B2B Service Company Customer Relationship Advantage

How B2B Service Companies Can Drive Growth Through a Customer Relationship Advantage

As human beings, we rely on strong and lasting relationships to fulfill our personal happiness. There’s plenty of research that suggests relationships impact us mentally, emotionally, and physically, with healthy relationships leading us to live longer, better manage stress, and improve our social well-being. This concept is no different in the business world. Healthy business relationships lead to top line growth, stability to manage disruption, and overall sustainability as an organization. Similar to personal relationships, every successful business relationship is built on a foundation of core virtues, such as integrity, transparency, and trust. However, while many business leaders understand the importance of relationships in a business context, many fail to think strategically about how to build and maintain these relationships.

This is exacerbated for those in a business services environment. Business-to-business (B2B) companies depend on a smaller set of customers for a larger portion of revenue, as evidenced with high volume of sales and/or long-term contracts, whereas business-to-consumer (B2C) companies have one-time purchases and/or monthly subscriptions. B2B companies engage with fewer customers using traditional face-to-face interactions and their selection of partners is driven by specific business goals. And more is at stake in the B2B world.

In some extreme cases, a B2B company can lose over 50% of its business if its largest customer were to leave. This is why it’s imperative for B2B companies, especially business service companies who cannot rely solely on a superior product, to become more customer-centric by placing relationship management at the center of every aspect of their business. In our previous white paper, Incorporating Blue Canyon’s Growth Lessons into B2B Business Services, we outlined the five lessons pertinent to driving growth in the business services space. Among these is one growth lesson that we will focus on for this white paper: strategic relationship management.

Request this White Paper

Related Insights

Digital Transformation IoT

Digital Transformation: How to Commercialize Your Breakthrough Internet of Things (IoT) Offer

An overabundance of trend setting technology platforms—from eCommerce to the Internet of Things (IoT) with data analytics—has resulted in a crowded field of emerging ideas,...
B2B Business Services

Incorporating Blue Canyon’s Growth Lessons into B2B Business Services

We have written extensively on the strategic challenge of identifying and taking advantage of new growth opportunities. In 2011, Atlee Valentine Pope, President and CEO...
Identifying and Responding to eCommerce Disruption A Guide for B2B Suppliers

Identifying and Responding to eCommerce Disruption: A Guide for B2B Suppliers

The world of business-to-business (B2B) eCommerce is fast-evolving. B2B buyers are increasingly demanding the same online experience they receive as consumers. Staying ahead of B2B...
+
Industries
Across
+
Countries
+
Publications