In roles as a B2B Marketer and a Large Account Sales Leader I’ve been involved in some heated conversations about losing accounts. And, it typically goes something like this…..
Sales: The leads stink and our pricing is too high!
Marketing: The leads are fine; the pricing is right and why can’t you close?
And, we are off to the races……
So, what are a few reasons behind losing accounts?
❌ Not Understanding Customer Needs: Losing customers often highlights a communication disconnect between customer needs and product / solution messages.
❌ Underwhelming Value Propositions: When customers leave, it may indicate that the value proposition wasn’t compelling enough for them to stay.
❌ Lack of Competitive Differentiation: Losing to competitors is often due to a lack of competitive positioning and messaging that clearly positions products and solutions to deliver greater value than competitors in the same segment.
❌ Weaker Relationships: Relationships are the foundation of building strong customer relationships. Becoming a valued source of information and solutions helps companies position themselves as a trusted advisor leading to long-term, strategic relationships.
❌ Ignoring Loss Reviews: Failure to conduct loss reviews is a missed opportunity to gain valuable, actionable, insights into what went wrong and make necessary improvements to prevent future churn.
❌ It’s Never About Price!
B2B marketers and salespeople can learn valuable lessons from losing accounts, new customers, and existing customers.
Ensuring alignment with Ideal Customer Profiles, personalizing messaging and value propositions that include competitive differentiation, and developing strategic relationships can help reduce account losses.
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