Free Demo     Our Data     Sample Profile     User Reviews     Compare Versions     Subscription Pricing     IndustrySelect Blog     Contact Us

14 Eye-Opening B2B Customer Retention Statistics

Posted by IndustrySelect on Wednesday, August 24, 2022

14 Eye-Opening Customer Retention Statistics

3 MIN. READ

It is common business knowledge that it costs your company more time and money to attract new customers than it does to keep your current customers returning. Industry experts estimate that it is five times more expensive to chase new customers, which is borne out by customer retention statistics.

Customer Retention Statistics to Inspire You 

This article will provide you with some suggestions for your company’s customer retention efforts, which will improve your bottom line.

Technology

Technology is your best friend when it comes to ensuring that your customers choose your company for future purchases. Collecting statistics about your customers helps you build a customer profile. This profile helps you to better understand what attracted your customers to your business in the first place, and it gives you a leg up on what your company needs to do to keep them coming back.

● Companies lose $83 billion annually due to poor customer maintenance efforts.
● To counteract this loss, U.S. companies plan to spend an estimated $641 billion to improve the customer experience.
● The most loyal 20% of your customers comprise 80% of your total profit.

Customer Experience

The customer profile that you create through careful analysis of your current customer data enables you to provide a more user-friendly customer experience. Your customers are far more likely to return to your company if they feel as though your company has treated them fairly and provided them with any required support.

● 72% of your customers will switch to a different brand if they experience poor customer service from your company.
● S. companies lose in excess of $75 billion annually due to poor customer service.

Technology and Customer Experience

When a company utilizes up-to-date technology to improve their customers’ experience, its retention rate improves.

Your customers, especially when you are working with your manufacturing customers, do not have the time to sit through a sales pitch every time you develop a new product. Small- to medium-sized manufacturers wear many hats within their own companies. Often, they are the Chief Marketer, Chief Salesperson, and Production Manager, depending on which part of their company needs attention at any given time.

If your website is clear and user-friendly, customers are more likely to start with your company when searching for a product that is similar to whatever they had previously purchased from you. Keep these facts in mind when designing your website and creating content:

● 61% of all B2B transactions begin online, with clients completing an average of 12 online searches prior to finalizing any acquisition.
● Maintain an active and informative social media presence. Know that 95% of B2B companies create some form of social media content, whether that takes the form of blog posts, newsletters or short videos.
● 79% of B2B marketing strategists find that email is their most effective sales tactic.

Follow Customers Through the Sales Funnel

Not all customers occupy the same position in your sales funnel. Some of your business clients are simply considering a purchase. Others may be actively investigating prices and options. Still, others are ready to pull the trigger and buy the item.

While your customers may be at different places in the purchasing process, the one thing that they have in common is your website. Consider the following facts when guiding your B2B customers through their journey:

● 81% of your early-stage customers prefer to see listicles, and 72% find infographics to be helpful.
● Once your customers reach the middle of your sales funnel, 58% want to see assessments.
● 39% of your late-stage buyers prefer to read case studies, while 38% prefer to read user reviews.

Statistically Speaking

Regardless of your other marketing efforts, keep your current manufacturing clients happy with an updated, user-friendly and informative website.

● Approximately 13% of your unhappy customers will tell 20 different manufacturing company owners about their poor experience with your company.
● 89% of your customers consider your customer service a primary motivator in their decision to remain with your company.
● A mere 5% increase in retaining your customers will increase your profits anywhere from 25% to 95%.

Are you interested in increasing your ROI by finding and retaining clients in manufacturing? Partner with IndustrySelect – your one-stop shop for reaching 400,000 U.S. manufacturing companies and one million executives. Try a free demo today!

Article Sources:

https://99firms.com/blog/customer-retention-statistics; https://truelist.co/blog/customer-retention-statistics; https://www.zippia.com/advice/customer-retention-statistics; https://financesonline.com/b2b-statistics; https://financesonline.com/b2b-statistics; https://99firms.com/blog/customer-retention-statistics; https://www.industrynet.com/marketing; https://www.industrynet.com/contact

Read more on this topic: 9 Stellar Customer Retention Strategies for B2B

 

Get Your 600
FREE Leads from
IndustrySelect!
Reach U.S. manufacturers, suppliers, and industrial service providers with
B2B company data
IndustrySelect
Researched firsthand by real people for unparalleled accuracy and detail, trusted by over 40,000 professionals at small businesses to Fortune 500 companies
IndustrySelect is the Industrial Database
Sales • Marketing • Recruiting • Research
Check  Identify prospects by location, industry, size
Check  View complete company profiles
Check  Executive contact data with direct emails
Check  Get instant counts, build unlimited lists
Check  Export profiles to your CRM
Check  Locate top executives by name & title
Check  Collaborate with your sales team
Check  See parent company and family tree
Check  Discover a company's key competitors
Check  Uncover hidden prospects with Intent Data
Check  Clone your best customers Customer Match
Check  Pricing levels for all budgets
Check  Use on your PC, Mac, tablet, or smartphone
Get your 600 FREE leads now!
© 2022 MNI     License Agreement     Terms of Use     Legal Information     Privacy Policy     Do Not Sell My Personal Information     Help Us Fight Data Theft