Magazine article CRM Magazine

B2B Customers Want a Good Experience, Too: Products and Pricing Alone Won't Cut It; B2B Vendors Need to Deliver Valued Experiences

Magazine article CRM Magazine

B2B Customers Want a Good Experience, Too: Products and Pricing Alone Won't Cut It; B2B Vendors Need to Deliver Valued Experiences

Article excerpt

B2B VENDORS across insurance, pharmaceutical, high-tech, and other indirect sales markets are increasingly stressing customer experience (CX). That may sound odd given that most of these companies have channel partners between them and the end customer, but many B2B firms face big demand for more "consumerized," B2C-style customer experiences. Digital access to data and influencers fuels the demand, causing B2B customers to continuously evaluate vendors and the promises they make about their products.

With products and pricing becoming less effective as differentiators, leaders are turning to CX as the backbone of sustainable growth. But how equipped are vendors to drive both return on investment in CX and growth?

[ILLUSTRATION OMITTED]

According to Accenture's recent B2B Customer Experience Survey, not well at all. Organizations that did CX right enjoyed higher-than-average revenue growth--around 13 percent. But the results suggest that fewer than one quarter of businesses globally are delivering experiences that customers truly value. What's holding them back?

Not lack of interest or funding. Eighty-six percent of B2B sales and customer service executives continue to view the overall customer experience as "very important" to their strategic priorities, and that figure will only increase. This interest translates into funding, with 92 percent of companies investing at least as much this year as last.

It's also not complacency about competitive threats in the "platform age" of Uber and Airbnb. Sixty-six percent believe new digital market entrants are better equipped to deliver highly valued customer experiences than incumbents. The executives surveyed think their organizations lack the skills, tools, and resources needed to deliver stronger experiences. Many also point to a lack of C-suite attention and the cross-organizational integration necessary to deliver impactful customer experiences, a timely insight given current debate around who should own CX--the chief marketing officer, the head of sales, the chief digital officer, or the chief customer officer?

The disparity between those focusing on CX and those actually translating it into results points to a deeper issue: Most CX programs have new ideas built on outdated business models. B2B companies should be ready to design and execute a transformative, digitally enabled customer experience, or not waste money investing in CX at all. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.