December 6, 2024/
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Webinar Recap: Customer Experience Executive Mastery: Rethinking Retention and Upselling
In today’s competitive landscape, companies are finally realizing that exceptional customer experience is no longer a peripheral concern; it’s a fundamental differentiator that propels long-term success. But before we can discuss B2B retention strategies, we need to understand the importance of having a customer-centric mindset. This means that we need to focus on providing the best possible solution for our clients. When we have this mindset, it will affect our actions and behaviors in creating a delightful customer experience.
We recently conducted a webinar on B2B retention strategies. In this recap, we will look back at the important points of discussion from the webinar.
About the speaker
Aul is a game industry professional with a passion for gamification and business development. She has over seven years of experience in leading and managing game projects across regional and global markets. She has a deep understanding of gamification product development and has successfully delivered game projects worth over $1 million, meeting the highest standards of quality, budget, and timeline. She has also built and maintained strong relationships with over 20 strategic B2B accounts, achieving high client retention and satisfaction for three years in a row. Aul is a great mentor for anyone who wants to learn more about the game industry and how to create engaging and impactful gamified solutions.
Customer Decision Journey
To create a delightful customer experience, we need to understand the path your clients take – their journey. Traditionally, the AIDA model (Awareness, Interest, Desire, Action) has been used to map this journey. However, for a more detailed picture, we’ll explore The Loop framework developed by The Pedowitz Group.
The Loop framework goes beyond AIDA by pinpointing specific touchpoints throughout the journey. Touchpoints are any interactions you have with potential or existing clients, from initial brand awareness to ongoing support after purchase. Here’s the breakdown of The Loop framework:
Customer Acquisition
This side focuses on attracting new clients and guiding them through the decision-making process. Stages include Unaware (not familiar with your brand), Aware (recognizes your brand), Consideration (evaluates your offerings), Evaluation (compares you to competitors), and Decision (chooses your product or service).
Customer Expansion
This side emphasizes nurturing existing client relationships and maximizing their value. Stages include Onboarding (getting them started), Adoption (actively using your product or service), Value Realization (experiencing the benefits), Loyalty (consistently choosing you), and Advocacy (promoting your brand to others).
Customer Acquisition
The customer acquisition side of the Loop framework includes the following stages:
- Unaware
- Aware
- Consideration
- Evaluation
- Decision
Customer Expansion
The customer expansion side of the Loop framework includes the following stages:
- On-board
- Adoption
- Value Realization
- Loyalty
- Advocacy
Who Owns Customer Experience?
A Shared Responsibility
Everyone who interacts with clients plays a role in shaping their experience. This could be your sales team, customer support representatives, or even marketing personnel. While specific responsibilities may vary depending on your company structure, the overall goal of delivering a positive experience remains constant.
Importance of Customer Experience in B2B Business
When a company creates a good customer experience, it can reap many benefits. For example, data from McKinsey shows that companies that prioritize customer satisfaction tend to achieve faster and more profitable growth while also boasting an 80% higher customer retention rate.
In addition, 86% of buyers are prepared to pay more for superior customer experience. One Gallup poll found that customer-centric companies will be more able to increase their overall revenue and sales by 50% and increase profitability by 34%.
B2B customer acquisition costs can be substantially higher compared to B2C. It seems that, to acquire new customers, it costs 5 to 25 times as much as to retain existing ones, while satisfied customers spend 140% more on your products or services.
But not every loyal customer is the same—and neither are they of equal value. McKinsey research shows that B2B companies that transformed their customer experience processes saw 10 – 15% revenue growth, higher client satisfaction scores, improved employee satisfaction, and a 10 – 20% reduction in operational costs.
It is clear that creating a customer experience is not an option anymore but a priority in a company, especially in today’s competitive business landscape. We cannot afford to think that we are the only ones who have the solution that our clients need. With information easily available, it is easy for others to copy our products and offer them to the same target market. Therefore, it is important to create excellent service.
Stages of the Customer Journey
The customer journey is the path that potential clients take from the moment they become aware of your company to the point where they become loyal advocates. Understanding the different stages of this journey is crucial for businesses to develop effective marketing and sales strategies. The Loop framework from The Pedowitz Group identifies ten stages, each with its own objectives and metrics for measurement. Let’s delve deeper into each stage:
Unaware
At the Unaware stage, potential clients or your target market are completely unaware of your company’s existence or the products and services you offer. They haven’t identified a need that your solution could address. The primary objective at this stage is to capture the attention of your target audience and generate awareness about your offerings. You can achieve this through various marketing channels, such as social media advertising, content marketing, or search engine optimization (SEO).
Metrics to track:
- Net new contacts: Track the number of new leads you generate through your marketing efforts.
