On a scale of one to 10, most people rate themselves at a seven or better. The phenomenon, known as “illusory superiority,” has been studied for years by David Dunning, a psychologist at Cornell. This is just one of multiple studies finding that people generally think they are above average in many areas of their lives. Illusory superiority can also describe the overly optimistic opinion some companies have of their customer experience (CX) offerings. In reality, they are often missing the mark with respect to providing excellent CX consistently, at every stop along the customer’s buying journey.
And while it’s easy enough to come up with companies known for delivering exceptional CX in the B2C arena, it’s a bit more difficult to list B2B examples. Here are a couple that stand out:
- IBM continues to top the CX excellence charts. Every IBM customer gets a dedicated team of specialists to help set up IBM cloud storage and provide guidance in choosing applications best for their business. Customer feedback is requested multiple times along the way. It’s no accident that IBM has transcended decades of evolutions in technology and continues to command a loyal customer base.
- Slack is arguably one of the most successful B2B tech companies today. Their careful attention to the CX at every stage of the customer’s journey and ability to deliver on their promise for fast and friendly service has paid off in a big way. Salesforce bought them for $27.7 billion in 2020, and they continue to delight customers around the world.
Providing CX that’s superior to the competition is proving to be a key component of business growth and financial success. B2B players are seeking innovative ways to improve their company’s CX and reap the benefits that come along with it. To succeed, B2B CX must include a personalized, omni-channel experience and provide convenient, digital solutions.
So, What’s the Difference?
B2B relationships differ from B2C in several ways. Customers are buying with company funds – on a budget – and they expect to be supported in their efforts to create a positive CX for their own customers. It is a multi-layered and often complex relationship with many variables.
Despite all the effort required, it is clear that a focus on B2B CX is worth pursuing for reasons beyond customer satisfaction: 75% of B2B CX leaders experience a positive impact on the organization’s financial performance year over year, compared to only 37% with those companies lagging in CX performance. B2B and B2C companies that invest in CX are 3X more likely to significantly exceed their business goals, and improvements in CX lead to reducing customer churn by 10-15% and rates of winning business improved by 20-40%.
Improving CX creates loyal customers, and loyal customers buy more products – and buy them more frequently. Sounds great, right? But how do you get there? Here’s how B2B players can improve their CX and join the CX “A-Team”:
- At the top: Total commitment to CX from the top down is the single most important initiative. The company’s commitment should be so strong that customers take note of them going above and beyond their competitors and are compelled to share the good news.
- Anticipate: Proactively anticipating customer needs is a key component. Resolve issues quickly, even before customers know they have issues.
- Ask: How can the company do better? Implement simple methods to collect, analyze and distribute customer feedback on an ongoing basis. Use of open-ended questions and a consultative approach. Customers who feel like their opinion matters will be more likely to remain loyal, satisfied customers.
- Advise: Understanding the customer’s needs and making informed recommendations is paramount to providing exceptional CX. IDG Communications reports that B2B buyers are 5X more likely to engage with a sales rep who provides new insights about their business over someone who is simply going through the motions.
- Answer: Companies that are consistently responsive – including long after the sale closes – are much more likely to provide a memorable CX and stand out from their competition.
- Automate: Of as many mundane tasks as possible, including use of AI and chatbots to connect 24/7. User-friendly automation creates layers of positive customer interactions.
- All Aboard: Provide ongoing transformative training to ensure all team members are on the CX bus.
While there are a lot of moving parts in mastering the B2B CX, it is certainly worth the effort to not only create a loyal customer base, but also rise above the competition, and enjoy the success that comes along with it.
BDO Digital can help you prioritize, develop and execute technology initiatives and digital transformation strategies that help you provide the best-possible CX consistently across all customer interactions. Read some of our case studies to learn how we’re helping organizations attract and retain customers by delivering exceptional CX.
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