A tremendous shift is occurring across the B2B channel with changing buyer and customer needs and preferences, evolving partner business models and value, and growing competition for partner mindshare. As the pace of change continues to accelerate, companies need to focus on strengthening their customer relationships.
With companies providing additional customer retention and growth before the global epidemic, the need to engage existing customers has accelerated that focus, as new business declined in many sectors.
Customer care and retention are essential to the growth and profitability of any B2B organization.
Post-sales customer interaction is a priority for CMOs: 56% of marketing leaders say improving customer experience will be crucial in supporting their company’s business strategy over the next two years. Also, existing customers account for more than three-quarters of the annual revenue of B2B organizations, on average, according to Forrester data.
Leaders need to ensure their strategy, programs, processes, and systems are evolving in ways that will allow customer marketing to ignite, orchestrate, and co-innovate customer value across the partner ecosystem.
These few points from B2B Customer Engagement: Planning Assumptions 2022 report can help organizations develop effective and vital customer relationships over the next year.
Deciding what “healthy” looks like:
Teams responsible for acquisition, retention, and expansion require an honest view of account life. Customer success, marketing, portfolio marketing, and product management all contribute to the development of healthy customers and ensure they get value for what they buy. Combining the data and analysis needed to produce a compelling customer health perspective may seem daunting, so companies should start by building a primary health result. It is advisable to use just a few reliable data points to relevant business results and leave the guesswork behind.
Identifying where advocates are made:
Basic customer health scores should include necessary post-sales steps, such as achieving a specific product use goal, increasing participation in account updates, or attending a customer-directed practice session. It is vital to rate these value indicators individually and for the entire account, as they serve as legal representation sources. Improving new data collection and analysis processes helps teams understand and manage travel points, such as the successful adoption of a new feature, the achievement of a positive ROI, or a personalized achievement such as a promoter. These may serve as good times for identifying and nurturing client representatives.
Taking action instead of responding to insights:
Instead of using insights – such as the Net Promoter Score℠, customer satisfaction metrics, and in-product surveys – only to correct or prevent problems, customer engagement agencies should use this information consistently to increase the value of post-sale engagement. Analyzing data from various channels – including surveys, advisory boards, customer events, website content, and social work – and exploring new ways can make practical post-sales performance improvements. According to data from The State of Customer Obsession 2021, 100% of customer-focused organizations report that they have an effective way of identifying and pursuing new ideas, while only 10% of immature organizations that recognize customers show the same.
Orchestrating Partner Ecosystem Engagement
B2B channel leaders face the consequences of moving from a transaction channel to an ecosystem model to create an offline customer value in financial trading. To support creating several different business partner models and addressing consumer needs for integrated, end-to-end solutions, channel marketing leaders need to become ecosystem planners to support multi-partner, multi-stakeholder, customer-focused solutions systematically.