- New website visitors: Monitor the number of unique visitors to your website. This indicates potential interest in your brand.
- Conversion rate: Track the percentage of visitors who take a desired action on your website, such as signing up for a newsletter or downloading a white paper.
- Age in stage: Monitor how long potential clients remain in the Unaware stage. This can help you determine the effectiveness of your awareness campaigns.
Aware
Once you’ve generated awareness, some people will become aware of the products or services your company offers. However, simply being aware isn’t enough. You need to take further steps to nurture engagement and interest. The focus shifts from generating initial awareness to nurturing engagement and interest among the target audience. You can achieve this by providing valuable content that addresses their pain points and showcases how your solutions can benefit them. Encourage interaction through social media engagement, contests, or interactive content.
Metrics to track:
- Content engagement: Monitor metrics like downloads, shares, and comments on your content to gauge audience interest.
- Form Fills: Track the number of people who submit their contact information through website forms, indicating a deeper level of interest.
- Download/Conversion: Monitor downloads of white papers, case studies, or other valuable content offered on your website.
- Conversion rate: Track the percentage of website visitors who convert into leads by taking a desired action.
- Age in stage: Monitor how long potential clients remain in the Aware stage. A prolonged stay might indicate a need for more targeted content or nurturing efforts.
Customer Experience Efforts
In the first two stages of the framework, there are several ways we can achieve those metrics:
Website
Showcase the impact and value of our services through success stories. Share compelling success stories that demonstrate how our services have positively impacted customers, building credibility and encouraging conversions.
Events & Sponsorships
Participate in industry events, conferences, and trade shows to showcase your brand and engage with potential customers face-to-face. Sponsorship opportunities can also help increase brand visibility and association with relevant events or causes that resonate with your target audience.
Partnerships & Collaborations
Create marketing synergy that leverages the strengths, audiences, and resources of each entity. This strategic alliance is designed to co-create value in ways that individual brands cannot achieve alone.
Content Marketing
Success Stories
Share compelling success stories that demonstrate how our services have positively impacted customers, building credibility and encouraging conversions.
Ads
Enable our company to showcase in-depth insights, through leadership and educational materials, directly to the target professional audience.
SEO
Implement Search Engine Optimization (SEO) strategies on the company website. This aims to boost website traffic and establish brand authority by producing informative, engaging content that addresses our audience’s needs.
Consideration
This critical phase marks a turning point in the customer journey. Here, potential customers are actively evaluating your products or services as potential solutions to their needs or challenges. They’re no longer simply aware of your offerings but are actively comparing different options. This is where you need to convince them that your solution is the best fit for their specific requirements. The primary objective at this stage is to demonstrate the value proposition of your products or services and position your company as the clear choice. You can achieve this by providing valuable content like in-depth product comparisons, case studies that showcase successful implementations, and detailed product features.
Metrics to track:
- Content Engagement: Monitor metrics like downloads, comments, and shares on your content to gauge their level of interest in learning more about your solutions.
- Clicks: Track how many potential customers click on your calls to action (CTAs), such as buttons leading to product demos or pricing pages. A high click-through rate suggests your content is resonating and they’re eager to explore further.
- Downloads: Monitor downloads of white papers, case studies, or other valuable content that dives deeper into your solutions and their benefits.
- Frequency of Visits and Engagement: Track how often potential customers return to your website and engage with your content. This indicates a higher level of consideration and potential purchase intent.
- Conversion Rate: Track the percentage of website visitors who convert into qualified leads by taking a desired action, such as requesting a demo or contacting your sales team.
Evaluation
The Evaluation stage builds upon the Consideration stage by taking a deeper dive into your offerings. Here, potential customers are conducting a more rigorous assessment and validation process to ensure your products or services are truly the best fit for addressing their specific needs or challenges. They’re narrowing down their options and finalizing their decision-making process. The primary objective at this stage is to address any concerns or objections potential customers might have and provide them with the information they need to make a confident purchase decision. This could involve offering free trials, personalized consultations, or detailed product comparisons highlighting your competitive advantages.
Metrics to track:
- Opportunities Created: Track the number of new sales or lead generation opportunities created from potential customers actively evaluating your offerings.
- Opportunity Value: Monitor the estimated value of these sales opportunities to understand their potential revenue impact.
- New or Repeat Customer: Identify whether the potential customer is new to your business or a repeat customer considering additional products or services.
- Source: Track the source of the lead to understand how potential customers discovered your company and entered the evaluation stage.
- Conversion Rate: Track the percentage of potential customers who transition from the Evaluation stage to the Decision stage, where they commit to purchasing your offerings.
