Written by: Vickie Sullivan | March 30, 2023
Customer Retention Just Got Harder. Here’s Why
B2B companies are going to have a hard time retaining customers this year, according to a recent assessment from Adweek. This is a problem because customer retention matters a lot to businesses. According to Forrester, almost 80% of B2B revenue comes from past and current clients.
With so much on the line, it’s crucial that you pay attention to these key changes in customer behavior:
• Customer needs are a moving target. Buyers now expect us to understand their needs in unprecedented detail. But those needs change on a whim, thanks to large multifunctional buying committees. Talk about a double whammy.
• Intimacy redefined. In the past, we forged relationships with our customers by working side by side with them, supporting them through twists and turns. Now, that intimacy is based on a wider lens. It’s about understanding broad needs beyond what we offer and into what the company really wants to accomplish. Yes, relationships are important, but they don’t carry as much weight as they used to. The big game-changer is relevancy. While our clients may still love us, they won’t work with us if we aren’t a perfect fit.
The consensus among the forecasters is that buyers want fewer, deeper relationships that are tailored to very specific needs. As a result, the “customer first” movement will progress from theory to practice. Strong customer loyalty programs will be a priority. And most importantly, these changes in relationship building will determine who thrives (and who doesn’t) in this economy.
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