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Raise Prices for B2B Sales Without Losing Your Regular Customers

Sales Prospecting Perspectives

Sales Prospecting Perspectives is pleased to bring you a guest blog from Colleen Francis, After three years of selling products and services at the same prices, your company decides a change is in order. It’s time to make a few price increases to better reflect the current market and rising costs. And yet there are several other pricing methods that businesses employ as well.

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New Developments in B2B Loyalty Marketing

Biznology

Let’s look at the traditional approaches to retention marketing in B2B, plus some new developments in loyalty marketing being adopted by B2B marketers today, including social media and gamification. . Given the importance of customer retention in B2B, business marketers have a long history of investing in loyalty drivers.  New developments in loyalty for business markets.

A Loyalty Program Becomes a Retention Hub

Hubspot

Simple economics tell us that these prices are on an upward trend. The solution is to use a loyalty program as a hub for your retention marketing tactics. Loyalty as a Retention Hub. Here are a few examples of how a loyalty program can make your retention marketing efforts much easier by centralizing everything in one place. Centralize Retention with a Loyalty Program.

How to earn customer loyalty in the age of chat

Biznology

You see, an ordinary customer simply buys your products or services, likely based on price for value. loyal customer, however, is one that will buy from you regardless of price. Customer service is both a logical and excellent place to start your loyalty-building efforts. The post How to earn customer loyalty in the age of chat appeared first on Biznology. ” Wait.

Brand Loyalty Begins with Giving a Sh*t

B2B Marketing Unplugged

Related Posts: It’s Time to Get Your Pricing House in Order. I think marketers spend a lot of time and calories talking to people who really don’t give a sh*t. We like to call this awareness building –the first stage in our Journey of Unreciprocated Love. Awareness, it seems to me, is lately about interrupting people long enough to think about your products or brand.

7 Customer Loyalty Programs That Actually Add Value

Hubspot

If you’re like 65% of marketers, your company has implemented a loyalty program. According to the 2011 Colloquy Customer Loyalty Census , of the $48 billion worth of perceived value in reward points and miles distributed by American businesses annually, one-third goes unredeemed by consumers. It’s time for marketers to look beyond convoluted rewards systems and offer actual value to customers using their loyalty program. To get you started, here are some ideas for customer loyalty programs that might work for your business. But is it working?

Brand Loyalty isn’t Dead – Don’t “Buy” the Hype

Modern B2B Marketing

The Changing Face of Brand Loyalty. Because I had no loyalty to Fitbit or to Jawbone, neither brands carried any special power. So as I researched, I wasn’t worried about the brand of my new step/calorie counter – I just wanted the best functionality at the best price. Here’s how brand loyalty can tip the scales in your favor. Which features did I need? Mac versus PC.

The New Loyalty Formula

Manhattan Marketing Maven

Brands crave loyalty. They can be swayed by price offers.    The points based system, pioneered by the airlines and expanded by credit cards and grocery chains, seems to have limited appeal as an across-the-board loyalty solution. For grocery stores this means  -- find all the coupons for stuff I buy, put them on my loyalty card and automatically deduct the discounts when you ring me up.     The new digital formula for loyalty programs is WiiFM + DiFM   Consumers are much more ambivalent.

Discover 3 Types of Marketing Automation Engagements for Agencies

Marketing Action

The economy has recovered a bit, but it’s still a very competitive environment for marketing agencies, with thin margins … and thinner client loyalties. There are many different ways marketing agencies can package and price marketing automation services to increase client loyalty and improve overall profitability. Provide Design and Development Services.

Important New Research on Customer Loyalty

Jill Konrath's Fresh Sales Strategies Blog

You feel betrayed by their lack of loyalty. You did everything possible, but they didn’t give you a good enough price to compete effectively. Recently the Corporate Executive Board did an in-depth analysis of customer loyalty drivers. Here are the primary factors they uncovered -- and the percentage of their contribution to loyalty. Here’s the deal.

Make the most of your CRM this year

Biznology

When used correctly, it can help improve customer retention with better service and more personalized marketing, which leads to customer loyalty. Customer service is expected to be the key differentiator , even over price, by 2020. Customer Loyalty. When you combine stellar customer service with personalized marketing, over time, you build customer loyalty.

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How to Find The Best Influencers for Your Company

Act-On

This is another complete influencer marketing solution, complete with the price tag (it starts at $350 per month). Advocacy & Loyalty influencer marketing influencersWhat’s the hardest thing about influencer marketing? Is it defining the strategy? Tracking the results? Or finding the influencers? According to the study, 75% of marketers struggle with it. This is the branding step.

Beanstalk Data Adds Service to the Marketing Automation Recipe

Customer Experience Matrix

Pricing is starts at $1,500 per month for a complete marketing automation system, although clients who want just email and lead scoring can start for as little as $600 per month. The company also has a loyalty system marketed under the Beanstalk Loyalty label. loyalty systems marketing automation software beanstalk dataAnyway, back to BeanStalk.