Decision
The Decision stage marks the culmination of the customer acquisition journey. Here, potential customers have made a final decision about whether or not to purchase your products or services. They may choose to buy from you, from a competitor, or postpone the purchase altogether. The primary objective at this stage is to make it easy for potential customers to finalize their purchase decision. Ensure a clear and concise call to action is present, such as a “Buy Now” button, and streamline the checkout process to be as user-friendly as possible. Address any last-minute hesitations or concerns they may have to solidify their decision in your favor.
Metrics to track:
- Opportunity Age: Track the average time it takes for sales opportunities to reach a decision stage. Longer age might indicate a need for additional information, pricing clarification, or faster turnaround times.
- Opportunity Value: Similar to the Evaluation stage, monitor the estimated value of these sales opportunities to understand their potential revenue impact.
- New or Repeat Customer: Identify whether the customer is new to your business or a repeat customer finalizing the purchase.
- Conversion Rate: Track the percentage of potential customers who finalize their purchase, signifying the success of your efforts in converting them into paying customers.
The Post-Acquisition Stages:
Onboarding, Adoption, and Value Realization
Following the decision to purchase, the customer journey continues through several key stages focused on ensuring successful integration and long-term value creation. These stages are:
Onboarding
This crucial stage focuses on integrating newly acquired customers with your products or services. It’s the first step in building a positive customer experience and setting the stage for long-term success. During onboarding, you equip customers with the knowledge, resources, and support they need to start using your offerings effectively. The primary objective at this stage is to ensure a smooth and efficient transition for new customers. You want them to feel confident and empowered to utilize your products or services to their full potential. This often involves providing comprehensive training materials, user guides, or personalized onboarding sessions.
Metrics to track:
- Content Engagement: Monitor engagement with onboarding materials like tutorials, guides, or knowledge base articles. High engagement indicates active participation and a desire to learn about your offerings.
- Time to Full-Scale Adoption: Track the average time it takes for customers to fully integrate your products or services into their routine workflows. Shorter adoption times suggest successful onboarding and quicker value realization.
- Win/Loss Ratio: Monitor the ratio of successful onboarding experiences (wins) to unsuccessful ones (losses). A high win/loss ratio indicates an effective onboarding process.
- Revenue: Track the revenue generated from newly onboarded customers to understand the immediate financial impact of your acquisition efforts.
Adoption
The Adoption stage focuses on encouraging widespread usage and maximizing the value customers derive from your offerings. Here, customers have completed onboarding and are actively using your products or services. The objective is to ensure they’re utilizing them to their full potential and experiencing the promised benefits. The primary objective at this stage is to drive user engagement and optimize the overall adoption rate of your products or services. You can achieve this by providing ongoing support resources, offering advanced training opportunities, and showcasing success stories or use cases that demonstrate the value your offerings deliver.
Metrics to track:
- Content Engagement: Monitor engagement with content focused on driving deeper product understanding and advanced usage scenarios. This indicates customer interest in maximizing their value extraction.
- Adoption Level: Track the level of product or service adoption within your customer base. This could involve measuring active users, frequency of usage, or specific features utilized.
- Number of Users: Monitor the number of active users engaging with your product or service. Growth in user numbers indicates successful adoption and increasing value recognition.
- Community Management: Track engagement metrics within a customer community platform, if one exists. A thriving community fosters knowledge sharing, encourages peer-to-peer learning, and facilitates deeper adoption.
Value Realization
The Value Realization stage marks the point where customers experience the intended outcomes and benefits they sought by purchasing your products or services. They’ve transitioned from simple adoption to actively achieving their desired goals. The primary objective at this stage is to demonstrate the return on investment (ROI) achieved through your offerings. You can achieve this by showcasing metrics that quantify the positive impact on their business and highlighting success stories that demonstrate the value delivered.
Metrics to track:
- Content Engagement: Monitor engagement with content that highlights customer success stories or showcases the achieved benefits. This indicates continued satisfaction and ongoing value recognition.
- Time to Value: Track the time it takes for customers to achieve their desired outcomes or realize the value proposition of your offerings. Shorter time to value suggests an efficient product or service and effective onboarding and adoption processes.
- Community Involvement: Track customer participation in communities focused on sharing success stories, best practices, and ways to maximize value extraction.
- Net Promoter Score (NPS): Monitor your NPS, which measures customer loyalty and willingness to recommend your products or services to others. A high NPS indicates satisfied customers experiencing significant value.
- Customer Satisfaction Score (CSAT): Track customer satisfaction with your products or services to ensure they’re consistently meeting their needs and expectations.
- Impact on Business Metrics: Track how your offering positively impacts customer business metrics aligned with their initial goals. This could be increased sales, improved efficiency, or cost reduction.
