3 Keys to Retaining and Growing B2B Revenue

In the B2B World, 80% of your revenue comes from 20% of your customers. The reality is that losing just 5% of those customers could potentially sink your organization. So in this age of big data and rapidly evolving technology, what are the best ways to retain and ultimately grow those customers?

B2B companies must meaningfully engage with their customers to evolve loyalty into advocacy, and engagement begins with a relationship.  Through our work with over 50 leading B2B companies, we have found time again the following three key relationship building practices lay the foundation for account retention and growth:

1.    Educate, Don't Sell.  B2B relationships start with education, not a sales pitch. Educate yourself on your customer's industry, market, challenges, and opportunities, and then demonstrate how you can show them a path forward.  Providing relevant content through discussions and forums, blog posts and articles, and research is an excellent way to establish your credibility and begin the customer loyalty to advocacy journey.

2.    Customer Advisory Boards create a platform where you can leverage happy customers and drive innovation through customer co-design and collaboration. The end result is overall market alignment in offerings, communications, and strategy.

3.    Executive Summits bring key decision-makers together to preview a strategy, product, or market innovation. Through these focused exchanges, customers become first-to-know, first-to-buy, and first to advocate your solution in the marketplace.

Structured, proven, and dynamic educational forums, customer advisory boards, and executive summits help organizations develop a deep understanding of market conditions while building the rapport with key executives. This powerful formula turns customers into true advocates and is the best recipe for retaining and growing your top customers.

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Drive Success and Profitability with your B2B Marketing Strategy

Ariba Live is the premier forum for sharing ideas, forging partnerships, and shaping the future of business commerce. Ariba LIVE brought together peers, partners, and prospects to explore ways to truly enable the business of tomorrow today—by driving innovation, reaching new markets, generating competitive products, and creating new channels for growth. Sean Geehan, National Best Selling Author, CEO and Founder of the Geehan Group was a featured B2B Speaker at this great event and was captured in this candid interview sharing some of his personal insights regarding the biggest challenges the B2B world faces as well as marketing strategies to drive sustainable, predictable, profitable growth in your organization.

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How to Connect B2B Buyer Needs with Your Company’s Solutions

Much has been written about the differences between the B2B and B2C buying process.  At its crux, the key difference lies in the amount of research, exploration, validation, concurrence, and approval necessary for B2B purchases due to the typically large investment they require.  All of this activity extends the length and complexity of the buying process considerably as B2B buyers take the time and diligence needed to make absolutely certain the product or service will solve present and future needs.  The success of B2B sellers, therefore, rests in their ability to assist and guide decision makers through each phase of this multifaceted process.

I recently read an article that showcases perfectly the Top 7 Attributes of B2B sellers, as identified by 700 B2B buyers who collectively represent $3.1 billion in annual purchases.  According to these influential decision makers, top B2B sellers:

  1. Educate me with new ideas or perspectives
  2. Collaborate with me
  3. Persuade me that my company would achieve results
  4. Listen to me
  5. Understand my needs
  6. Help me avoid potential pitfalls
  7. Craft a compelling solution

 

With the Top 7 Attributes clearly identified by those who are living what you are sellingTM, B2B sellers must now consistently demonstrate them so decision makers recognize and value them.  Sales training and personal development can improve the individual acumen and skill in a B2B sales organization; however, this is just a start.  Institutionally, B2B organizations must also gain a more intimate understanding of the world in which their customers and prospects live.  The most effective route to gain this comprehensive view begins with an active Customer Advisory Board (CAB).

The most widely-known benefit of a well structured Customer Advisory Board is the platform it provides to help executives build relationships with key stakeholders, including customers, internal constituencies, suppliers, wholesalers, distributors, alliances, and partners.  A successful CAB is unequivocally proven to turn customers into true advocates

while helping organizations retain and increase revenue opportunities.  These results are well-documented by the companies who have achieved them.

When structured correctly, however, a CAB also helps organizations develop an unprecedentedly deep understanding of market conditions, key drivers of the industry, and how their customers are impacted by and react to them.  Armed with this insight (knowledge which cannot be learned from reading blogs, articles, or other online content), B2B sellers can now better demonstrate the Top 7 Attributes by educating, collaborating, understanding, helping, and listening to decision makers at each point of the buying process with more immediate relevance.  Therefore, the insight learned through a Customer Advisory Board enables B2B organizations to more effectively connect their solutions to buyer needs and craft solutions that are both compelling and invaluable to the decision maker.

If your organization currently operates an active Customer Advisory Board today, be sure you are developing the Top 7 Attributes by discussing key topics of their business and industry with them.  If your organization does not currently operate a CAB, you might be losing out to those who do.

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3 Keys to Retaining and Growing B2B Revenue

In the B2B World, 80% of your revenue comes from 20% of your customers. The reality is that losing just 5% of those customers could potentially sink your organization. So in this age of big data and rapidly evolving technology, what are the best ways to retain and ultimately grow those customers?

B2B companies must meaningfully engage with their customers to evolve loyalty into advocacy, and engagement begins with a relationship.  Through our work with over 50 leading B2B companies, we have found time again the following three key relationship building practices lay the foundation for account retention and growth:

1.    Educate, Don't Sell.  B2B relationships start with education, not a sales pitch. Educate yourself on your customer's industry, market, challenges, and opportunities, and then demonstrate how you can show them a path forward.  Providing relevant content through discussions and forums, blog posts and articles, and research is an excellent way to establish your credibility and begin the customer loyalty to advocacy journey.