5 Easy (and Affordable) Ways to Show Customer Appreciation

Vertical Response

Customers also have more options to choose from when it comes to purchasing – whether it’s supporting a local business, shopping for the best price, or shopping online for convenience. Try out some of these tips and start earning more customer loyalty. Customer Service customer appreciation Customer Experience Management customer loyalty Loyal Customers Thank you

Why Word of Mouth Should Be a B2B Marketer’s Top Priority

Marketing Action

This can be an excellent way to get more out of price negotiations, especially when you’ve reached the limit of what a client is willing to spend. Advocacy & Loyalty B2B Marketing referral Word of mouthWord of mouth is the original marketing channel. Before social media, before email, before even radio ads, direct mail, or billboards, there was word of mouth. question. Is that it?

Using Social Media to Increase Brand Loyalty

Sazbean

Airlines use frequent flier programs to try to increase loyalty. Social media can also be used to increase brand loyalty if we first identify what makes someone loyal to a brand. Loyalty vs. Repurchasing There’s a difference between brand loyalty and repurchasing. What if another product of similar quality was offered for a lower price? Probably not.

The Anatomy of a Profitable Ecommerce Rewards Program [Infographic]

Hubspot

But competing on price is a race to the bottom. Loyalty programs can drive high margin repeat business, but most programs fail to add value to the customer experience. To get real value from your customer loyalty program, you need to go beyond the discounts. The infographic below from Selfstartr shows that loyalty programs are often misunderstood by brands. Ecommerce

Show Some Love – Inspiring Customer Appreciation Ideas

Vertical Response

We’ve compiled some of our favorite customer appreciation gifts, ideas or loyalty programs from various companies to inspire you: Car Dealerships. I’ve recently been looking into buying a new car and several car dealerships benefit programs are top notch. Apps have even been created to keep track of all these loyalty cards with a popular one being Key Ring. Old Navy.

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Is customer satisfaction really important in B2B?

The B2B Research Blog

Customer loyalty is critical to any business.  After all, the logic goes, if customers are happy then they won’t feel a need to change supplier – satisfaction leads inexorably to loyalty.  Recently Circle Labs has been looking at customer loyalty and as part of this we surveyed several thousand B2B decision makers. Offering a price advantage. Let me explain.

The 2 Reasons Why You Really Lose a Sale

Sales Intelligence View

“Our product is inadequately priced,” you may say, or, “The prospect has no money.” So is loyalty to a competitor of yours and a prospect’s inability to understand your products. It’s a rare sales rep who’s never lost a deal. We have to lose sales at one point or another. It’s also easy to blame a loss on something out of our control.

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Why Your Ecommerce Promotions Fail

Hubspot

When planning giveaways, discounts, coupons, promotional events, and any other special pricing for your ecommerce company, you’re probably already counting your profits in your head. When you can lower the price of a product just to get it out the door, your customers start to wonder just how valuable that item is. Once you’ve tanked your own prices, there’s no going back.

Leo Suarez, Toshiba’s SVP Marketing & Strategy: Omni-Channel Retailing—A New Paradigm of Product Marketing

Crimson Marketing

They compete with endless aisles and endless comparisons of products and prices online. Endless Aisle, in Store: Retailers can leverage concepts like in store kiosks, automatic price matching and distributed warehousing to combine the variety and value of online product marketing with the tactile advantages and immediacy of the in store experience. Leo shares examples. Over 1.1

Debunking the 80/20 Rule…and 4 Other Sales Force Myths

Marketing Craftmanship

Myth : Price, quality and perceived value are the most important factors influencing customer loyalty. Reality: 39% of customer loyalty is based on sales force performance, before and after the sale; 22% on perceived quality / value; 20% on breadth of offering; and 19% on price. Do the top 20% really bring in 80% of the bacon?

Role of digital in driving customer engagement

Opentopic

Customer engagement is the holy grail of marketing; creating an emotional attachment to a brand can create loyalty which means longer-term, less price sensitive and therefore more profitable customers. The customer has always been king. Customer engagement can make a significant financial difference: research from Gallop in 2014 found that customers who are fully engaged with their bank bring 37%. The post Role of digital in driving customer engagement appeared first on Opentopic. Marketing - Publishers

It pays to provide Support with Social Media

Buzz Marketing for Technology

But after you look at the research below it will be hard to call the contact center a cost center for long. 1)     Customers prefer a good customer experience over price – being the low cost provider in any industry is never a safe place to play. But in a recent survey by Forrester customers in every major industry preferred good customer service to price. Tweet This! Digg this!

Customer Experience Simplified

It's All About Revenue

97% of global consumers cite customer service as important in their brand choice and loyalty. Before you answer, download Customer Experience Simplified: Deliver the Experience Your Customers Want and discover discover how to provide customer experiences that are managed as carefully as the product, the price, and the promotion of the marketing mix. overcomplicating everything.

The big challenge for big brands today: authenticity

Biznology

Before the internet, marketers had relatively free reign for making questionable competitive claims, creating a brand image of superiority, and hence demanding a premium price. We are living in an age of growing skepticism and ebbing loyalty for many established brands. But the internet has changed the ground rules. Today consumers want authenticity. Like this post?

