3/18/2024 0 Comments B2b customer journey![]() Also, many B2B relationships are long-term, with recurring sales. In many B2B industries, codeveloping a product with a supplier is common and a key source of innovation, but it is very rare in B2C relationships. Yet often these efforts fail to create significant improvements in customer experience, because underlying issues such as bad data remain unsolved or the functionality of the technology proves to be too limited or complex to be useful.Īt the root of the problem is that while the role of customer journeys is central to both B2B and B2C, their incidence and importance is different for B2B. In an effort to serve customers better, some companies have invested in developing customer portals or apps. Visit our Customer Lifecycle Management page Many companies often need days to provide a quote, require customers to fill in complicated order forms (often on paper), and frequently leave customers in the dark about the status of their order. Yet the reality at most B2B companies is far from this vision. Plotkin, et al., “The new B2B customer decision journey: How digital disrupts how business customers buy and what to do about it,” McKinsey Quarterly, forthcoming. Some 86 percent of respondents said they prefer using self-service tools for reordering, rather than talking to a sales representative. And digital solutions loom large in executives’ thinking as a way to make routine tasks more efficient. In a recent McKinsey survey of 1,000 B2B decision makers, lack of speed in interactions with their suppliers emerged as the number-one “pain point,” mentioned twice as often as price. In parallel, as customer experience improves, employee satisfaction tends to increase as well, because a more direct connection with customers adds meaning to employees’ work and helps them witness customer satisfaction.īusiness-to-business customers are already demanding a better experience. These improvements can lower customer churn by 10 to 15 percent, increase the win rate of offers by 20 to 40 percent, and lower costs to serve by up to 50 percent. We have seen companies substantially raise customer-satisfaction scores through significant improvements in operational performance. Investing in improved customer experience pays dividends. The trick is striking the right balance between digital and human interaction in B2B’s more complex customer relationships. A holistic, cross-functional transformation of a company’s core, including its culture, enabled by digitization offers a significant opportunity for differentiation and competitive advantage, especially as new competitors fluent in digital tools move into the B2B space. This is why we believe that the emerging battle in B2B will be fought on the smart combining of digital and non-digital transformation to improve customer experience. ![]() But while these benefits are substantial, they are dissipating quickly as competitors tap the increased mobility of labor markets and expanded access to knowledge. As these advantages have come under threat from increasing global competition, many players have invested in functional excellence. Traditionally, winning in the B2B arena has been a matter of being in the right markets, offering superior products and services, or being the lowest-cost producer. In the industrial-equipment sector, Atlas Copco is on a similar journey, with a platform supporting customers in the selection, purchase, operation, and maintenance of their equipment.įor a large swath of B2B companies across many sectors, the growing influence of customer-experience strategies and the bold moves of customer-centric leaders pose a critical challenge. ![]() See Climate Corporation, a subsidiary of Monsanto Company, at. This often leads to changes in the business model: Monsanto, for example, is transforming itself with an online platform from a supplier of seed and crop-protection products to a productivity partner, providing advice on subjects ranging from product selection to sowing and harvest timing. ![]() Industry-leading B2B companies increasingly respond to intensifying global competition by putting customer-centricity and experience at the heart of their strategy. Nonetheless, he recently announced at a top-management meeting that the company could no longer afford to deliver “a subpar experience” to its customers and therefore would embark on a customer-experience transformation spanning all functions. Case in point: the chief executive of a global chemical business produces items that are in such high demand that they are allocated, rather than sold, to customers. Customer-centric strategies, once the preserve of business-to-consumer players like Amazon and Google, are now fundamentally changing the complicated landscape of business-to-business relationships, too. ![]()
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