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Customer Retention: From Sticky Relationships to LTV

B2B customer retention marketing focuses on strategies and programs designed to retain your existing customers and optimize lifetime customer value. In my previous post, B2B Retention Marketing: The First Thing You Must Do, I discussed why B2B customer retention marketing is worth doing and where to begin. Now let’s talk about some strategies B2B marketers can use to retain their existing customers and gain additional revenues throughout the relationship.

Strategies for customer retention

At a fundamental level retaining your customers boils down to keeping them happy enough to continue doing business with you. Many customers, though of course it varies by industry and product/service, will simply maintain the status quo.  Change involves the risk, real or perceived, of an unknown provider. Most importantly, changing providers also involves switching costs.  Switching costs are actual costs the customer incurs (financial fees for early termination) or personal costs (career risks, time required to research providers and negotiate an agreement) to stop buying your product or service and begin with a new provider.

Create “sticky” customer relationships

closeup rubber adhesive on yellow background

To prevent your customers from defecting to competitors who will eventually upset the Read more