When discussing customer experience, it was common to relate it to B2C (Business to Consumer) companies. However, with the rise of online and digital services, B2B (Business to Business) companies have also realized the need to focus on the customer to improve touchpoints and provide a positive experience.
That’s why B2B customer experience is Barbados Email List a top priority for most businesses these days. But what exactly does that mean?
Summary:
What is customer experience?
B2B Customer Experience
Why does B2B customer experience improve a company's results?
Three Secrets to a Great B2B Customer Experience
Conclusion
What is customer experience?
Before we discuss B2B customer experience, it is interesting to learn more about customer experience.
As we mentioned earlier, the internet has brought connectivity and transparency to all of our lives, impacting, mainly, the way we easily find any information about a company. With one click, it is possible to know everything about a customer's experience with a company, whether it was good, what the negative points were, what the positive points were, and only then decide whether it is worth making a purchase or hiring a service.
Therefore, customer experience, also known as Customer Experience , is considered any interaction (good or bad) that customers have with a company throughout the purchasing journey (including after-sales).
In other words, focusing on customer experience is now not only important, but essential for companies to develop, create authentic relationships with customers and even transform them into brand advocates .
In Marketing 4.0: From Traditional to Digital and Philip Kotler state that:
“In a Marketing 4.0 world, where great products and great services are commodities, the WOW factor (an expression a customer utters when, in a situation of great satisfaction, he is left speechless) is what differentiates a brand from its competitors. Companies and brands should never leave the WOW moment to chance. It is possible to design a strategy, create infrastructures and processes, and train people to deliver WOW.”
B2B Customer Experience
Now that we’ve given you a brief introduction, let’s talk about the B2B customer experience.
So far, we’ve made it clear that building stronger relationships and staying ahead of the competition requires focusing on customer experience. Now, let’s look at how B2B companies can meet their customers’ needs and expectations.
A study by Microsoft Dynamics stated that 95% of B2B customers think that customer service is essential to becoming loyal to a company. However, according to research by B2B International , only 14% of large B2B companies are customer-centric.
It is clear that B2B organizations have a long way to go to become more customer-focused. Despite this, B2B companies that now see the importance of this strategy have a great opportunity to differentiate themselves in the market.
Why does B2B customer experience improve a company's results?
As we’ve seen so far, a B2B customer is likely to abandon a business experience due to poor service. And that’s just the first impact of a bad customer experience.
According to McKinsey , B2B customer experience can bring several benefits to companies, including a 10 to 15% increase in revenue, increased customer satisfaction scores, improved employee performance and a 10 to 20% reduction in operating costs.
With this data, it is possible to state that investing in B2B customer experience is truly essential, mainly because it is directly related to customer retention , an important business metric for B2B companies.
But how do you get started? Below are some tips that can help your company.
Three Secrets to a Great B2B Customer Experience
1 – Be committed to satisfying and delighting customers
Maintaining customer satisfaction is not just about providing the minimum service required for them. It is essential to exceed expectations.
In the book, The Logic of Consumption: Truths and Lies About Why We Buy, by Martin Lindstrom , it is possible to find an excerpt that exemplifies how a company managed to exceed customer expectations.
According to the author:
“In the early 1990s, Guinness was facing huge customer losses in pubs across the British Isles. All because customers didn’t want to wait ten minutes for the head of their beer to shrink. So the company decided to turn this annoyance into a virtue. It launched advertising campaigns such as: “Good things come to those who wait” and “It takes 119.53 seconds to pour the perfect pint”, and even ran commercials showing the correct way to pour a Guinness.”
By paying close attention to customers, the company was able to change how they viewed the waiting period, transforming negative perceptions into new positive habits. Today, the method of serving beer has become a ritual for customers and a positive part of the drinking experience.
2 – Provide excellent customer service
In short, the goal of excellent customer service is to continually improve customer satisfaction.
In the B2B market, quality customer service is a necessity, not just a desire, as it is directly linked to commercial transactions carried out between two companies, that is, a buyer and a supplier.
Very different from B2C customer service, which can end after a purchase is made, B2B customer service requires special attention, as it includes a formal contract, with clauses, rules and an extended relationship period.
3 – Focus on Customer Experience strategies
As we have discussed previously, Customer Experience (CX) is the customer's experience throughout their interaction journey with a company, from the first contact until becoming a loyal customer.
Applying strategies focused on B2B customer experience can increase customer satisfaction rates, reduce churn rates , increase revenue and win brand advocates.
According to a global study by Oracle , 74% of executives believe that consumer experience influences whether they become brand advocates.
And the data doesn’t stop there. A survey by American Express found that 86% of customers are willing to pay more for a better experience, and a study by Temkin Group found that companies that earn $1 billion annually can increase revenue by up to 70% in 36 months if they invest in customer experience.
Therefore, if your company's goal is to win loyal customers, it is important to invest in Customer Experience and focus on:
In the consumer journey;
In the customer life cycle;
At the touchpoints .
4 – Have a Customer Success Manager in the company
According to the Harvard Business Review, a decade ago, the role of Customer Success Manager (CSM) was almost unheard of. However, in a 2019 survey of high-tech companies, more than 40% of respondents reported having CSMs at their companies.
In short, a Customer Success Manager is the professional responsible for developing relationships with customers and ensuring that they are using the service correctly, thus promoting retention and loyalty.
As the direct link between the customer and the company, the Customer Success Manager works in a variety of activities, such as:
Monitoring the complete customer journey;
Instructions to the customer so that they can take advantage of the product or service purchased;
Analysis of performance rates and customer experience;
Continuous meetings with customers to ensure satisfaction;
Anticipating problems and resolving complaints and requests;
Feedback collection.
In short
Understanding the differences between B2B and B2C customer experience, taking a deeper look at the importance and application of a good B2B customer experience is an essential step for companies.
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