4 winning strategies to improve B2B customer loyalty

Increased sales, improved brand recognition, a better reputation and a slew of brand new customers – these are just some of the benefits of implementing a B2B customer loyalty program, according to the Australian government's Business.gov.au.

You can't implement strategies to improve B2B customer retention without knowing what your existing customers think.

If you're not reaping these rewards, then your loyalty program needs a pick-me-up. We take a look at some winning strategies that improve B2B customer loyalty.

1. Continuously monitor customer satisfaction

You can't implement strategies to improve B2B customer retention without knowing what your existing customers think, so monitoring their satisfaction is crucial.

Don't just do this when they leave; do it at key points throughout the business relationship – when they first come on board, after they have been with you for a month, when they receive their first reward, and so on. This will allow you to see if their level of loyalty changes and what may affect it. 

4 winning strategies to improve B2B customer loyalty
Are your B2B customers as happy as these puppies? By monitoring their satisfaction, you'll find out!

2. Segment your customers

McKinsey recommends monitoring the satisfaction of your different customer groups separately. But aren't all your customer groups the same? Not according to the research, which stresses the importance of segmenting your customers and targeting them accordingly.

The research recommends offering different rewards for each customer group. It also suggests creating 'tracks' to differentiate low-touch and high-touch clients, so the level of service is tailored according to their differing needs.

3. Touch base with former customers

It's easy to focus on your existing customers, but don't forget to get in touch with those who haven't purchased your products or services in a while, reminding them you're there and offering an incentive to do business with you. They might have simply forgotten that you're around!

It's little things like this that will make your business stand out from your competitors, who stop giving customers attention once they think they've lost their business.

Come up with ways to do meaningful things for your customers once in a while.

4. Offer surprise rewards

Come up with ways to do meaningful things for your customers once in a while to make them feel valued. Of all B2B customer loyalty ideas that work, this one can make a big difference, especially if your customers are being rewarded by other companies only when they spend a certain amount of money. They'll appreciate that you simply reward them for doing business with you. 

Surprise rewards will increase the chances of word-of-mouth recommendations. As Bain & Company research shows, these customers, known as 'promoters', will remain with you for longer, buy more of your products or services, usually cost less to do business with, and are more likely to refer you to colleagues and friends.

These are just a few strategies you can adopt to improve your B2B customer loyalty program – and subsequently customer retention. For more, talk to the experts at 212°F.