If you have recently transitioned from a B2C company to a B2B company, you might be wondering how the journey will compare to what you have experienced before.
B2B is entirely different to B2C, both in terms of marketing and selling.
For this reason, you need to be aware of the differences and how you can navigate them in order to ensure maximum growth. Here are five of the most crucial points you need to be aware of:
Customer Loyalty Will Take On More Importance
When it comes to B2B, recent analysis shows that a 5% increase in customer retention can result in as much as 95% profit. Retaining customers is also seven times less expensive than acquiring new ones, so the benefits are there for everyone to see.
As a B2B company owner, your emphasis should always be on b2b loyalty, finding an efficient and trusted program to make the most out of existing clients.
Communication Will Change
As well as a loyalty program, you will be utilising a number of marketing channels to keep up constant communication. With B2C, you were accustomed to building transactional relationships but, with B2B, this will change to personal relationships.
You want to keep up a steady flow of transparent content that breaks down the wall between the business and the client, ensuring you can build these relationships and retain loyalty.
Lingo Breeds Loyalty
You also need to become an expert in your chosen field. B2B customers are looking for businesses that know what they are talking about and are not only personable but understand the terminology and process of the market.
In short, you need to speak your consumers’ lingo and build their confidence that you are the right business for them.
Employees Will Take On More Importance
As well as customer loyalty, your employee engagement will take on even more important than it did before. Of course, a healthy retention rate of employees is important in B2C, but a low retention rate is even more damaging for a B2B company.
Remember, you are using your communication channels to be as transparent as possible. If your clients are aware that the mood is weak behind the scenes, then this will drive them away from repeating business with you. Engaged, enthusiastic employees will lead to engaged, enthusiastic clients. So work out how to keep employees happy and don’t give clients a reason to be put off.
In-Person Events Are Necessary
Lastly, you will find that in-person events become a necessary part of doing business. As mentioned before, B2B is all about building personal relationships, and there is no better way of doing this than with an in-person event that engages both loyal and potential customers.
Not to mention, they can get your name out there and connect you with other businesses in the same field. The human touch is going to be even more important than it was before, so don’t shy away from meeting your clients face to face, gaining feedback, and building upon that relationship you have worked hard to establish.