In a B2B environment where competition is rife and USPs are rare, finding those unique moments within your brand that you can promote and amplify is vital. When considering the marketing tools that we have at our disposal, it is traditional to think about social media, ABM, CRM, and so on, when actually, one of the most powerful tools we have for acquiring and retaining customers is customers themselves.
Customer advocacy is a vital component of B2B marketing. When done well, it helps to foster better relationships with clients, increases customer loyalty, and drives revenue growth. Of course, customer endorsement is nothing new in B2B marketing, after all, case studies and carefully worded quotes have featured on B2B websites and in email campaigns for years. But if that is the extent of your customer advocacy campaign, then your business is missing a trick.
There are many reasons to put your efforts behind a comprehensive customer advocacy campaign, and of course, there’s brand reputation. By using customer advocacy to highlight the positive experiences of existing customers, B2B marketers can enhance their company’s reputation and differentiate it from competitors. Another reason is trust. In today’s competitive marketplace, trust is a necessity. B2B relationships are very different from those in B2C. B2B relationships are generally longer term and form an important part of the buyers’ strategy, relying on the seller’s services or products for success. By leveraging customer advocacy, B2B marketers can build trust with potential clients, and cement relationships with existing clients who are enthusiastic enough to speak out for them. Cost-effectiveness is another benefit of customer advocacy. Customer advocacy can be a cost-effective marketing strategy, as it relies on leveraging the positive experiences of existing customers, rather than expensive advertising campaigns.
Hand-in-hand with cost-effectiveness is customer retention. We all know the adage that keeping an old customer is cheaper than creating a new one. By focusing on customer advocacy, B2B marketers can strengthen their relationships with existing clients and increase customer loyalty. This can lead to higher retention rates and more revenue over the long term. Despite the many benefits, there are a few myths that limit the true potential of a customer advocacy strategy.
Myth – Customer advocacy is just a reference or a lead
We need to go beyond the customer case study or favourable quote put at the bottom of a website page. Customer advocacy is a chance to raise the role of the customer’s voice and create a relationship where they are inspired to share their valuable insights on products and services. Think private webinars, roundtable discussions, video reviews, and so much more.
Myth – Advocacy is only beneficial for your business
Customer advocacy works best when it is a two-way street. The reason why a company might advocate for you is that they are getting something out of it. So, yes, you want to get your name out there but that will only happen if you help your advocate get what they need to. Focus on the ‘give’ part of the equation and work with your customer to ensure that they can showcase what they are doing and that they too are rewarded through their act of advocacy.
Myth – Communities of advocates only happen in B2C marketing
Having a community of passionate advocates who voluntarily converge to talk about your brand is the holy grail of marketing. Many B2C brands have done it well – Harley Davidson, Apple, Marvel and DC, Lego, to name a few. However many B2B companies have successfully created a community of fans, including HubSpot, Caterpillar, Microsoft, and more. Online communities offer a platform for customers to engage with one another, exchange information, strengthen their relationships, collaborate, and achieve collective success. Furthermore, you can track and incentivise active participants to enhance their engagement with your brand. These communities can serve as a showcase for your brand and a valuable knowledge-sharing network.
Customer advocacy is evolving from polite reference letters and case studies to a fully integrated strategy that creates fans and eventually a community around your product. It allows you to strengthen your relationship with existing customers while reaching out to new prospects. By ensuring that it is an integrated part of your marketing campaign, you can maximise the value of your greatest marketing tool – your customer.