In a pandemic, it’s more important than ever to focus on retaining and expanding current customers. So, how can sales and marketing support the retention effort? Join Ruth Stevens as she dives into this fast-paced session and reviews the 7 key strategies for current customer marketing, to enable sales and expand customer value.
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The Many Faces of Sales Enablement: How to Drive Revenue Through Retention Marketing & Sales Enablement
1. How to Drive Revenue Through
Retention Marketing & Sales Enablement
Ruth Stevens Rebecca Komathy
With: Moderated by:
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The Many Faces of Sales Enablement
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teams while empowering them to deliver engaging buyer experiences that drive growth. Seismic's
Storytelling PlatformTM delivers innovative capabilities for marketers to orchestrate content delivery
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To see how Seismic is being used by companies in your industry, visit seismic.com.
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https://www.salesprocentral.com/webinar-series/10927/the-many-faces-of-sales-enablementThe Many Faces of Sales Enablement
https://www.b2bmarketingzone.com/webinar-series/10927/the-many-faces-of-sales-enablement
4. About Ruth Stevens
Ruth P. Stevens consults on customer acquisition and retention in business markets. She is the President
of eMarketing Strategy, a consulting practice that helps assists start-up and established companies in
building their customer acquisition and retention strategies. Ruth was named one of the 100 Most
Influential People in Business Marketing by Crain’s BtoB magazine, and one of 20 Women to Watch by
the Sales Lead Management Association. Her most recent book is B2B Data-Driven Marketing: Sources,
Uses, Results.
About Rebecca Komathy
Rebecca attended California State University, Long Beach, where she earned her M.F.A. in Creative Writing
with a concentration in Fiction. After working in the publishing and English education fields, she became more
interested in the information science and business aspects. She is attending SJSU for her second Master’s,
this time in Library and Information Science so she can learn more about digital curation. She currently works
at Aggregage as a Webinar Coordinator. When she’s not working, she is probably snuggling with her French
bulldog named Kira.
How to Drive Revenue Through
Retention Marketing & Sales Enablement
8. 8The Many Faces
Of Sales Enablement
8How to Drive Revenue Through
Retention Marketing & Sales Enablement
8
• Poll
What percentage of B2B marketing effort is devoted to retention?
• 10%
• 15%
• 25%
• 30%
12. 12The Many Faces
Of Sales Enablement
12How to Drive Revenue Through
Retention Marketing & Sales Enablement
Defining “retention” in B2B
• Poll
• What do you mean by the term “retention” in B2B?
• Expanding the value of an existing account.
• Buying across multiple product/services
• Prevent defection to the competition.
• Repurchase.
• Intent to repurchase.
• Willingness to refer.
• A feeling/attitude of loyalty to the supplier. 12
13. The essence of B2B retention marketing strategy
Nurture the customer relationship the way a good
salesman would
– Get to know them and their needs.
– Make them feel good about doing business with you.
– Spend time and money according to how much they are
worth to you.
– Sell to them the way they want to be sold.
– Keep an eye on your competitors and deliver equal or
greater value.
16. 2. Provide great customer service
• Solve problems, fast. Otherwise, retention strategies are
fruitless.
• Don’t view customer service as a cost center, a drain on profits
and a place to squeeze expense. Strong service levels pay off
in retention, and thus in long-term profits.
– A customer whose problem was identified and resolved has been shown
to indicate a stronger intention to repurchase than even a customer who
never had a problem in the first place.
17. 3. Focus on penetration marketing
• Account penetration, for example:
– Up-selling, where the customer is invited to buy a richer version of the
product in question, such as an upgrade or a larger volume..
– Cross-selling, or offering a related or additional product.
• Usually the responsibility of the sales person assigned to the
account. Marketing can boost sales force productivity, with:
– Database marketing tactics like “next best product” analysis and “reasons to
call.”
– Personalized outbound communications under the sales person’s name.
18. 4. Prevent defection
• Defecting customers almost always give off signals of their impending
departure—if you pay attention. Identify the key variables, set up
tripwires to capture the signals, and put in place programs to
remedy them.
