KYC: Leverage opportunities with your current customer base

One important KPI in B2B companies is CLV* (Customer Lifetime Value). What I have seen so far after a wide research is that the majority of the companies have a greater focus on customer acquisition vs programs to retain current customers.

Building a good relationship with your current customer base will help increasing the CLV and increase revenue by upselling and/or cross-selling.  Next to that, you can keep up to date on the key success elements of similar target groups that are more likely to become customers.  

Gather their input  On the quarterly meetings or even more frequently, if possible (bi-weektmonthly), gather insights from your customers. Make open questions like…

THINKING OF FEATURES IF IT MAKES SENSE TO YOUR SOLUTION…

What are the features they use the most and why?

What features do they not use?

What is the value they see in your solution?

What pains you solve for them?

Do they have suggestions/ideas to improve your solution?

What are your primary business objectives for the upcoming year?

THINKING OF THEIR BUSINESS OBJECTIVES NOW AND FOR THE FUTURE…

What are the biggest challenges you face in your industry?

What do you value most in a business partnership? Are we fulfilling your business needs?

Who are your main competitors, and what sets you apart from them?

What metrics do you use to measure success? How can we help you achieving some of your KPIs?

How do you prefer to communicate and receive updates? What would you do different from now?

What timeline are you working with for implementing new solutions?

What additional features or services would be most beneficial to you?

How do you foresee your needs evolving in the future?

Understanding their overarching goals helps tailor your solutions to their specific needs. These questions are a guideline for you to start. It should provide you a comprehensive understanding of your B2B customers' needs, preferences, and pain points, enabling you to tailor your offerings effectively.

Turn this data into action Use the info you collected to make decisions about next marketing campaigns or business strategy, for example.

Identify Key Pain Points and Solutions:

Based on the challenges faced by B2B customers, tailor marketing campaigns that highlight how your product/service directly addresses those pain points. Emphasize the specific benefits and solutions your offering provides.

• Highlight Points of Differentiation:

  • Use insights about competitors and what sets your B2B customers apart to craft messaging that emphasizes your unique selling propositions (USPs). Showcase why your offering is superior and how it stands out in the market.

• Customize Communication Channels:

  • Utilize preferred communication channels identified by customers to ensure your marketing messages reach them effectively. Whether it's email, phone calls, or social media platforms, tailor your approach to meet their preferences.

• Align with Business Objectives:

  • Ensure that your marketing campaigns are aligned with the primary business objectives of your B2B customers. Highlight how your offering can directly contribute to achieving their goals and objectives.

• Focus on ROI and Success Stories:

  • Develop case studies or success stories that demonstrate tangible ROI and showcase how your product/service has benefited similar businesses. Use these as powerful marketing collateral to build credibility and trust.

• Plan for Future Needs:

  • Anticipate the evolving needs of your B2B customers and incorporate flexibility into your marketing campaigns and product development strategies. Position your offerings as scalable solutions that can adapt to changing requirements.

• Address Budget Considerations:

  • Tailor pricing strategies or promotional offers to accommodate budget constraints identified by customers. Offer flexible pricing options or value-added services to provide greater perceived value within their financial parameters.

• Engage Key Stakeholders:

  • Identify decision-makers within the organization and customize marketing materials or presentations to address their specific concerns and priorities. Engage with stakeholders directly to build relationships and drive consensus.

• Measure and Optimize Campaign Performance:

  • Implement robust tracking mechanisms to monitor the performance of marketing campaigns and initiatives. Analyze metrics such as engagement rates, conversion rates, and ROI to identify areas for optimization and improvement.

By translating customer insights into actionable strategies, you can develop targeted marketing campaigns and business strategies that resonate with your B2B customers, drive engagement, and ultimately, drive business growth.

Get advocates You'll want to shift your attention to turning these customers into believers by improving their experience, listening to their needs and engaging with them. After the interaction they have with your solution/product and they are “believers” , you can start creating campaigns to turn them into advocates.

Understanding and improving your retention is a must to start leveraging opportunities and take decisions about the direction of your company.

*CLV Total revenue you can expect to get from each customer / (1- the repeat purchase rate). Then, subtract your customer acquisition cost to get a customer lifetime value.