For any business, you will have customers that will leave and stop coming back. However, just because it is a normal fact in business, it doesn’t mean that it has to be something that you just have to accept. Being able to keep customers is important for any business, and doing so in the right way can help them to become loyal customers, whilst you can focus on the profit of the business. When customers are pleased, they will tell others, and word of mouth promotion can be invaluable. It can be simpler to retain existing customers, the lifeblood of your business, than it can be to gain new ones. So the longer that someone remains a customer, the greater that the impact will be on your bottom line.
If you want to focus on retaining customers, then it is time to think about your CLV, or customer lifetime value, and to start to take that data seriously. When you do so, you can look at the ways that you can improve on to keep your customers happy, and to keep your current customers for longer. But in order to do just that, you need to know what your B2B customer lifetime value is.
Put simply, your customer lifetime value is the amount in cash that a B2B customer will spend with you, when you have them as a customer. Find your customer lifetime value here if you don’t know it. As a result, it is something that you should be monitoring closely, as it plays a vital part in your being able to forecast profits. If you can look at a customer lifetime value calculator, then you can work out approximately what profit you are expected to have from that customer. So how can you improve your B2B customer lifetime value? Here are five things to think about.
If you want to establish a positive customer relationship, then getting them on board in the right way can make a big difference. If the customer has a negative experience on their first purchase, for example, then it can mean your churn rate can be high. So to improve it, the onboarding process with new customers needs to be smooth and as simple and easy as possible. Helping them with tools like live chat features can answer questions almost immediately, and follow up with tutorials in their confirmation emails, for example.
Improve Customer Support
Having good support for a customer is a no-brainer, as the right kind of customer service can turn a customer’s negative experience into a positive one. Customers do have some expectations of how things should be done, so if you want to know how to calculate customer lifetime value, then it helps to have their needs met.
Establish Deep Relationships within Companies
The initial buying process shouldn’t be the only place where you make an effort with companies to establish a deeper connection. For instance, there are many opportunities to upsell, cross-sell, add-ons, and upgrades that can be missed, if the sales team is only thinking about the initial connection. Look to offer discounts, temporary deals or upgrades, free trials, and shipping, for example. It is all about offering more, so that the customer’s value to the business is higher.
A Loyalty Program
Loyalty programs can help all businesses, no matter what you do. Ultimately, it is a way to generate loyal customers through rewards from them that will benefit you in the long-term. There are a number of things that you can do, depending on your business, but they could range from discounts, free gifts, and exclusives just for customers signed up to the loyalty program.
Create a Fantastic Customer Experience
You won’t get very far in business if one of your focuses isn’t giving your customers a great overall experience. It is all about getting to know your customers, so you could send out surveys from time to time, where you can then get in touch to discuss any of their issues or the points that don’t make your business full marks for them. You should always act on feedback received, not just collect it. Improving the sales process is another focus, as it can be the point where you’re able to develop a relationship with the customer, and that is so helpful for the business going forward.
At Manson Media, we are passionate about helping businesses with their marketing. We can help you to understand your customers, and what the best channels are that are going to speak to them, as well as deliver results. If you want to see how we can help you to improve your B2B customer lifetime value and help with the customer lifetime value formula that will deliver results, then get in touch with one of our experts today. We look forward to hearing from you.