As a marketing manager, you understand the importance of having a robust CTS strategy in the B2B sales process. Not only does investing in CTS lead to delighted customers who are more likely to return, but it can also contribute to long-term revenue growth.
This can include things like phone calls, product demos, and face-to-face meetings. In the B2B world, these interactions are crucial for building relationships and closing sales.
If you’re looking to incorporate CTS into your B2B sales efforts, here’s what you need to know about the most effective ways to do so.
What is CTS and Why is it Important for B2B Sales?
CTS is the number of resources (time, money, etc.) a company invests in servicing its customers. This can include things like phone calls, product demos, and face-to-face meetings. In the B2B world, these interactions are crucial for building relationships and closing sales.
CTS is a key factor in customer retention and acquisition. Studies show that it’s much more expensive to acquire new customers than to retain existing ones.
By investing in CTS and creating a positive customer experience, you can not only keep your current customers coming back but also attract new business through word-of-mouth recommendations. In today’s digital age, a single positive review or recommendation can spread quickly and bring in more leads.
So not only is CTS essential for customer loyalty, but it’s also a key part of attracting new business.
Implementing CTS Successfully in B2B Sales
To make the most of CTS in your B2B sales efforts, here are some tips to consider:
Know your customers inside and out
It’s crucial to thoroughly understand what your customers need and what pain points they’re trying to address. This will allow you to tailor your sales pitch and demos to specifically meet their needs.
Work closely with your sales and marketing teams
Sales and marketing should work together to identify and reach potential customers. By combining their efforts, you can create a more comprehensive and effective sales strategy.
Invest in face-to-face interactions
While phone calls and emails are critical, there’s no substitute for a personal meeting or presentation. These interactions allow you to build stronger relationships with decision-makers and better understand their needs.
Leverage social media to your advantage
Social media platforms can be incredibly effective for reaching potential customers and strengthening relationships with current ones. By posting updates and engaging with your followers regularly, you can build a positive brand image and generate buzz about your company.
When implementing CTS, it’s essential to have a long-term focus. While it may be tempting to prioritize immediate returns, investing in CTS can have lasting benefits. By fostering customer loyalty and encouraging repeat business, you can create a stable source of revenue for your company in the long term.
Examples of the Best to Cost-to-Serve (CTS) for B2B Sales
Here are a few examples of how companies have successfully implemented CTS in their B2B sales strategies:
1. Zendesk: This customer service software company places a strong emphasis on CTS, offering personalized demos and support to help its clients get the most out of their products.
2. HubSpot: This inbound marketing and sales software company offers a variety of resources to support their customers, including educational webinars, customer success stories, and a customer support team available 24/7.
3. Adobe: This software company has a dedicated customer success team focused on providing personalized support and ensuring customer satisfaction. They also offer a variety of resources, including training and certification programs, to help their clients get the most out of their products.
4. Salesforce: This customer relationship management software company offers a variety of resources to support its customers, including a customer success platform, training and certification programs, and a customer support team available 24/7.
5. Microsoft: This technology company has a dedicated customer success team focused on helping its clients achieve their business goals using Microsoft products. They also offer a variety of resources, including training and certification programs, to support their customers.
6. IBM: This technology company places a strong emphasis on CTS, offering a variety of resources to support their customers, including training and certification programs, customer success stories, and a customer support team available 24/7.
These are just a few examples of how companies are successfully implementing CTS in their B2B sales strategies. By investing in customer service and support, these companies can create loyalty, drive repeat business, and attract new leads.
They can create a positive customer experience and drive long-term success. By offering personalized support and a variety of resources, they can build strong relationships with their clients and drive repeat business.
Top 11 books for Best to Cost-to-Serve (CTS) for B2B Sales
1. The Effortless Experience: Conquering the New Battleground for Customer Loyalty by Matthew Dixon, Nick Toman, and Rick DeLisi
2. The Service Profit Chain: How Leading Companies Link Profit and Growth to Loyalty, Satisfaction, and Value by James L. Heskett, W. Earl Sasser, Jr., and Leonard A. Schlesinger
3. The Customer Comes Second: Put Your People First and Watch ‘Em Kick Butt by Hal Rosenbluth and Diane McFerrin Peters
4. The Service Edge: 101 Companies That Profit from Customer Care by Ron Zemke and Dick Schaap
5. Customer Loyalty: How to Earn It, How to Keep It by Jill Griffin
6. The Loyalty Leap: Turning Customer Information into Customer Intimacy by Frederick F. Reichheld
7. The Customer Service Revolution: Overthrow Conventional Business, Inspire Employees, and Change the World by John R. DiJulius III
8. Customer Centricity: Focus on the Right Customers for Strategic Advantage by Peter Fader and Sarah Toms
9. The Customer Rules: The 39 Essential Rules for Delivering Sensational Service by Lee Cockerell
10. “Customer Delight: A Practical Guide to Winning and Keeping Customers by Bob Thompson
