disruption are just some of the factors affecting business hence the need to retain existing customers has become paramount. The challenge with many organizations is the lack of right survey and interview tools to gauge the health of their customer relationships.

Customers expect the companies they do business with to understand them as individuals and connect with them in ways that are valuable.  Companies must strike a delicate balance of growth in their customer relationship while at the same time remain profitable.

Companies need to go back to the drawing board and ask themselves fundamental questions about their relationship with their customers; questions such as how well do we know our customers, how do our customers want to interact with us, what are the challenges and needs of our customers must be correctly answered as they provide the basis of value to customers and identify gaps in the current approach.

Customers want to know that the company cares about them and they are not just another number. Companies must make valiant effort therefore to connect with their customers as unique individuals both online and offline noting that both channels are complimentary to each other. Once you know the client needs you will be able to find ways of creating value for them through your products and services.

Most organizations whether aware or not engage clients in one way or another. Marketing, Front office, sales staff all interact with customers. Companies must ensure that they deliver value to customers at all contact point weather it’s through the accountant, cleaner, driver or any other company employee.

Finally, companies can explore adopting customer advisory boards. Customer advisory boards are a powerful way to engage clients and advance the relationship on both sides. They offer a forum for identifying what reciprocal value looks like, understanding your customers as unique individuals, and creating a future together. Advisory board members can even become your best advocates.

Such strategies can help companies keep their customers engaged, which ultimately means more value for both the vendor and the customer.