Retention marketing focuses on strategies and programs designed to retain your existing customers and optimize lifetime customer value. In my previous post, B2B Retention Marketing: The First Thing You Must Do, I discussed why retention marketing is worth doing and where to begin. Now let’s talk about some strategies B2B marketers can use to keep their existing customers and gain additional revenues throughout the relationship.
Strategies for retaining customers
At a fundamental level retaining your customers boils down to keeping them happy enough to continue doing business with you. Many customers, though of course it varies by industry and product/service, will maintain the status quo because change involves perceived risk of an unknown provider. Changing providers also involves switching costs. Switching costs are actual costs the customer incurs (financial fees for early termination) or personal costs (career risks, time required to research providers and negotiate an agreement) to stop buying your product or service and begin with a new provider.
Create “sticky” customer relationships
To prevent your customers from defecting to competitors who will eventually upset the Continue reading