504: 4 Customer Retention Tactics for B2B Brands w/ Louis Gudema

ABOUT THIS EPISODE

In this episode we talk to Louis Gudema, President of revenue + associates.

Are you struggling to come up withoriginal content, weaken and weak out start a boncast interview, your idealclient? Let them talk about what they care about most and never run out ofcontent ideas again, learn more at sweetfish media DOTCOM, you're, listening to the Beta, begrowth, show a potcast dedicated to helping Beto, be executive, achiefexplosive growth, whether you're looking for techniques and strategiesor tools and resources. You've come to the right place, I'm James Carbury andI'm Jonathan Green. Let's get into the show before we get into today's episode. Iwanted to share a podcast with you that I think you will get a ton of valuefrom if you enjoy be to be growth, you're, definitely going to want tocheck out social business engine to podcast. For my good friend, BernieBorgios and Bernie was on bee to be growth back an episode two. Fifty six.We also featured him in the content summit back in February. He is a wealthof knowledge. His show covers topics like ABM social selling, marketingtechnology he's had a lot of the same guests that we've had on be to begrowth. o The content it is similar, but Berneie definitely has a unique wayof engaging his guests and presenting content in a way it's different thanwhat you're going to find here on Baudyby growth, so you're already inthe PODCAST AP just search social business engine look for Burney's podcast get subscribe, download a few episodes think you're going to get aton of value from it. Without being said, let's get into today's interview.Welcome back to the beautyby growth show. We are here today with LewisGadima. He is the president at revenue and Associates Lowis Heig doing atdaygood. How are you doing Jame? I am wonderful. Salusum excited, Jo with youtoday we're going to be talking about customer retention and you're going tobe sharing some tangible strategies, tactics that companies can use toretain their existing customers, but before we get into that I'd love foryou to explain to our listener, Tju...

...aload about what you and your team areup to at revenue and associates yeah. So what we do is we work with companiesin a number of different ways to help them grow their revenue, and thatincludes what we call a marketing strategy- sprint, which is a very fastthree or four weeks, sprint to HEALP companies or product groups in inlarger companies, develop and and create a actionable plan for theirmarketing, or it may be a fractional vp of marketing kind of roll, where we areon call a Tho O quartertime to help companies with everything from theirmarketing programs and strategies to choosing marketing technologies and andrecommending vendors who could uthelp them, implement them, and things ofthat sort set ally focused on marketing as a program that helps companiesincrease revenue, Alo. So Lis. In today's interview, we're going to befocusing on some specific tactics that companies can implement to increasetheir customer attention, but before we jump into that, let's just talk alittle bit at a high level about this idea that that you see a lot ofcompanies putting too much emphasis on going out and trying to acquire newaccounts. They're working on net new business. Talk to us about. Why that'sdetrimental? Well, it's not detrimental, but it's it's not taking full advantageof some of the opportunities that are their fastestand easiest paths to revenue growth. So one of the things I've developed iswhat I call the Bullseye Marketing Framework and I'm not going to describeall of that right now. People can read about it. You know on my blog atLoigadema that com, but at the center of the framework, is taking fulladvantage of a company's current assets and at the center of that, are yourexisting customers and it's much faster...

...and easier and more profitable to growexisting accounts than it is to land new accounts D, and yet you know timeafter time, you'll see companies that really are more focused on in terms ofsales and marketing, on landing those new logos and not growing existing Acomokay. So, let's dive into the tactics Lewis that can really help companiesstart to focus more on this expanding their existing accounts, as opposed to k going after new accounts. What's thefirst tactic, you're oin TA share with us. So you know these are going tofound to people who who have thought about this. These are Gonta sound, likecommon sense, but you know, as they say, common sense is not so common, and thefirst tactic that that you really have to embrace is to really talk to yourcustomers, and I know from working with a lot of companies that they they don'tnecessarily do that very well. Sometimes the CEO will say: Oh we knowwhat our customers think. We don't. We don't have to do this or they're.Frankly, you know perhaps worried about it. You know what they're going to findout if they do start talking to their customers, but if you have someone,whether it's on staff or a consultant WHO's working with you to try to getmore objectivity, who's really doing a listening call with customers, you knowyou're, ten or fifteen, most important customers they're not trying to sellthem anything the they say at the very beginning. I'm just going to belistening. I have some questions. I want to ask you, you know, let me giveyou an example of of. I was doing that for one company and one of thecustomers that I interviewed was their largest customer. You know veryimportant customer, and yet I found out that that customer was very unhappy. Ifound out the specific reasons why and they told me that if things didn'tchange in six months, they they would be looking for a different vendor. Thiswas new information for that customer. This was, you know, critical for thecompany and yet they they weren't. Aware of it. You know one of the otherthings. That's that's great about these...

...calls is that even though they arelistening calls if your company is any good at all, in terms of you know theservices and products that you provide. Ten to twenty percent of of these calls,the current customers will say you know, we've been meaning to talk to you or ordo you do this and you get new business opportunities all the time with thoseexisting accounts just from listening to them. You know the other side. The His the CEO who said to me: We shouldn't be talking to customers who are unhappyyeah. We know they're unhappy and it just reminds them that they're unhappy,but you know Bill Gates. One said your most unhappy: customers are yourgreatest source of learning, so you know. The very first thing you have todo is really listen to them and talk to them as a a way of learning about whatthey want and how you can better satisfy them. So talking to yourcustomers needs to be a huge priority. Do you have any thoughts Lewis on who,within the organization who should be having those conversations, is at theCE o talking to the CEO of their their customers? Is it a moove like that, orshould it be someone from marketing that kind of owns that responsibility?What have you seen work bess well y. You need to talk to the people who areusing your product in service. You know the people who can say yeah. We we wantto keep these guys and keep working with them, or we want to it's time to change vendors. So youknow if it's a big strategic relationship that t it may be CEO toCEO, but in most cases you know- and you know, James There's, there'sendless types of companies and and who they might be working with within acompany. That really is talking to the people who know what's going on daytoday, who can say to the company this vendor's doing a good job or or notdoing a good job, and you know they they also can be involved inrecommending more purchases from them go all right. So beyond talking tocustomers. The second tactic that we're going to talk about Lewis is iscreating a great customer experience.

