How to Build an Effective B2B Customer Retention Plan

Customer churn is a top concern for any business—but especially B2B firms. If you aren’t able to get on top of customer retention, your bottom line can be completely devastated. The best way to reduce churn is to create a robust customer retention plan that both retains those all-important current customers and gives you a solid grounding to scale your business. Why do B2B businesses need a customer retention plan? Customer churn is part and parcel of owning a business, so it’s normal to have customers leave every so often. However, if that “every so often” becomes “frequently,” it’s capable of ripping a big hole in your ability to run an effective B2B business. In fact, preventable churn costs businesses $136 billion annually, according to recent statistics. When your customers are businesses themselves, it’s a good bet that once they’ve decided not to use your solution anymore, they’ll go to one of your competitors. That said, a good B2B customer retention plan isn’t about being defensive. A decent strategy will keep your clients from running into the arms of a competitor for a while, but a top-notch retention plan will inspire your customer base, solidify loyalty, and create buzz around your brand. Here are suggestions for building that plan. Put customer education first As good business owners understand, the customer journey doesn’t stop once they’ve agreed to buy from you. If your customers are left to use your solution without fully understanding its potential, they are likely to become frustrated and wonder what they’re paying for. The No. 1 reason for service cancellation is a lack of ROI on a customer’s initial investment after purchase, research shows. READ FULL ARTICLE>>