7 Ways To Manage B2B Customer Relationships

Properly nurtured B2B (business-to-business) customer relationships can increase loyalty, engagement and sales. When managing B2B customer relationships, it might be helpful to consider them as individual clients rather than as a group. In this article, we define what a B2B customer relationship is, explain the benefits it may offer and provide seven ways to manage them.

What is a B2B customer relationship?

B2B customer relationship refers to a company using services or programs from another business to meet its goals or manage operations. For example, a business offers a video and chat software program, which companies use for departments to communicate. Therefore, the customer business is now a part of the provider business clientele. B2B customer relationships can be important for both the business providing the product or service and the business receiving it. Examples of B2B customer relationships are:

• Automobile part manufacturers and car companies

• Management software companies and businesses

• Cybersecurity firms and businesses

• Technology component manufacturers and cell phone companies

What are the benefits of having a B2B customer relationship?

B2B companies can build foundations and maintain trust with customers to develop strong customer relationships that benefit everyone. Some of these benefits might include:

Personal benefits

Having a personal B2B relationship can help build longevity, expand your customer base and increase revenue. For example, if a provider company has a positive personal relationship with their customer company, and that customer expands their business, it might increase the chances of the provider gaining new business over competitors. Creating personal connections with your customers can show your commitment and dedication to the success of their business.

Financial benefits

Financial benefits are also possible with B2B customer relationships and might lead to customers willing to pay more for a product or service because of the positive customer relationship they will receive. Another financial benefit of well-managed customer relationships may include increased business opportunities and efficiency because there may be more opportunities for effective planning to meet each customer’s individualized needs.

Knowledge-based benefits

A major component of managing customer relationships is understanding the challenges customers may face and working to address their needs. For example, if a customer company that makes kids’ toys has a shortage of material and is looking for another supplier, the provider may refer them to a trustworthy client to help with their issue. This can show that the company knows the market and connections. This can also help B2B companies ideate and generate innovative ideas for current and potential customers.

How to manage a B2B customer relationship

Steps to help effectively and efficiently manage B2B customer relationships are:

1. Consider customer relationship management (CRM) technologies

CRM technologies can help businesses streamline the management of their customer relationships and can help optimize B2B customer communications. For example, a company might select a CRM technology system to help boost communication via email or automated short message services (SMS), to increase customer interactions. This can provide data that may show how often their communication is being reviewed and if there’s been further action. Consider what you’re looking for in a CRM technology system and research options to find the best one for your business.

2. Collect feedback regularly

Collecting feedback from customers regularly can be beneficial for B2B customer relationship management to identify spaces or places for operational improvement. Developing and implementing anonymous surveys can help collect customer feedback. When developing surveys, it’s important to consider these questions:

• What are you interested in getting feedback about?

• How might you word questions in unbiased ways while still receiving the information you seek?

Considering questions like these may increase the chances of receiving beneficial feedback in anonymous surveys. Gathered information or data can then identify if there are specific needs customers have that your product or service is not addressing and provide pathways for improvements.

3. Improve customer experiences

B2B companies can use learned information about customers’ needs to develop user journey maps, which can show the customer’s process using a company’s product or service to accomplish a goal. These journey maps can then help identify where customers might face challenges and provide B2B companies with direction for improving customer experiences. Companies may find solutions in brainstorming or use the design thinking process to guide user experience (UX) improvements, which can increase the positivity of customer relationships. Potential improvements may include:

• Added solutions

• Simplified navigation

• Personalized features

• Increased support

4. Implement target marketing campaigns

B2B companies can use their knowledge of customer needs or goals to target their marketing campaigns and provide customers with the information that might be most relevant to them. For example, if a group of customers shares a goal of increasing efficiency, marketing campaigns may target them with strategies and information about how to use the company’s product or service to help achieve higher efficiency. This example can be relevant for any common need or goal between customers. B2B companies can implement target marketing campaigns through a variety of communications, including:

• Email or mail

• Social media

• Advertisements

B2B companies using target marketing might implement drip campaigns to provide customers with pieces of information over time and keep them engaged. These campaigns may be pre-written, implemented when relevant and updated as necessary.

5. Monitor and stay connected with customers

Monitoring customer satisfaction and success can help your company understand what customers want and need. You can use business analytics tools and techniques, like software, to keep track of how well your company is doing with current clients. Detailed information from discussions between account managers and customers may also help monitor their satisfaction and success.

It’s important to stay connected with customers to provide support and identify where key selling points or values are, which might be useful for marketing and promotions. Customers who feel supported, whether it’s technical or information-based, may be more likely to use a product or service again. Some ways to stay connected with customers are:

• Encourage feedback

• Maintain consistent and relevant communications

• Provide customers with a simple way to contact the business

6. Recognize that customers are also companies

It’s crucial to remember that customers are also companies and operate a variety of day-to-day functions. This can be especially important when constructing customer communication plans. Consider creating a communication plan that is purposeful and provides value when connecting. It’s also important to audit what information they receive regularly to ensure all communications are relevant or provide current information. Remembering customers are also companies might also help B2B companies better manage their customer relationships and sympathize with customers.

7. Stay patient

Creating and maintaining strong customer relationships is a process and may take time. It’s important to be patient and manage relationships in an individual and personal manner, to get the most out of the relationship. B2B companies might also have to make updates to customer relationship management approaches to continue meeting the needs of customers.