Customer Retention: How to Assess and Improve Your B2B Customer Lifecycle

By carefully examining how a customer is acquired, retained, and (possibly) lost – this is called the customer lifecycle – it is possible to determine the strengths and weaknesses of the process and assign values   to customers based on how long they have purchased you and the trips they took.

This will help you improve the efficiency of your marketing and support spending and align your efforts with your main profit drivers.

Chart your successes and failures

Before you start researching your marketing process today, learn everything you’ve done with customers and prospects so far. So take your most incredible case studies – your greatest triumphs and your greatest failures – and map them through the life cycle stages to see what you can choose from.

Imagine the following case of a company that offers an easy-to-use, mobile-optimized accounting platform:

  • Awareness: the customer sees the software advertised on Twitter and follows it to an attractive landing page.
  • Consideration: the customer checked links to some basic system resources and made direct comparisons with competitors.
  • Purchase: the customer followed the entire payment system and paid via PayPal.
  • Experience: the customer did not find the desired option, left a negative comment, and allowed the subscription to expire.

Visualize your activities and materials for each interesting stage

Take a good look at all the activities and materials you offer to help people in your sales funnel today.

Put yourself in the shoes of a stranger with relevant interests and start searching to see what you think. You may have somehow missed an important step, simply assuming that customers will find their own path from point A to point C.

Going back to the structure we’re using, what if you don’t do anything to support a prospect during the consideration phase? You warn about the product in the knowledge phase and offer a strong purchase process, but leave the exchange phase … It is extremely dangerous.

Collect analysis and feedback

If you assume that your sales funnel contains a significant digital portion, you will want to extract your analysis first (statistics are essential for optimization).

For example, the behavioral flow gives you an idea of   how visitors are using your site: what pages they spend time on, what actions they take, and what (if nothing else) seems to be driving it. Try to put the business in context: what part of the customer’s life cycle should support each department? Is there a discrepancy between the purpose of a page and its current state?

Also, you’ll want to ask all the clients you’ve always wanted to work with, which led them to partner with you (or avoid it, as the case may be) and get a new perspective by testing the funnel stages with total strangers of your company.

Prioritize identified problems appropriately

After researching past (and almost lost) customers, analyzing your marketing funnel, and asking for detailed feedback, you can prioritize the list of issues identified based on their importance and (most importantly) how inexpensive to address them.

Since even a small improvement in the customer’s life cycle can translate into increased loyalty and costs, I recommend making the simplest changes first.

pay close attention to the comparison phase of the exchange phase, as there will be a lot to learn from the way your competitors present themselves. The best approach is to see what your competitors are doing better than what you are doing and, essentially, try to outperform. Undo your strengths and you will be in a much better position.

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Finally, you should seek a reasonable distance from average quality for each aspect of the customer’s life cycle and try to find an area in which you can operate. You can then turn excellence into an excellent promotional item. Make sure that the customer lifecycle reaches a stable level of support, improves some excellent features, and creates a platform that is not easy to beat.