An improved customer experience (CX) is closely linked with increased revenue as well as other advantages. Yet B2B customer experience still lags behind B2C. Are you looking for ways to improve your B2B customer experience and tap into the many business benefits that come with it? Discover where to focus your efforts for maximum gain in this blog post.
McKinsey & Company estimates that improvements in customer experience can lead to a 10% to 15% reduction in customer churn, 20% to 40% increase in win rates of offers, and 50% lower costs to serve. Likewise, a 2020 report by Adobe finds that companies (both B2B and B2C) leading in customer experience are 3 times more likely to have significantly exceeded their 2019 business goals. But, according to McKinsey & Company, while B2C companies’ typical customer experience scores fall between 65% and 85%, B2B companies average less than 50%.
Find out how to optimize your customer experience for professional buyers in order to improve your business results: discover the 6 pillars of B2B CX below, including statistics, insights and best practices.
How to deliver a great B2B customer experience (CX):
- Speed: Speed up the customer journey and buying processes
- Ease: Keep things simple and easy, removing any friction
- Consistency: Provide a consistent experience at every touchpoint
- Relevancy: Make it relevant to your customers
- Transparency: Be transparent in your communications and keep your promises
- Personal touch: Personalize your approach and messaging
What do B2B customers want?
Before diving into how to optimize your B2B CX, it is imperative to first understand your B2B (business-to-business) customers’ wants and expectations. This will ensure that you focus on what really matters to them.
B2B customers are becoming increasingly more demanding. These professional buyers are, of course, also B2C consumers in their free time: they’re accustomed to sleek B2C customer experiences and their expectations are shaped by B2C giants. So, let’s quickly review who your professional buyer is and what is their top priority:
- B2B customers’ top 3 KPIs (key performance indicators) are: cost savings, increasing the efficiency of the purchase process, and internal client satisfaction.
- Millennials — the first generation to grow up with the internet and mobile phones — account for 73% of all B2B purchasing decisions.
- B2B customers buy 75% of products online and 47% conduct web searches to look for information during the B2B buying process.
- More than one in four buyers anticipate that automation is going to change the B2B buying role in the next 5 years.