B2B Loyalty Statistics: Take Advantage of an Overlooked Opportunity
B2B is a field that thrives off of retention due to its typically long sales cycles and high acquisition costs. That’s why more and more marketers are turning towards B2B loyalty programs to help them keep clients coming back. Our collection of B2B loyalty statistics will give you a much better picture of the landscape.
B2B Loyalty Statistics: The Value of a Retained Client
- Reducing churn by as little as 5% can increase profitability by 20% to 125%. – Destination CRM
- The likelihood of selling to an existing customer is 60% to 70%, compared to 5% to 20% for a new one. – Marketing Metrics
- The average mid-sized B2B company receives 30% of its revenue from existing customers. – Ko Marketing
B2B Loyalty Statistics: Customer Engagement
- 29% of B2B clients are considered to be fully engaged. – Gallup
- 28% of business service buyers rate their vendor relationship as “very good,” while 56% mark theirs as “good.” – LinkedIn
- 40% to 50% of companies haven’t introduced a new vendor in the last 5 years. – B2B International
B2B Loyalty Statistics: Marketers’ Priorities
- 68% of B2B executives say that clients are less loyal than they used to be. – Bain
- 55% of B2B marketers say that improving engagement is a top priority for their content marketing programs. – Ascend 2
- 81% of B2B marketing executives are shifting their budgets to become more customer-focused. – Leapfrog
- As of 2016, 54% of B2B marketers said that making customers more loyal was a leading business challenge–a 10% increase from 2015. – B2B International
- B2B marketers think that customer experience, personalization, and big data present the biggest opportunities for the next five years. – Adobe
- 82% of surveyed B2B marketers at mid-sized firms say that they have management objectives tied to acquisition revenue, compared to 48% who say the same for retention revenue. – Ko Marketing
- 43% of surveyed mid-size B2B firms have customer satisfaction as a key goal. – Ko Marketing
Amid these B2B loyalty statistics, it’s clear that most clients don’t feel engaged, despite a quality experience being a differentiating factor in sales and retention. Some marketers are realizing the greater need for systematic retention tactics to minimize churn and maximize profits, but others are still facing a lot of pressure to put acquisition first. The fact is that by 2020, customer experience is expected to be the primary differentiator for B2B sales.
B2B marketers can’t just make experiences entertaining and easy for new clients and then forget all about their existing ones. A loyalty program is the simplest way to gather and store actionable data, nurture engagement, and boost retention. You can even get happy clients to spread the word about you by offering them incentives like loyalty points in exchange for actions like referring colleagues or writing reviews!
Indeed, Mark Johnson, CEO of Loyalty 360, has a good reason to say that “B2B-type loyalty programs are growing significantly.” They provide marketers with valuable opportunities to get client input, educate customers, reward their strongest advocates and top buyers, and more.
Check out our posts about differentiating your B2B brand with loyalty as well as B2B advocate marketing with referrals and reviews!