When a B2B CRM system is introduced to track customers in the sales pipeline, it can improve visibility, efficiency, and allow for sales teams to make data-driven decisions. All this and more significantly help build better relationships with customers.
Building better relationships are important to any company operating in the B2B environment since every individual customer is of greater value in this environment. They contribute to larger portions of the company’s business revenue in comparison to B2C businesses.
Most B2B companies lose 45-50% of their customers every five years, according to B2B International. The introduction of a B2B CRM system can help improve customer retention and help save significant amounts by stabilizing business revenue. Here’s how.
Data-Driven Decision Making
While data-based decisions can also be applied by B2C businesses to improve results, customers in B2B businesses tend to be relatively more rational when it comes to decision making, which means that data-based decision making tends to be more reliable in B2B environments.
CRMs can be used to gather and track extensive amounts of data ranging from client data to employee actions. The analysis of key performance indicators can be obtained from which effective actions can be identified, and the integration of back-end processes can be done suitably such that customer retention and satisfaction are improved.
- For instance, the integration of departments within the company through CRM tools can improve effective communication and help identify customer pain points in the transaction process.
All this allows for improved customer understanding, thus enabling companies to find novel solutions for their customers through product development and customizations. Ultimately, this leads to improved and sustained revenues.
- Leads in the pipeline can be tracked at any point in time, allowing for prioritized attention to be delivered at key stages where customer pain points may be highest.
- The best sales teams attempt to gather and maintain data to improve sales in any case. CRM systems eliminate this hassle and help redirect these efforts in more productive areas. It also provides for more reliable grading leads which can again be used to channel efforts.
- The proper identification of customer pain points and most effective actions can help improve organizational structure. Clear roles and responsibilities can be assigned to personnel to improve the overall productivity of the organization.
Companies can find suitable indicators for customer satisfaction through customer support tools on CRMs. In many instances, customers fail to interact with suppliers because of inadequacies in platforms of communication.
CRM systems offer tools that can help quickly understand the needs of the customers and resolve any issues efficiently.
Improved customer satisfaction can only be achieved by gaining empathy toward the needs of the customer. Although there is increased value placed on each customer in the B2B environment as opposed to B2C businesses, clients with the highest lifetime values are of greatest priority.
By using customer segmented data, focusing on the satisfaction of customers who are valued most becomes possible.
Customers in B2B businesses such as the manufacturing sector require the highest quality raw materials. By understanding issues faced by customers and improving communication of the departments within the company, solutions can be found to reduce error and improve standards of product offerings.
Customer acquisition cost is 5 to 15 times greater than the cost of customer retention. Even in a B2B environment, customers value the effort taken by suppliers and their intent to deliver quality offerings.
Building good relationships and maintaining trust is key to customer satisfaction. In such a scenario it only makes sense to do everything possible to maintain good customer relations. Maintaining good customer relations improves brand value, the value of product offerings, and ultimately helps maximize sustained revenues.