Loyalty
This stage signifies the development of strong, long-lasting relationships with your customers. They’ve transcended simple satisfaction and demonstrated a high level of loyalty and commitment to your brand. Loyalty is crucial for sustainable business growth, as loyal customers are more likely to make repeat purchases, forgive occasional missteps, and even become vocal advocates. The primary objective at this stage is to nurture and maintain these valuable relationships. You can achieve this by providing exceptional customer service, offering loyalty programs that reward repeat business, and fostering a sense of community around your brand.
Metrics to track:
- Repurchase Rate: Track the percentage of customers who make repeat purchases from your company. A high repurchase rate indicates customer loyalty and satisfaction with your offerings.
- Repurchase Point: Monitor the typical timeframe between a customer’s initial purchase and their subsequent purchases. Shorter repurchase points suggest a strong preference for your brand and a desire for continued engagement.
- Purchase Relationship: Analyze the nature of your customer purchase relationships. This might involve tracking the frequency and value of purchases, product categories chosen, or overall spending patterns. Understanding these trends can help personalize future offerings and enhance customer experiences.
Advocacy
This stage represents the pinnacle of the customer journey. Here, loyal customers become enthusiastic advocates for your brand. They actively promote and endorse your products or services to others through word-of-mouth recommendations, social media endorsements, or even formal referrals. Customer advocacy is a powerful marketing tool that fosters brand trust, credibility, and organic growth. The primary objective at this stage is to empower and encourage customer advocacy. You can achieve this by providing exceptional customer experiences, creating opportunities for customers to share their positive stories, and recognizing or rewarding their advocacy efforts.
Metrics to track:
- Referrals Given: Track the number of referrals generated by your customers. This is a direct measure of their willingness to recommend your brand to others.
- Voice of Customer (VOC) Group Membership: Monitor participation in customer advisory boards, focus groups, or other VOC initiatives. Active participation signifies a strong desire to contribute to your brand’s success.
- Serves as Reference: Track the number of times customers agree to provide positive references for your company. This demonstrates their confidence in your brand and willingness to vouch for its value.
- Customer Lifetime Value (CLV): Analyze the total revenue a customer generates throughout their relationship with your company. Loyal advocates with high CLV are highly valuable assets.
- Value of Advocacy: While challenging to quantify directly, estimate the overall impact of customer advocacy on brand awareness, lead generation, and overall revenue growth.
In these ten steps, we can’t stop at one point of the stage, as it is a looping framework, so we need to keep our initiave going. Client retention isn’t a one-time thing; it’s an ongoing cycle. Here’s why: imagine you finish a project with a satisfied client. Does that guarantee they’ll come back for future needs? Not necessarily.
Staying Top of Mind
Even after a successful project, you need to stay connected. Build awareness and keep past clients engaged. Regular communication, like social media posts, email newsletters, or personalized emails, helps achieve this.
For instance, if you have a new project relevant to a past client, you need to keep in touch with them by reaching out. The mere exposure effect tells us people favor familiar choices. By staying connected with your past clients and keeping them informed about your business, you can ensure that your company remains at the top of their mind. This will make it more likely for them to choose you as their go-to option when they need similar services or products.
Client Retention
In B2B (business-to-business) environments, client retention refers to strategies that keep existing clients happy and engaged. The goal is to encourage them to continue doing business with you long-term. It’s about nurturing positive relationships to secure ongoing revenue and minimize client churn (loss of business).
What to Offer Clients:
- More of the Same: Cater to ongoing needs by offering additional quantities or services related to their previous purchase.
- Premium Upgrades: Present options for more advanced products or services that enhance their experience.
- Added Value & Convenience: Provide features or services that improve their existing solutions or streamline their processes.
- Sharing New Ideas: Proactively suggest innovative solutions that address their evolving needs.
Strategies for Retention:
- Building Strong Relationships: Invest in genuine connections with your clients.
- Proactive Communication & Support: Be readily available to answer questions and address concerns.
- Reaching Decision-Makers: Engage directly with those who influence purchasing decisions within your client companies.
- Leveraging Customer Data: Use client data strategically to identify upselling opportunities for relevant products or services.
- Cross-Selling for Value: Offer complementary products or services that enhance their existing solutions.
- Tailored Solutions: Develop custom solutions that cater to your B2B clients’ specific needs and challenges.
By implementing these strategies, you can transform client retention from a one-time effort into a continuous loop that fuels your B2B success.
If you want to know more about how you can gamify your business, contact us directly through here, we will assist you in getting your activity gamified with Level Up powered by Agate!
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Check out our gamification services page and contact us today. We are ready to help you create a gamification experience that aligns with your needs and preferences.
Article Authors
Junialdi Dwijaputra
Dias Setyanto
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