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

Source
Outgrow

Topic
Customer Engagement

Year
2020

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 B2B decision-makers prefer video meetings over phone calls with vendors

61% of customers believe that surprise gifts and offers are the best way to engage customers

76% of salespeople consider sales technology critical to closing deals

77% of B2B buyers reported that their latest purchase was either “Difficult” or “Very Complex”

40% of all customer interactions will be automated through AI and machine learning by 2023

Omni-Channel Engagement Preferred by Almost 78% of Customers

71% of salespeople said they were conducting more than half their sales virtually.

39% of companies don’t regularly ask customers for feedback about their interactions

According to HubSpot, the length of a sales cycle decreased by an average of 15% when virtual sales tools were used.

77% of Sales Professionals Now Conducting More Video Meetings

More Customer Engagement Stats

71% of salespeople are using social selling tools

39% of companies don’t regularly ask customers for feedback about their interactions

61% of customers believe that surprise gifts and offers are the best way to engage customers

77% of B2B Buyers Do Their Own Research Before Speaking to Sales

30% of Online Shoppers are Millennials are are Between 18 and 34 Years Old

Americans Spend 36% of their Shopping Budget Online

Only 60% of sales reps meet quota

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

26% of Shoppers are Likely to Share a Product on Social Media after Purchase

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