2.    Customer Advisory Boards create a platform where you can leverage happy customers and drive innovation through customer co-design and collaboration. The end result is overall market alignment in offerings, communications, and strategy.

3.    Executive Summits bring key decision-makers together to preview a strategy, product, or market innovation. Through these focused exchanges, customers become first-to-know, first-to-buy, and first to advocate your solution in the marketplace.

Structured, proven, and dynamic educational forums, customer advisory boards, and executive summits help organizations develop a deep understanding of market conditions while building the rapport with key executives. This powerful formula turns customers into true advocates and is the best recipe for retaining and growing your top customers.

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A Sustainable and Effective B2B Social Media Strategy

 

There are so many Social Media Channels today. So which ones are the most effective and sustainable for B2B organizations and deserve the most effort and manpower?  

For B2B organizations the 2 most effective social media platforms are discussion groups and blogs. According to a Forrester Research report, 75% of B2B Decision Makers interact with discussion groups by posting ratings or by leaving comments on blogs.

 

Discussion Groups

Discussion groups often pose questions, relevant concerns, and testimonials for certain products or services.  Engaging in these conversations can showcase your expertise or product solution and build confidence in potential clients.

Blogs

Blogs have the potential to reach clients globally.  These concise short articles, usually packed with relevant information provide an organization with credibility and reach that showcase their expertise, while also opening a channel of communication between author and readers.

Finding the best discussion group and building a following for your blog takes time and dedication, but is the most effective and sustainable Social Media Strategy for B2B Organizations.

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Social Media’s Role in Identifying and Acquiring Customers

 

If you are a B2B or a B2C organization, your next potential client is most likely searching on Google right now for information regarding your services. That might be a pretty scary statement to read if you don’t have an online presence other than a website. Getting found on the Internet is no longer limited to Google Ads or maintaining a website. In order to have a strong online presence, every business large or small must utilize social media.

 

The first step in Building Customer Advocacy through Social Media begins with both Marketing and Sales engaging with customers in Social Media Channels.

·      Marketing Role: Identify and engage in discussions regarding product/application solutions to potential/target clients via LinkedIn discussion groups, online forums and Twitter# tags

·      Sales Role: Networking among peers of target industries to identify potential/target clients

Social Media has quickly jumped to one of the top ways to identify, acquire new and keep existing clients. A recent survey by Dimensional Research reported that 90% of Customers said their buying decisions were influenced by online reviews from social media: Twitter, FaceBook, Yelp and Company Sites. This means Marketing and Sales need to work together on the 4 Functions of Social Media in order to identify new clients and Acquire new customers.

 

 

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Top 3 B2B Marketing Challenges from 2012

The end of the year always sparks a time of reflection, while the beginning of the year represents a new journey. The three articles below are my top picks for Marketing's biggest challenges faced in 2012 and a playbook that contains the best strategy to face these issues while providing the biggest opportunities for all B2B CMO's in 2013. 

Marketing’s Broken Foundation Measurement

Data is the foundation for analytics. Analytics is the foundation for marketing driven by data and insights.

Think Like a CFO to Gain C-Suite Credibility

Information technology is about driving business results through revenue growth, leveraging economies of scale, and optimizing business decisions through analytics.

Have we Lost the C Suite by Measuring the Wrong Things?

If the latest surveys are to be believed, B2B marketing is on the verge of a “crisis of confidence” within the C suite.

The B2B Executive Playbook

The B2B Executive Playbook describes four steps that can simplify strategic planning, focus product development and sales and marketing efforts, and, most importantly, create a clear path to market leadership.  When implemented properly, it will also add sustainability and predictability to a B2B company’s top and bottom lines. 

 

 

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How a Customer Advisory Board Can Help You Prepare for 2013

A Customer Advisory Board (CAB) is a high-return, high-profile event that can heavily influence your company's competitive standing. A successful CAB provides a powerful format that turns customers into true advocates and provides executives with the information needed to align customer programs with company strategy. A formal Customer Advisory Board should be in your marketing and strategic arsenal for 2013.

A well structured Customer Advisory Board is a proven and dynamic program that helps executives and decision makers develop a deep understanding of market conditions while simultaneously building relationships with key customers. A CAB is the perfect avenue for B2B Companies that have more than 60% of their sales with their top customers to receive relevant feedback that can be used in strategic business planning. A Customer Advisory Board not only helps your organization retain your most profitable customers, a CAB will help increase revenue opportunities within your customer base.

A Customer Advisory Board creates a platform where you can leverage happy customers and drive innovation through customer co-design and collaboration. The end result is an overall market alignment in offerings, communications and strategy that will prepare your organization for profitability in 2013 and beyond.

 

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What is a B2B Executive Summit?

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Lead Innovation with a Customer Advisory Board

 

I recently read an article by Harvard Business Review that stated that: “most companies are not good at game-changing innovation.” The article goes further to state that: “Operational goals like productivity, predictability and alignment are woven deeply into management systems and processes. Innovation, experimentation and risk-taking — not so much.” 

Innovation can be the rise or fall of any organization because of the risk it involves. How can you minimize the risk involved with innovation in your organization?  The B2B Ultimate Weapon: A Customer Advisory Board.

A Customer Advisory Board when designed and run correctly is the corner stone to successfully driving innovation in any organization.  Customer Advisory Boards bring together top customers to provide a genuine market collective on key growth segments, while aligning the leadership team to the top priorities and market demands. 

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