B-to-b customers have become more demanding in their expectations, which is all the more difficult for suppliers whose offerings are increasingly perceived as commodities. Suppliers are forced to seek new ways to differentiate their offering and recapture value, and therefore maintain their customers for longer.
“Customer experience” and “customer engagement” have become buzz words of the post-recessionary era as existing customers are increasingly integral to organizations’ growth strategies. Consider the following:
- Two-thirds of customers indicate that a favourable customer experience has caused them to increase their spend;
- 80% of customers will pay a premium of up to 25% if they can expect superior levels of customer service;
- 75% of brand switchers attribute this behaviour to a negative customer experience;
- A majority of those that end up recommending a company do so based on the customer experience rather than on factors such as products or even prices;
- An extremely high proportion of those that have had a poor customer experience inform their peers and colleagues about it; In many cases, this is to discourage or prevent them buying from the supplier.
B2B International has seen a marked increase in research focused on improving the customer experience. This type of research explores every aspect of the customer journey from awareness through to service delivery and repeat purchases, as well as the importance of understanding emotions felt by customers before, during and after every touch point with the brand.
The ultimate goal of customer experience research is to inform companies on how to reconnect with their customers at a deeper level, leading to increased loyalty and a positive impact on the bottom line.
To find out more, please read our recent white paper on the subject of customer experience management within a B2B context.