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If you’re a large company, AI is the wind at your back and the tide turning in your direction. Your positioning, your competitive differentiation and your reputation are linked. Navigation looks smooth.
If you are an SME or serve this market, AI can feel like a whirlwind of Shakespearean proportions, upending your positioning and competitive differentiation in favor of wood.
“Sometimes it is the flood that prevails, then the wind;
Now a better one, then another better one,
Both striving to be victorious, chest to chest,
Yet neither conqueror nor conquered.— William Shakespeare, Henry VI, part 3Act 2, scene 5
How to calm the waters and find your way? Follow the one true north star: long-term profitability. In an AI-driven market, make trust your competitive differentiator. To reach the safe harbor, you must rely on your superpower: you.
Only you can create and maintain the bond of human trust that enables long-term relationships. B2B is, and always has been, personal. Use these new tools effectively and bring the human touch.
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Create happier customers who stay longer and buy more
The key measure of long-term profitability is customer lifetime value (CLV). This is how you know, from one period to the next, from one year to the next, if you are on the right track.
Here’s a simple way to understand CLV and a formula to help you:
- First, calculate your customer’s lifetime rate. The central number is customer churn (which alone indicates the success of your retention efforts).
- Divide 1 by this customer churn rate. Let’s say the churn rate is 5%. 1/0.05 = 20.
- Dividing total sales by the number of customers gives the average sales per account. Let’s say total sales are $1,000,000 and there are 500 customers. The average income per account is then $2,000.
- Finally, multiply the customer lifetime rate (20) by the average revenue per account ($2,000). So the CLV for this period = 20 x $2,000 = $40,000.
A robust CLV is a clear indication that your customers trust you with their future. A deeper analysis that identifies customers and customer groups with the highest CLV helps you zoom in on your ideal customer profile (ICP). You’ll find that customers with lower CLV scores tend to leave sooner, require more maintenance, and generate less revenue. It pays to reorganize prospecting to focus on your ICP.
Stand out, don’t fit in
You are brilliant, gorgeous, and funny, and your company is simply amazing. Nobody cares. All your customers care about is how you will help them succeed. “What’s in it for me?”
Get off technology and demonstrate your commitment in person. Obviously, lead by example. Empathy and gratitude are much-discussed concepts. Sending your note-taker to Zooms you’re not attending isn’t enough.
Let empathy and gratitude guide you. Show your client your commitment to their success by introducing yourself. It says, louder than words, that you care about them, that they are your priority. This is how you gain trust. These are the stepping stones to success. This human approach becomes especially important as AI plays a larger role in marketing.
Marketing is certainly a logical application of AI. However, most implementations I’ve seen lack metrics or a business plan, and some seem focused on FOMO. Even if this experiment can lead to decisive advances, the short term will cause significant turbulence.
The number of touches to get a meaningful response is steadily increasing, from about 5 to 10 touches to 10 to 20. As the power of AI is integrated into 75% of the purchasing process that precedes engagement, its speed and savings will be touted.
The quality of communication is what really matters. Prospects and customers are looking for value. The real danger is that this speed of creation blurs rather than clarifies competitive differentiation and buyers’ willingness to engage.
Trust is your human advantage in AI
B2B is personal. It always has been, it always will be. Trust is human.
Here is an example. Company A is relatively new to its market. It provides supply chain management software as a service. She believes that her product is competitive, even better than that of the competition. She believes her staff, both subject matter experts and technical support, are superior.
He responded to a call for tenders and was shortlisted. There were five other companies, each larger and more established, with impressive track records. Company A won the bid.
I spoke to the head of the purchasing committee and asked, “Why did you choose Company A?” He said: “They were the only ones who wanted to know more about our challenges before starting the demo. »
As Humphrey Bogart said to Claude Rains in Casablanca: “It’s the beginning of a beautiful relationship.”
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