Traditionally "customer experience" has been an area that has gotten attention from marketing and business professionals in the B2C space and not so much in the B2B world, but that's rapidly changing.
We're already starting to see the shift in the B2B business model—companies like Grainger lead the way in growing online sales by focusing on improving the customer experience from end to end. How and where consumers spend their money is going to become more and more influenced by the quality of the customer experience.
Skeptical? You don't have to take our word for it. A Gartner survey confirms that "Customer Experience is the New Battlefield." A recent survey found that 89% of companies will compete mostly on the basis of customer experience and that by 2020 85% of the activities associated with the relationship between the customer and a business will be virtual.
There are a lot of good reasons to focus and invest in a world-class customer experience, but in terms of brass tacks, it's good for the bottom line.
Customer Experience Impacts the Bottom Line
- 86% of buyers will pay more for a better customer experience — Customers expect businesses to invest in understanding and implementing solutions that meet (or exceed) their changing expectations. It's important to take note of the fact that B2B buyer expectations have been shaped by their B2C experiences and they prefer online options.
- 74% of consumers have spent more due to a good customer experience — The hard fact is that a good customer experience creates happy customers and happy customers spend more.
- Up to 20% of their annual revenue is lost from poor customer experiences — An Oracle CX survey revealed this astounding statistic and highlights the need for new approaches to deliver a seamless experience.
- 42% of service agents cannot efficiently resolve customer issues due to outdated systems — There's a huge opportunity to improve bottom-line profitability by improving both processes and infrastructure.
- 59% (three in five Americans) would try a new brand or company for a better experience — Consumers vote with their wallets and bad experiences directly impact sales. According to an American Express survey, 78% of consumers will bail on a transaction because of a poor experience.
There's no room for doubt: it makes good business sense to take a hard look at your current customer experience and invest in people, process, and e-commerce technology that can help you get there.
Check out these articles to jump start your efforts.