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SAS by the Sip: SAS Viya Offers Open APIs to Individual Services in the Cloud

Customer Experience Matrix

But the triumph of SAS’s pricing approach has been accompanied by new challenges to SAS’s business. Subscription pricing notwithstanding, SAS has largely sold its software for on-premise operation by its clients and required them to purchase a large stack of core technologies. This greatly reduces implementation effort and allows volume-based pricing, both of which lower entry costs to the client. Like Viya, it does not require clients to purchase the full SAS stack and will be priced on volume rather than a simple subscription.

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3 Secrets To Having A Two-Way Conversation With Your Brand’s Customers Online

Buzz Marketing for Technology

However, brand loyalty online can be much more fleeting than it is offline. Stop and think about some of the online brands that have your devoted loyalty (no matter what sins they may occasionally commit). For many of us (myself included), it would take a lot to sway my trust, respect and loyalty away from these three online giants. Don’t treat every customer the same.

5 Things Spotify Can Teach You about Content Curation

ScribbleLive

It has similar pricing and a nearly identical music catalog to the other streaming music services, so how does Spotify set itself apart? These unique user experiences create brand loyalty and trust amongst both paying and non-paying customers, putting Spotify on a pedestal above its competition.  . And what the heck does it have to do with your content strategy? Why is This Important?

What Are the Two Types of Seasonal Marketing?

It's All About Revenue

This is why long-term seasonal marketing has so much in common with relationship marketing, which “focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales” ( TechTarget ). According to Deal News , in 2015 video game prices were slashed by an average of 72% on Black Friday in the U.S.;

Rethinking Market Strategy In A Digital Economy

Tony Zambito

Resulting in new behaviors associated with social interaction, consumer loyalty, information gathering, business relationships, working relationships, and enabling networked-decision behaviors.  Such understanding leads to identifying new market segments, new pricing strategies, new product innovation roadmaps, and improved customer engagements. by Delwar Hossain.

Seven Ways to Humanize B2B Marketing

Webbiquity

However, our research also shows that ‘personal value’ is twice as powerful as business value in achieving a broad range of commercial objectives (including awareness, consideration, purchase intent, willingness to pay a premium, loyalty, willingness to recommend).” Like customer loyalty, it can’t be bought—it has to be earned. Here are seven ideas.

Fluency of Culture, Not Language, Is Key to Winning Big in Global Online Markets

Webbiquity

Social can help businesses quickly establish and maintain brand awareness and loyalty. The CRO campaign provided shoppers with a selection of smartphones arranged by price, by default. Guest post by Charles Whiteman. The smartest companies are always looking to reach untapped markets. These days, most are finding success by engaging new global consumers through digital channels.

The benefits of a strong brand in B2B markets

The B2B Research Blog

It allows you to charge a price premium because it implies that the product or service is somehow better, or it provides a sense of trust worth paying extra for. It builds preference and loyalty. Some don’t think that branding matters in B2B markets.  They say that B2B decision makers are logical beings immune to any such irrational influences.  And anyway, it’s all just fluffy marketing crap and a brand is really just a logo isn’t it?  . B2B marketers disagree.  In fact, our surveys have found that 77% of B2B marketing leaders believe that branding is critical to growth.

How to Conquer 5 Common B2B Marketing Problems with Content

NuSpark

Add in a recipe that ensures addiction and competitive pricing, and the cookies are on their way to success. The high price tag means she needs to get the chief financial officer (CFO) and chief executive officer (CEO) involved. First, you have a typically high price point, perhaps even climbing to six or seven figures. The cookies taste good. It’s simple. Enjoy them.

The Evolution of the Sales Role

Sales Prospecting Perspectives

If you needed to know the price of the product, you asked the salesman. Companies are not only relying on brand loyalty, they are working with B2B partner companies that specialize in helping businesses gain more customers and manage online presences. In the age of the tweeting refrigerator , salespeople are transitioning. It became a matter of trust, of value, of helpfulness.

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How 4 Brands Are Revolutionizing the Customer Experience

It's All About Revenue

It will either result in a sale or increased brand loyalty. Discover how to provide customer experiences that are managed as carefully as your product, price, and the promotion of the marketing mix in the Customer Experience Simplified guide. As consumers, we don’t actively think about the “customer experience” — we just know when a brand makes us feel good.

What is a Marketing-Qualified Lead? What MQL Really Means

Act-On

Did they visit our pricing page? Then we’re into a new lifecycle of retention, loyalty, advocacy, referral and upsell with that client – but that’s another post, for another day. Just a few years ago, marketers everywhere rejoiced. Shouts were heard from the rooftops. Glasses were raised. Toasts were made. Reliable marketing metrics were finally here! Or did it? Beyond buzzwords.

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Using Big Data To Target The Right Consumers With The Right Offers

Buzz Marketing for Technology

The more forward-thinking online marketers recognize that “personalizing” each customer’s experience on their site can make a dramatic difference in ultimate sales, customer loyalty and long-term profitability of the business. Love Your Loyalty Programs. For most marketers, loyalty programs provide a wealth of personalized data on your most desirable customers. Initiatives like offers, promotions, calls to action, special prices—whether on your website, mobile site or app—can all be preselected or promoted based on each visitor’s unique profile. Sync Your Channels.