As the COVID-19 pandemic continues its impact on the economy, especially the supply chain, all areas of B2B are facing production hurdles. How can companies adapt business practices and hold on to customers in this current reality?
Being perceived as a company the public can trust plays a primary role in customer retention. In addition, having competitive, lower prices plays a major role as well. Other steps to standing out from the competition include:
- Brand Value. According to a study conducted by Google and CEB Leadership Marketing, communicating a clear brand value is invaluable as customer loyalty is far more influenced by a company’s brand value and trustworthiness than its business value.
- Digital Communication. Satisfying customers’ needs quickly and easily also contributes to customer loyalty. E-commerce strategies allow customers to purchase products or schedule services all from the convenience of their own home. Investing in email, SMS and other platforms provides customers with a guaranteed open line of communication and also increases customer engagement and loyalty.
- Identifying Top Customers. 80% of businesses’ revenue comes from 20% of their client base, and identifying those top earners is key to guaranteeing a long lasting customer relationship. A more targeted marketing strategy geared toward those top customers, such as individualized messages and calls to action that fit their current business needs, could be advantageous.
- Incentives for Customer Loyalty. Showing appreciation for customers goes a long way, and a customer loyalty program can provide more engagement, increase channel enablement, and reinforce brand character.
- Being Proactive. Starting on a customer’s project right away, especially during busy seasons, shows customers you care and builds customer loyalty. Responsive CSR dialogue, as well as educating customers on multiple options, so they can make informed decisions about choosing services, will also build customers’ loyalty.
- Using the Same Customer Service Rep/Tech. Customers tend to provide a warmer reception to those who’ve served them before (and companies that can’t retain their techs/reps can have a difficult time retaining their customers).
- The Power of Stickers. Don’t underestimate them! Even customers who were happy with your services can forget your company’s name.
Other ways to retain customers include holding open houses for new and existing customers so they can learn about services you’re currently offering. For more information about professionalism and plant operations, and how Vanguard Resources can assist your company, please contact us at 1-800-211-8848.
*Information from this article was found from Contractor Magazine and Contracting Business, August 2021
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