Posts Tagged ‘retaining customers’

Taking a Long View of B2B Customer Relationship Management

Tuesday, September 5th, 2017

Customer relations is a crucial aspect of any business strategy. And for good reason. Amy Gallo of Harvard Business Review writes, “Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.” The importance of customer relations is especially true in the B2B context. Typically, B2B companies are working with a smaller pool of customers than B2C companies, and each customer, therefore, makes up a larger share of revenue.

McDonald’s doesn’t want to lose customers, but it’s a lot less painful for McDonald’s to lose a customer than for Boeing to lose one. Similarly, many businesses serve both consumers and businesses. Consider a rental car or hotel company. They obviously have many individual consumer customers, but they also serve large organizations, such as corporations with staff who travel regularly.

So how do you maintain those crucial strong relationships with B2B customers? Here are some tips. (more…)

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Which Comes First: Customer Service or Customers?

Tuesday, May 20th, 2014

I saw an interesting comment on a blog site recently in response to an article about 6 effective marketing tips for small businesses. One poster noted that, among the small businesses she works with, her focus is on providing strong customer service and trusting that the rest will come. (Sort of a Field of Dreams approach I guess…)

There is, of course, absolutely nothing wrong with focusing on customer service–in fact I’m all in favor of it. But (more…)

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