The Sticky Six - 6 customer retention rules every business should know

In this article, we'll take a look at 6 effective B2B customer retention rules which I like to call The Sticky Six to help your business nurture and retain your undisclosed group of CEOs who possess the power to put everybody out of a job……, your customers.

If that got your attention, then read on!

In B2B markets, customer retention is essential if a business would like to experience and enjoy sustainable growth and profitability.

Truly successful businesses in the B2B arena not only strategize about how to acquire new customers, but also realize that retaining existing customers is equally, if not more, important than new customer acquisition.

Not only does customer retention ensure a steady and reliable revenue stream, but it also fosters strong long-term relationships, encourages referrals, and reduces the cost of acquisition, and we all like the sound of that, don’t we?

Here come the rules!

Retention Rule Number 1: Understand your customers

To retain B2B customers effectively, you must first understand their needs, pain points, and objectives. Obvious, right? Well make sure you can articulate these, and if you discover that you can’t, find out how why not and level up your customer knowledge, and make it quick because you are already one step behind the competition!

The only way to gain a deep understanding of your customer is by gathering feedback….lots and lots of feedback!

This can be achieved in a variety of ways, but think of ways like surveys, interviews, and social interactions with your customers.

Regularly assess customer satisfaction and loyalty through metrics such as Net Promoter Score (NPS), customer satisfaction surveys, and retention rates. Use these insights to identify areas for improvement, address potential churn risks proactively. Tracking these metrics over time allows you to gauge the effectiveness of your retention efforts and make data-driven decisions.

All of this feedback will help to gain insights into their challenges and preferences which is going to help you to strengthen the value proposition of your products, and tailor your services to meet all of your customers’ evolving needs.

Top tip: Not getting the type of response rate you were expecting from your customer surveys? Try gamifying the survey in some way which encourages and incentivizes customers to respond.

Retention Rule Number 2: Provide exceptional customer service

Obsess over customer service!

I mean why wouldn’t you want to obsess over customer service when customer satisfaction is what you live for, is the only reason you started your business, and  customer service is a cornerstone of successful customer retention. Jeff Bezos is obsessed with customer service (read more here on Jeff Bezos in a previous B2B EVO article: https://rb.gy/ioay7n), and I think we can safely say that this obsession of his has paid off.

Offer prompt and personalized support, whether it's resolving issues, providing product guidance, or offering technical assistance.

Invest in high quality training for your sales and customer support team to deliver a consistent, knowledgeable and highly efficient service that aims at consistently exceeding customer expectations.

Top tip: Learn how to extend the WOW Factor throughout the entire customer journey. There are many ways to achieve the WOW factor effect without the need to invest huge amounts of money. You just need to start thinking creatively.

Retention Rule Number 3: Foster strong relationships

Always aim at cultivating meaningful relationships with your B2B customers beyond simple transactional interactions. Think about the relationship strategy that you want to build with them, and regularly engage with them through personalized communications, such as emails, phone calls, and in-person meetings to ensure that relationships are continually nurtured.

What is really important in B2B is that you show that you are genuinely interested in their business success, so learn as much about their business as you can so that you can celebrate their milestones together, and proactively help them to overcome the challenges they need to overcome to achieve the objectives they’ve set themselves. This is a partnership, so show that you are a committed partner and you genuinely want to see them succeed!

Top tip: Subscribe to customer’s newsletters, read their annual reports, dedicate time to finding out the latest news at their company, and make sure you are well informed about success stories which you can congratulate them on.

Retention Rule Number 4: Reward loyalty

Look, I know that you may think that your product or service is the bee’s knees but even if it is, loyalty must still be rewarded, full stop.

Loyalty doesn’t always have to be in the form of volume discounts. One such example would be the following alternative:

• Partner rewards (e.g. branded merchandise gift boxes are sent when a customer places their first order with you. The branded merchandise increases in value at different purchase order volume milestones over the customer lifetime)

This is not only a great way to reward customers, but it also offers you a chance to build you brand awareness and get customers to talk about your company and the products it sells.

Top tip: Think about the possibility of offering customer early access to new features, or dedicated account management services to incentivize repeat business and encourage long-term partnerships.

Retention Rule Number 5: Become your customer's trusted advisor

Many B2B products require consultative selling due to the complexities associated with the product or service a business is selling. Furthermore, often times customers have sales teams which require constant training on a sellers product and industry in order to enhance their sales effectiveness. There are many ways in which sellers can help buyers attain the level of knowledge they require to sell effectively such as:

• Offering access to educational resources
• Offering industry insights
• Holding training workshops
• Offering consulting services

All of the above are aimed at helping your B2B customers achieve their goals more effectively, and these are great ways of showing your appreciation to loyal customers for their business.

Positioning yourself as their trusted advisor only helps strengthen the relationship even further.

Top tip: Analyze where a customer's pain points are related to product knowledge and work on unique content that can help them acquire this knowledge efficiently and effectively.

Retention Rule Number 6: Continuously Innovate and Adapt

Stay agile and responsive to changing market dynamics and customer needs. Continuously innovate your products, services, and processes to stay ahead of the competition and deliver ongoing value to your B2B customers. Ask for feedback, monitor industry trends, and iterate based on customer input to ensure your offerings remain relevant and compelling.

Top tip: As the famous Will Rodgers once said, “even if you are on the right track, you’ll get run over if you just sit there”.

In B2B commerce, customer retention is not just a strategy - it's a mindset.

By prioritizing customer satisfaction, nurturing strong relationships, and delivering ongoing value, your business can foster loyalty, reduce churn, and drive long-term success.

If you think that your customer retention strategy could do with a rethink, then maybe the Sticky Six could help you to cultivate a loyal customer base that serves as the foundation for sustainable growth and prosperity in the competitive marketplace.

Liked this article and would like to read more?

Leave a reaction, leave a comment if you like, and subscribe to the B2B EVO newsletter to get a notification when the latest articles are released.

Like this article enough to want to repost it with your network?

Please do!

Want to contact me?

You can get in touch here: bizevo.contact@gmail.com