How do companies benefit from successful B2B customer engagement?
Increase B2B Sales with Effective Engagement: 63% Lower Customer Attrition and 55% Higher Share of Wallet
In today’s fiercely competitive business landscape, B2B companies are under more pressure than ever before to retain their customers. Customer attrition, or the rate at which customers stop doing business with a company, can significantly impact a company’s bottom line. However, a recent study has shown that there is a way for companies to reduce customer attrition and increase revenue simultaneously: by focusing on customer engagement.
According to the study conducted by Outgrow, B2B companies that successfully engage their customers experience 63% lower customer attrition. The study also found that these companies achieve a 55% higher share of wallet, which means that their customers spend more money on their products or services, and a 50% higher productivity rate.
So, what does successful customer engagement look like? One key aspect is making sure that customers feel valued and heard. This involves regularly communicating with customers and seeking feedback about their experiences with your company. It also means offering personalized solutions that meet their unique needs and preferences.
Another important factor in successful customer engagement is building strong relationships with customers. This can be achieved through a variety of means, such as hosting events or webinars, offering loyalty programs, and providing excellent customer service.
It’s worth noting that successful customer engagement is not a one-size-fits-all approach. Every company and every customer is different, which means that engagement strategies need to be tailored to fit individual needs. However, the benefits of successful customer engagement are clear: lower customer attrition, increased revenue, and higher productivity.
Companies that want to thrive in today’s business landscape need to prioritize customer engagement. By doing so, they can reduce customer attrition, increase revenue, and build long-lasting relationships with their customers.
More 2020 Stats
77% of Sales Professionals Now Conducting More Video Meetings
61% of customers believe that surprise gifts and offers are the best way to engage customers
39% of companies don’t regularly ask customers for feedback about their interactions
77% of B2B buyers reported that their latest purchase was either “Difficult” or “Very Complex”
71% of salespeople said they were conducting more than half their sales virtually.
Why 40% of Sales Professionals Didn’t Achieve Their Revenue Goals in 2020
77% of B2B decision-makers prefer video meetings over phone calls with vendors
Omni-Channel Engagement Preferred by Almost 78% of Customers
76% of salespeople consider sales technology critical to closing deals
More Customer Engagement Stats
Omni-Channel Engagement Preferred by Almost 78% of Customers
30% of Online Shoppers are Millennials are are Between 18 and 34 Years Old
69% of buyers have accepted cold calls from new providers
77% of B2B Buyers Do Their Own Research Before Speaking to Sales
26% of Shoppers are Likely to Share a Product on Social Media after Purchase
33% of US Females Aged 18-34 Say They Would “Ideally Buy Everything Online”
71% of salespeople are using social selling tools
39% of companies don’t regularly ask customers for feedback about their interactions
8% of Online Shoppers Engage in a Live Chat Conversation before Placing an Order
38% of People will Leave a Website if they find the Layout Unattractive
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