As a business owner, you have probably heard time and time again how vital feedback is to the success and growth of your business, even in the B2B environment. It turns out, however, that recognising the value of feedback is a lot easier than actioning it.
There are, of course, plenty of excuses to be made in the B2B world. Perhaps you feel your company holds too specific a purpose to extract any meaningful feedback from customers, or that you are already established and comfortable enough within your niche that expending that extra time and energy (and requiring it from your customers) to gain feedback is unnecessary.
Whatever your excuse, the conversation will always return to the same statement: feedback is vital to the success and growth of your business.
But why? Read more below.
Actioning Feedback Aids Retention…
B2B customer loyalty is as vital to your business as it is within the B2C environment, and, in just the same way, it is predicated on your ability to react positively to what your customers need, want, and feel they are currently missing. That may sound a little simplistic, but it is nonetheless true.
Just because your customers don’t say anything, doesn’t mean there is nothing that could be improved on your side. Implementing feedback as part of a comprehensive and strong B2B customer loyalty programme is a great way to create a more meaningful line of communication between your business and your customers, and to ensure that you are always prepared to continue adapting to a changing environment.
…And Retention is Better than Acquisition
Consider the difference between short-term B2B sales incentives, and those that are created via a long-term B2B loyalty program. In the short-term, promotional discounts attract passing business but, in the long-term, they are specifically designed to augment that relationship between supplier and customer, and to ensure benefit to both parties.
This is just one example of the benefits to actively seeking retention, rather than continually pursuing new custom.
It’s a pretty common saying in the world of sales that the cost of acquiring a new customer is 500% the cost of retaining an existing one. Whether or not this is true or something of an urban legend, it remains a fact that the cost will be notably higher.
If gathering, collating and actioning feedback is the alternative to these high costs, it’s clear to see why B2B customer feedback is so vital.
Customers Appreciate an Opportunity to Speak
If we asked you to name one effective way of demonstrating to your existing customer base your interest in giving them the best service and experience possible, you would probably come to the conclusion that ‘asking for feedback’ would rank very high on that list.
Why? Because it opens a direct and open line of communication that is not directly sales driven. And, given that around 49% of customers believe that brands will action the feedback they provide for them, it’s clear to see quite how much store many of us set by a simple request for comment from loyal customers.
Long-term B2B incentive programs are predicated on more than direct rewards for sales. They involve a tangible commitment to customers, and to consistently improving an already-strong brand.