We all know that it's cheaper to retain a customer than win a new one, but sometimes that's easier said than done. According to a recent Gallup survey, only 29% of B2B customers are engaged with the companies they do business with, leaving the remaining majority not committed to a company, or even worse actively looking for an alternative supplier.
Capturing and using data about your customers as individual's is critical to understanding their needs and creating a shared vision. This HBR article gives 4 practical steps to help B2B businesses keep their customers.
Customers expect the companies they do business with to understand them as individuals and connect with them in ways that are valuable. Doing this in the age of big data is more complicated and competitive than ever, requiring a thoughtful approach. Companies need a strategy focused on the future growth of the relationship as well as the bottom-line value for both parties. They need ongoing, two-way interactions and a willingness to invest in listening, to get personal, and to create a shared vision for success.