– Example: “latency.” If you notice that a buyer typically places an order every
60 days, then if 60 days go by and no order arrives, the seller should
immediately make an inquiry.
– It may be nothing—in which case you’ve demonstrated your high levels of
customer service. Or it may reveal a problem—in which case you have an
opportunity to find a solution, early.
18
19. 5. Continuous relationship selling
• Persuade the customer to accept an ongoing stream of product deliveries,
on pre-agreed terms, delivered automatically.
A replenishment scenario, like just-in-time delivery of component parts and raw materials in
manufacturing. Avoids the expense of one-off selling.
• Expect a higher acquisition cost in the first place.
• Certain businesses are naturally suited: SaaS, telecom, financial services,
pharmaceuticals and media. But there’s no reason why you cannot create such a
model for your business, whether for certain customer sets or product lines.
• Typical continuous selling scenarios in B2B include:
• Post-sales support services
• Replacement parts
• Just-in-time components
• Consumable products, like office supplies
• Professional services
• Software as a Service
20. 6. Reward loyalty
• Not consumer-style points and rewards programs.
– Employees can’t accept gifts.
– Procurement departments won’t accept.
• Instead, provide special service levels.
– Assign top account reps to top customers.
– Provide dedicated customer service personnel to support them.
– Special terms of payment and ease of purchase.
21. 7. Winback, in 3 steps
At some point, a tragedy may occur: You lose a customer.
1. Consider whether you want the customer back. This customer may not be
right for you. High cost to serve, poor margins. It may be better to let the
customer move to a competitor who is able to make the relationship
profitable.
2. Find out what went wrong and try to fix the problem, fast. First handled
by customer service or account management. Assess the situation and
apply, immediately, the kind of solution that will bring the customer back to
the fold. These reps must be knowledgeable and empowered to take fast
action.
3. Create a dedicated winback sales team. Often, it will take more time and
effort to persuade the customer to return. It’s not easy work—and it cannot
be done by the regular sales force, who focus on volume and fast
opportunity. The team needs special training and special compensation.
22. Checklist of B2B retention communications tactics
• Survey customers (ask what they
value, and how you’re doing)
• Survey employees (they are the front
line to customers)
• Newsletters
• Proprietary magazines
• Special events
• Affinity merchandise
• Triggered marketing communications
• Personalized communications
• Contests and awards
• Special service levels
• Welcome programs
• Advisory board
• Occasional thank-you notes
• Sales force incentives
• Rewards programs (at the account
level
23. 10 reactivation tactics
1. Move quickly
2. Segment dormant customers
for differentiated treatment
3. Deepen your understanding of
the dormant customer
4. Communicate through a variety
of channels
5. Use proven offers
6. Test and optimize your
reactivation program
7. Clean up your data
8. Focus on winback
9. Make it easy to respond
10. Convert customers to auto-
renew and subscriptions.
https://biznology.com/2017/06/ten-tips-customer-reactivation/
24. How to measure B2B retention success
Metrics to consider:
1. Repeat purchase
2. Average order size
3. Expansion of purchase to multiple products or services
4. Referral to buyers in other departments or in outside companies
Methods:
• Measuring against yourself, over time. Look at churn rate, or repeat buying rate by
segment, or any other metric, year on year, to watch for an improvement
• Measuring against your industry. Some industry groups invest in the kind of research that
assesses benchmarks against which any individual player can measure performance.
25. 25
Q&A
Rebecca Komathy
With: Moderated by:
President, eMarketing Strategy
Linkedin page: /in/ruthstevens
Twitter ID: @RuthPStevens
Website: ruthstevens.com
Email: ruth@ruthstevens.com
Ruth Stevens
Webinar Coordinator, Sales Pro Central
Linkedin page: /in/rebeccakomathy/
Twitter ID: @salesprocentral
Website: salesprocentral.com
Email: rebecca@aggregage.com
https://www.salesprocentral.com/webinar-series/10927/the-many-faces-of-sales-enablement
The Many Faces of Sales Enablement https://www.b2bmarketingzone.com/webinar-series/10927/the-many-faces-of-sales-enablement