11. Delivering Knock Your Socks Off Service by Kristin Anderson and Ron Zemke
Best to Cost-to-Serve (CTS) for B2B Sales FAQs
1. How can CTS be used to improve customer retention in the B2B sales process?
One way to improve customer retention through CTS in the B2B sales process is to make sure that your customers feel valued and supported. This can include offering personalized support, responding promptly to customer inquiries, and proactively addressing any issues or concerns they may have. By investing in customer satisfaction, you can create loyalty and drive repeat business.
2. How can companies measure the effectiveness of their CTS strategy in terms of revenue growth?
To measure the effectiveness of your CTS strategy in terms of revenue growth, you can track metrics such as customer retention rate, customer lifetime value, and customer acquisition cost. By comparing these metrics over time, you can see how your CTS efforts are impacting your bottom line.
3. How can CTS be used to differentiate a company’s product or service from competitors in the B2B market?
By highlighting the personalized support and resources that your company offers to its B2B customers, CTS can help you differentiate your product or service in the market. For example, you can highlight your company’s expertise and dedication to helping customers succeed by going above and beyond in your support efforts. This can help set you apart from competitors and demonstrate the value of your offering to potential customers.
4. How can CTS be incorporated into a company’s overall sales and marketing strategy to maximize its impact?
To maximize the impact of CTS on your overall sales and marketing strategy, it’s imperative to align your CTS efforts with your overall business goals. This can involve setting specific CTS goals, such as improving customer satisfaction or reducing churn and integrating CTS into your sales and marketing processes.
5. How can companies effectively balance the need for a strong CTS strategy with the need to control costs?
Balancing the need for a strong CTS strategy with the need to control costs can be challenging, but there are several ways to do it. One approach is to prioritize the most pertinent CTS activities and allocate resources accordingly. You can also look for ways to streamline your CTS efforts, such as using technology or automation to handle routine tasks.
6. Can CTS strategies be tailored to diverse types of B2B customers or industries? If so, how?
CTS strategies can be tailored to several types of B2B customers or industries. For example, a company in the healthcare industry might prioritize customer privacy and security, while a company in the tech industry might focus on providing comprehensive training and support.
By understanding the unique needs and priorities of your target market, you can tailor your CTS strategy to best meet their needs.
7. How can companies use CTS to gather customer feedback and insights to improve their product or service offerings?
Gathering customer feedback and insights through CTS can be a valuable way to improve your product or service offering. You can use customer surveys, focus groups, or one-to-one interactions to gather this information and use it to identify areas for improvement.
8. How can companies leverage technology and automation to improve their CTS efforts without sacrificing personalization?
Technology and automation can be leveraged to improve CTS efforts without sacrificing personalization. For example, you can use customer relationship management software to track customer interactions and preferences or use chatbots to handle routine inquiries. By freeing up your team’s time, you can allow them to focus on more personalized, high-impact CTS activities.
9. How can companies train their sales teams to prioritize CTS in their interactions with customers?
Training your sales team to prioritize CTS in their interactions with customers is imperative for building strong relationships and driving repeat business.
This can involve teaching them effective communication skills, helping them understand the unique needs of different customer types, and emphasizing the importance of customer satisfaction.
10. How can companies effectively communicate the value of their CTS offerings to potential customers?
To attract new business, it’s imperative to effectively communicate the value of your CTS offerings to potential customers. One way to do this is by using examples of your company’s success, such as case studies or customer testimonials, to showcase the benefits of your CTS efforts.
You can also highlight any unique resources or support that you offer, like specialized training or round-the-clock customer service, to differentiate your company from competitors. By clearly conveying the value that you provide to your customers, you can attract new business and stand out in the market.
CTS is essential for success in the B2B sales world. By investing in customer service, you can create loyalty, drive repeat business, and attract new leads.
By understanding your customer’s needs, working closely with your sales and marketing teams, and leveraging the power of face-to-face interactions and social media, you can effectively implement CTS in your sales strategy and see positive results.
In conclusion, CTS is a crucial consideration in the B2B sales process. By investing in customer service, you can create loyalty, drive repeat business, and attract new leads. By understanding your customer’s needs, working closely with your sales and marketing teams, and leveraging the power of face-to-face interactions and social media, you can effectively implement CTS in your sales strategy and see positive results. Don’t underestimate the value of a strong CTS strategy – it can make all the difference in your B2B sales success.
