Buyer retention is vital to the revenue performance of your selling organization. Compared to prospecting new buyers, retaining 5% more buyers can increase profits from 25-95% and increase your selling success rate to 60-70%.
Gartner Research surveyed 750 B2B buyer stakeholders and found that customer improvement activities are equally effective at buyer retention as solution success and service. Challenger similarly discovered that 20% of buyer retention is driven by product success — while a whopping 47% comes from the value and insights a seller provides.
The key takeaway from these studies? Your salespeople’s jobs are not done at solving your buyers’ initial problems here and now. Buyers want trusted advisors they can turn to time and again for support that will impact their business success. And investing time into a long-term buyer is worth more than only going after new prospects.
This is not about trying too hard or being too in your buyers’ face all the time. This is about exchanging real value over time with another organization. When you help your buyers win — your selling organization wins too. At Mereo, we call this Seek to Serve, Not to Sell™, and it is a framework that works for any business, across any industry, in any selling environment.
SEEK TO SERVE WITH BUYER IMPROVEMENT–FOCUSED ACTIVITIES
Sellers who do the difficult work of continuous buyer improvement and service retain buyers for the long haul. This is Seek to Serve in practice. While a salesperson pushes forward their organization’s products, a trusted advisor connects buyer to the best solution to their problem. Where a salesperson exchanges products, a trusted advisor engages buyers in relevant and meaningful interactions to deliver compelling value for all parties. Salespeople make deals. Trusted advisors foster and maintain long-term relationships for continuous value-exchange.
Train your salespeople to Seek to Serve as trusted advisors:
BE ATTUNED TO NEW OR EVOLVING PAINS
If your initial prospecting and discovery activities were done well, your salespeople should have a lot of intel on your buyer. They should be attuned to market conditions and remain alert to changes on the horizon. Guide your sales team to always approach buyers and market conditions strategically. When a new market shift is coming or a new status quo has been borne, how might it affect your buyer’s business? How might this introduce new challenges? And, then, how might your salespeople help solve those to help your buyer realize gains?
LOOK TO HELP IMPROVE THEIR USE OF YOUR CURRENT OR ADDITIONAL SOLUTIONS
A Forrester survey had found that B2B buyers believe only 8% of salespeople are focused on driving a valuable end result for the buyer. Most believe salespeople are just after the sale. Therefore, after a sale, it is vital your salespeople stick around and check in regularly. How are they managing with the implementation of your solution? What gaps still remain that could be addressed with an unused feature or with an additional solution you offer? How else might your salesperson or selling organization be of service?
EMBRACE THEIR GAINS AS YOUR GAINS
When salespeople Seek to Serve, they act on a deeper purpose in business and in life. They make a difference. And in that, your buyers will see more long-term gains — as too will your selling organization. The longer the relationship of value-exchange, the greater the rewards for everyone involved.
SELL DIFFERENTLY — SELL BETTER
Break the status quo in sales. Never let the competition edge in with your current buyers. Dare to Seek to Serve, Not to Sell — and achieve sustainable revenue performance. Download the award-winning Sales Organization Guide to Seek to Serve, Not to Sell today.