B2B buyers often make multiple purchases over the course of their professional relationship with a vendor or supplier. Whether your B2B company sells products or services, it will likely attract long-term buyers. Some of these buyers, however, will spend more money than others. By improving your B2B company's customer lifetime value (CLTV), you'll reap the rewards of loyal buyers who are eager to make purchases.
What Is CLTV?
CLTV is a measurement of how much money a typical buyer spends on your B2B company's products or services throughout the course of his or her professional relationship with your B2B company. While some buyers may part ways with your B2B company after making an initial purchase, others will stay with your B2B company for many years thereafter. During this time, they'll continue to buy your B2B company's products or services. The average amount of money buyers spend during this period reflects your B2B company's CLTV.
Offer Excellent Support
You can achieve a higher CLTV for your B2B company by offering top-notch support that's better that your competitors. Buyers often require support for the products or services that they purchase. If they can't easily reach your B2B company for assistance, they may seek a competitor, instead. By offering excellent support, buyers will stay with your B2B company for a longer period while making more subsequent purchases.
In addition to offering excellent support, cross-selling will encourage buyers to make more purchases and, therefore, increase your B2B company's CLTV. Cross-selling is a sales tactic that involves pitching similar products or services to a buyer. To cross-sell, you'll need to evaluate the products or services that a buyer has already purchased. With this information in hand, you can identify other related products or services. Cross-selling is a simple yet effective way to achieve a higher CLTV.
Personalize Buyers' Experiences
Creating a personalized experience for buyers can improve your B2B company's CLTV. Buyers often have unique needs. If you use the same messages when communicating and interacting with them, they may respond poorly to your sales offers. With a personalized experience, on the other hand, buyers are more likely to stay with your B2B company for a long period.
Don't forget to follow up with buyers. A buyer's journey doesn't end when he or she makes a purchase. With proper nurturing, you can compel buyers make additional purchases in the future -- but you'll need to follow up with them. You can follow up with buyers by sending them emails or by calling them. During these followups, ask buyers whether they were satisfied with their original purchase.