If you’re starting up a new B2B company at the tail end of 2023, you’re probably already aware of the business landscape that you’re heading into. Despite positive growth figures following on from July’s inflation drop to 6.8%, it has recently been reported that UK business activity has shrunk, with a PMI drop of 47.9 from 50.8 last month.
With the chief business economist of S&P Global Market Intelligence, Chris Williamson, stating that a renewed shrinkage of the UK economy is inevitable, it’s clear that the business activity lull is going to remain in place for the foreseeable future.
But that’s not to say it’s a bad time to start a new business. As mentioned before, the inflation figures of last month did drop to 6.8%, which is a seismic decrease from the high of 11.1% in October 2022. While Williamson does warn of a continued retraction, he also states that an early PMI survey does point to a moderation of inflation in the months to come.
With this in mind, if you are starting a B2B company, it’s simply important to understand the outlook of the business landscape, and work fast to put certain things in place. Namely, customer loyalty.
What Is Customer Loyalty?
In B2B, it’s estimated that over 50% of revenue is derived from existing customers, demonstrating that new leads are less of a priority compared to loyal, repeat customers. Ordinarily, achieving customer loyalty is something to be expected over time, with one recent survey suggesting that it takes a total of two years before a client trusts your brand enough to rely on it.
But two years is a long time – especially in the UK business market, where 20% of start-up companies fail to make it past their first year. It’s important in 2023, to work hard and fast to put the building blocks in place, and show your clients that you are not just the new kid on the block, you are the company they have to trust going into the future.
How Do You Attain Customer Loyalty Quickly?
The first thing you will need to do is invest in a B2B loyalty program that will create a platform to reward and engage clients for the long term. When it comes to good B2B loyalty programmes, it isn’t just about offering monetary rewards for repeat buys, it’s about building and deepening connections that customers will have with your brand, and formulating a sales network that creates fans, rather than just occasional consumers.
You will also need to couple this loyalty program with a clear website, a good social media presence, and – most importantly – transparent content that can immediately engage. Remember that your prospective clients may have already been buying from a direct competitor, so you need to research what they are doing, and formulate a plan to give you a competitive edge. Something that says: come with me, rather than them. And the engaging, transparent content will be your reason why.
Putting A Face To The Name
As well as this, make sure that your content is constantly updated. Your online presence is essentially a never ending marketing pitch, designed to keep you in your customers’ minds, with values, goals, and insights that correlate with theirs.
Lastly, you should try to quickly put a face to your company’s name. When it comes to competitive edge, a number of companies choose not to meet in-person with clients, with a higher emphasis on social media as a digital marketing tool, rather than in-person events that can bring people together. This could be your first point of difference.
Although digital marketing channels like social media and email are incredibly important, they can be a perfect way to start building relationships by actually hosting events for existing clients and letting them know the real you. That way, in just the first six months, the groundwork of loyalty will already be set, as you have worked to establish transparency, efficiency, strength, and trust.