Can you expand on this ide of forcetsure, and this is something where you know talking to customers. You canstart that in a few weeks, and you can do those ten or fifteen initialinterviews pretty quickly get a lot of feedback. Creating a great customerexperience. That's a lifetime effort- and you know it may take six to twelvemonths, just to start to really turn that around and and improve thecustomer experience. But this involves analyzing. All of the C customertouchpoints, starting in the sales and marketing process, you know, how areyou interacting with them? Is that what they need at that point? Are theysatisfied with it? You know what is the emotion that you're you're trying tocreate at that point? What is the emotion that they're feeling and andhow can you improve that? You know if you think of something as as simple asa pizza shop, you know think about how you maybe ordered tha pizza by phone orwhen you're in the shop. You know what are all the different flavors that theyhave. What do they cost? How does it come out? You know: What's the box likewhat other products can you buy while you're there, you know, do they havedrinks nd and all the other things is the place clean? You know what happenswhen you're done eating there when you take it out, I mean a pizza shot isabout as simple as it gets, and yet you have many many touchpoints and waysthat you might improve the experience when you think about something. That'sreally complex like what a hospital does or what Tabeto the softwarecompany does, or you know many other types of bigger companies. You knowyou're going to have to how do you eat an elephant one bite at a time, you'reyou're going to have to do it in small chunks, and it's really critical toinvolve the customer facing employees in this process too 'cause. Theyprobably know more about what's working and what's not working for the customerthan than anyone else in your company...

H, all right so Louis we put a plane ofplace to talk to our customers. Were we're going to start looking atdifferent elements of our service and the different touchpoints that we havewith our customers and really start thinking strategically about? How canwe make every experience a customer has with our brand an incredible experience.This next tactic, we're going to talk about is, is customer focused content.I talkd to us about this one yeah, and this is something that you hear fromcustomers in these those listening conversations all the time. U Again, ifthe company is too focused on landing new accounts and not focused enough oncustomers, success, then all of their emails, all of their lebonars, all oftheir content or or a very large amount of it, is going to be focused on theinformation that prospects need and it's not going to be focused oncustomer success as much as it should be, and obviously customer success iscentral to retention an in Gro. So this is one of those places where you haveto take your customers much deeper into your products and services and helpthem be successful with that, and this may involve at the same time,segmenting customers m an the way you need to segment. You know again it'sgoing to very totally by what kind of company you are. It may be the the sizeof the company that you're selling to the industry that there in the location,the different roles or titles of people within those companies. You know thethe end users of software are going to need different information than the I tpeople do, but these these segments have to be meaningful. You know theycan yeah from an operational point of view. You may split your sales intoeast coast, you, eastern half of the country and western half of the country,but that probably isn't very important in terms of you know the customers andand the information that they want, but...

...meaningful segments that really relateto different products, different services, different pricing andmarketing and then creating the content. That's really going to help thosecustomers succeed, yeah, that's really critical and and what companies see youknow time after time when they have this kind of segmentation? Is theystart to get much more engagement with their contents and with their programsso when they, when they send out the emails with the invitations for theevents and the Webenars, or I information about new white papers oreatbooks if they're really properly segmented in in meaningful ways,they're going to get much higher, open and H, download and signup rates, then,when they're sending unsegmented content in, I kind of you know just uspray and pray fashion to everyone, and where do you think Louis? Where do youthink marketers struggle? W? I mean it's: Why do you think so many companiesdon't bother segmening their customers. You know they may not have simply thatorientation. They may not be thinking in these kinds of ways it. It reallycomes back James to t understanding the customers and what they need an andhaving enough conversations with them and information about them that you canmeaningfully understand what they need and and understand that Oh people whoare in hospitals need different information from us than people who arein universities or people who are in manufacturing companies. They may allbe using our payroll software, but it may be a very different situation for and a very different set of challenges,and so it really comes down to to being close enough to your customer tounderstand what their needs and and what the meaningful segments are. Thatmakes sense Wellthi this has been. This...

...has been really great. If there'ssomebody listening to this, they want to stiy connected with you or they wantto learn more about your company revenue and Associates. What's the bestOye for them, we go about doing that. Well, I'm on witter yeah. My handleisLouigadima, my blog, is Luigadima dtcom and revenue and associates where youfind a lot of useful information at download. Is Revenue Associate top bid,so any of those wavs would love to hear from people have their feet back on onsome of these things that we talked about today, Jane and continued theconversation there awesome, Wonderful Loui will. Thank you so much for yourtime. Today. That's been fantastic, O real apprecented. Thank you Jame. If you're a beataby marketer, we wantto feature you on sites like the Hupkington Post, social media, examinerand Chiefe market. Every week we seen not a question related to be to bemarketing. We use the responses to those questions to fuel the content. Wewrite for really popular website so head over to sweetfish, medy com, slushquestions and sign up today. Thank you so much for listening until next time.

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