5 Ways to Increase Customer Retention for B2B Businesses in Acumatica
Are you fishing for new customers? Wondering why your efforts don’t match your results? That’s because according to Invesp, the probability of selling to a new prospect is only 5-20%. Now if you nurture the fish you already caught, there is a 60 to 70% probability they will bite. We’re not saying new customers aren’t important but be aware of who you put your resources towards. So, how do you grow your customer retention? Easy — feedback, customer service, discounts, referrals, and tiers. Don’t worry, we’ll walk you through each one, starting with…
1. Giving your customers the royal treatment.
If a crown makes your customers feel special, then by all means, do it. Happy customers are returning customers. In fact, 89% of companies see customer experience as a key factor in driving loyalty and retention. Some suggestions for quality customer service and support are:
- Online service and support 24/7
- Sending out Thank You notes after transactions
- Service with a smile
- Free shipping and easy returns
The goal here is to make your customer, no matter if they are new or a long-time friend, feel like the King or Queen of England.
2. Incentivize your customers to come back.
Did you know that existing customers are 50% more likely to try new products and spend 31% more, when compared to new customers? Sales, discounts, and offers are ideal hook-line-and-sinkers to increase customer retention. You could create a punch card that after a certain number of transactions, a customer receives a discount or freebie. You could reward them with an exclusive discount after they made a purchase. You could even try quantity breaks, making it more alluring for them to buy a higher quantity. Whatever you choose to do, you’ll want to entice your customer enough to join the exclusive club, which we’ll talk about in a minute. Oh, did we mention you can easily set sales, discounts, offers, date-driven pricing, rebates, commissions, and royalties up in Acumatica with the help from Rockton Pricing Management? We recommend taking a look.
3. Create an exclusive club where only the elite can enter.
Told you we’d get to the exclusive club. This is where only the most loyal customers can get early announcements on deals, special discounts, freebies, and so much more. Sounds like a waste of money, doesn’t it? Well, it’s not. It actually costs 5 times less to keep an existing customer than to attract a new one.
What you’ll want to do is create a loyalty tier, saying if this business has spent a specific amount with us, then they can get this reward. A good example is this we-go-way-back customer receives 20% off on all future purchases. What if we said you could do that by simply setting and forgetting? It’s true with Acumatica’s ERP integration, Rockton Pricing Management. We’ll let you investigate RPM and its features on your own. Plus, we hope that the existing customers in number two will make their way into this elite crew, earning your business a higher customer retention and a bigger profit.
4. Once they are loyalty, can they refer a friend?
One of the most popular and easiest to implement, referral programs can help you gain — wait for it — NEW customers thanks to your LOYAL customers. So, if a loyal customer invites a friend to buy from you, the loyal customer would be rewarded with, more often than not, a discount or freebie. In some cases, depending on the business, newly referred customers are eligible for this bonus as well. This makes participating in the referral program a win-win for everyone!
P.S. Rockton Pricing Management can make sure someone gets paid for the referral downstream. Check it out!
5. Ask for feedback, requests, and suggestions.
As a business, you should always be looking for ways to improve. Why not let your biggest fans weigh in? If you’re looking to expand your products, ask your loyal customers which products they’d be interested in buying or wished you had but don’t. Then, you could give a discount or a promotional sale to those who purchase the new product and write a positive review, gaining more credibility, more customers, and more sales. Another thing you could do is send out a survey to see what areas of your business need the most attention.
Increase Customer Retention with Rockton Pricing Management
To keep existing customers and build your customer loyalty, it would seem pricing management is a big deal — setting loyalty tiers for specific customers, scheduling discounts after transactions or during a certain time, or even making sure the referred customer gets a discount too. Rockton Pricing Management is here to the rescue! It can help automate even the most obscure and complex pricing scenarios and calculations. We’d love to show you how it works, simply click here to learn more and book a demo with us.
STATS: Customer Acquisition Vs. Retention Costs [Infographic] (invespcro.com)