As a B2B which has served in the electronic components distribution industry for nearly 2 decades, SCI has a firsthand view of how to establish and cater to a diverse customer-base spread all over the world. As competition escalated, we were constantly under pressure to ensure that our customers were happy. All efforts had to be redirected at making sure that customers are satisfied with the right products/services. At all times!
Despite all this, there is a continual need to retain customers and make them loyal to your brand and these 5 ideas might be a good indicator of how to go about it.
・Promise and Deliver
Nothing speaks quite like results do. The moment you fail to deliver is the point of at which your customer stops trusting you and eventually dissolves the relationship. This is precisely why you should lay out ambitious yet achievable promises to captivate your customers and deliver on the dot to amaze them.
SCI, as a company, takes this very seriously and strives to amaze our customers - whether they be OEMs, ODMs or other resellers - beyond satisfaction. While many might argue that a customer always expects more, there is always that small room for improvement which can push a customer to become more inclined towards you.
・Analyze and Solve
There are always signs which show that your customer might be on the way out. Customer churn rates are at an all-time high owing to the excessive competition out there. When your competitors are lurking around with penetration pricing strategies to poach your customers, you need to be vigilant.
As a B2B business, take a keen look at the time between purchases, the shelf-life and usage of the products and their existing business operations and projects along with the past frequency of inquiries. With this data, you would then be able to reach out to them personally and understand their needs and specifications to ensure they remain your coveted customers.
In the electronic components’ distribution line, lead times are the single most determining factor in the supply chain which decides the success of the product. SCI has aligned its mission to be in line with this where we are obsessed about adding value at the speed of thought.
・Foster Customer Relationships
Customers always need constant care and attention and should be provided appropriate services at all points of contact so that they feel valued. Starting from the first point of contact till the end of the sales journey, you need to keep interacting with them and look to identify and solve their problems.
Following up is crucial to know their feedback which can be used to enhance their customer experience. A simple personalized thank you note or a reminder of your business partnership with them would do wonders to strengthen your ties. Also, recognize who your most valuable customers are and reward them with tokens of appreciation or discounts to cultivate a stronger bond.
・Do That Something Extra
Everyone in this world is cramped for time, including you, and your customer is no different. But for you to add value and show your customers that you care, provide them with constructive information. Educate them with information about the industry, business processes, supply chain specifics or new products in the market which can benefit them.
Unique and exclusive offerings in the form of newsletters, blogs or personalized emails would make customers see you in a different light. They would recognize these extra efforts that are intended to delight them and show their appreciation by keeping you at the top of their preferences.
SCI's weekly newsletters are interspersed with valuable information for customers as well as suppliers. The reason behind this is to constantly add value to our stakeholders at different touch-points without information overload.
・Create a Unique Brand Identity
Every company needs to shine and stand out from the crowd. While there are countless other companies out there doing similar things with minor differences, your brand identity can either make or break your company’s visibility. While there is no substitute for quality of products/services offered, one cannot deny the impact created by a good marketing team.
Having a unique brand identity which defines your company and resonates with your key business ideals is utmost important. Share of voice is something oft spoken about in the B2C circles and rest assured that it is no different for B2B businesses. Carving a niche for your brand in the digital front can help keep the idea of your company fresh in the minds of customers. The next time your customers are on the look-out for a quote, you would be at the top of their lists.
When your brand is exclusive, then customers tend to see the specialty in your brand and want to be a part of the buying journey with you.
Overall, B2B customers are spoilt for choice with a long list of suppliers to work with. If you are not proactive, then there is a high chance of your customer choosing not to work with you in favor of a different company.