Any B2B company will understand the importance of customer retention. According to recent studies, a B2B company is 65% more likely to sell to an existing customer over a new one – with 31% of existing customers likely to spend more on what you are offering.
This is why so many B2B companies have shaped their marketing campaigns around customer retention rather than customer acquisition.
Digital marketing, specifically, is where the majority of customers now find and purchase from brands. In this way, digital marketing is not only a source of engagement and awareness, but it actually amounts to a large portion of the buying process.
According to another study, corporate B2B decision-makers get through around 67% of the buying cycle before actually speaking to the vendors, proving how important it is for digital marketing to become the spokesperson for a company.
Social Media As The Ultimate Tool
If you are running a small B2B company, then social media has become your biggest tool – with a usage rate of 92.1% for US companies in 2022 alone. The intricacies of social posting are now key to your bottom line and how your company might reach its full potential – so long as your strategy is well thought-out and supported by a solid B2B social media management platform.
One of the biggest reasons for this is that social media can actively develop your brand personality. When customers – both new and existing – interact with you online, they are interacting with the company itself, with social media taking over – or replacing the need – for face-to-face communication.
Social media savvy content creators have also learned how to make content more entertaining, educational and informative, rather than just an “advertisement” – advertisements are made to be observed, while social media content is made to be engaged with.
Social Media Metrics For Growth
Being a “tool”, this engagement can also be tracked and analysed to level up your company further. Once again, with a B2B social media management platform, you can share content that will not only be far-reaching but informative for your own business. Specific metrics that can be monitored include:
- Revenue Growth Rate For Existing Clientele
- Lifetime Value Of Customers
- Cumulative Cohort Revenue
- NPS (Net Promoter Score)
- RPR (Repeat Purchase Ratio)
- Customer Revenue Churn Rate
The insights from market research are always important, but the extent of these social media insights are hugely beneficial, especially without any literal feedback from the customers themselves. Understanding the customer revenue growth rate, for instance, could be the difference between a successful business and a stagnant business – if it is rising, your business is safe; if it is stagnant, there needs to be more money and effort put into account-based marketing and retention.
Social media can give you the metrics that demonstrate where to improve – which, again, will give your company a far greater chance of reaching its full potential. Studies have shown that a B2B company’s profits can increase by as much as 95% with just a 5% increase in customer retention. With social media, then, you can not only provide a strong, interactive marketing campaign for customers but utilise it to accelerate the growth of your business itself.