B2B companies face unique challenges in developing their most growable customers. Here are four strategies to help:
- Measure the "soft" metrics. To build your most growable B2B accounts, look for new ways to measure such relationship components as customer satisfaction, brand equity, and trust. Carlson Marketing Group, for example, uses a measurement called RsX that indexes "soft" elements such as trust and communication. RsX uses customer surveys to index the strengths or weaknesses of key elements in the relationship between company and customer. Organizations that understand where their relationships are strong can use that knowledge to make them even stronger.
- Identify key customer groups. This is most often associated with B2C marketing, but is important for B2B marketing as well. Even if your company has 100 key accounts, grouping them by most valuable, most growable, and most profitable can help you craft interactions that capitalize on growth opportunities. For example: A cell phone company that identifies a customer group called "entrepreneurs" may find that this group is ripe for small business plans and even new equipment.
- Include customers' feedback when determining "most growable" status. According to Michael King, group vice president of Grizzard Performance Group, feedback is vital for creating and leveraging a lead generation program that maximizes new customer profitability and both short- and long-term corporate profits.
- Manage lead generation. According to B2B sconsultancy InTouch CEO Brian Carroll ineffective lead generation is acknowledged to be the biggest obstacle to finding most growable B2B accounts. In fact, according to an Aberdeen Group "Viewpoint" study, up to 80 percent of marketing expenditures for lead generation and collateral go to waste from lack of commitment and discipline among salespeople and marketers. Commit to a disciplined lead generation strategy and you'll find more growable accounts.