Offer a better customer experience to increase your sales
Posted: Thu Dec 05, 2024 9:29 am
Customer experience in B2B commerce encompasses all interactions between suppliers and their business customers. It is defined by the quality of service, the personalization of offers, and the fluidity of interactions, all of which contribute to customer loyalty.
According to a survey by McKinsey, a management and strategy consultancy, 70% of B2B purchasing decisions are influenced by customer experience . As in the B2C sector, this experience is vital. However, there are significant differences, as B2B sales often involve longer sales cycles and more complex relationships.
II. Why strive to improve customer experience
Customer experience is a critical factor for B2B companies, and its impact is indonesia number data felt in terms of customer loyalty and profitability . B2B customer satisfaction plays a critical role in their decision to recommend or continue a business relationship with a vendor. According to recent data from Forrester , market research and consulting experts, a bad experience can have a significant negative impact, with 64% of B2B customers willing to stop buying from a company after just one bad experience . Conversely, a good customer experience can positively influence the vendor’s reputation and lead to repeat purchases. In turn, a positive experience can lead to a more engaged customer base and increased sales .
Furthermore, optimizing customer experience is intrinsically linked to improving customer lifetime value ( CLV ) , as a positive experience fosters long-term loyalty and engagement, which in turn increases CLV by leading to longer-lasting and more profitable business relationships.
III. How to measure customer satisfaction
Measuring customer satisfaction is a key indicator of the effectiveness of the customer experience. Companies should put in place mechanisms to collect feedback and assess customer satisfaction.
The Net Promoter Score ( NPS ) is one of the most commonly used tools to assess customer satisfaction and loyalty. According to Qualtrics, a company specializing in customer experience management software and online research, each point increase in the NPS can lead to a 3-5% increase in a company's revenue . In addition to the NPS score , which assesses customer loyalty, there are two other essential indicators for an in-depth evaluation of the customer experience.
The Customer Satisfaction Score (CSAT) allows companies to measure the overall satisfaction of their customers through surveys and evaluations . It provides valuable information on the overall perception of the quality of the product (or service).
The Customer Effort Score (CES) assesses how easily customers can achieve their goals when interacting with a business. It measures the effort customers have to expend to resolve a problem or complete a task . A low CES score indicates a smoother and more efficient customer experience.
By using these three indicators ━ NPS , CSAT and CES ━ companies can get a complete picture of the customer experience, from satisfaction to ease of interaction, allowing them to effectively target areas for improvement and create an experience that lives up to buyers' expectations.
IV. Some approaches to optimizing customer experience
1) Personalization and humanization
Personalization is as fundamental to the customer experience as humanizing relationships. B2B buyers have unique needs and preferences, and they expect sellers to take them into account. Personalization goes beyond simple customer segmentation ; it involves providing relevant product recommendations , tailored offers , and individualized communication .
And while, according to International Data Corporation, an IT research and consulting firm, the use of Artificial Intelligence (AI) for personalization is on the rise, with 57% of B2B companies investing in AI to improve customer experience, the human aspect should not be overlooked. Indeed, while AI can bring significant improvements, the human factor remains irreplaceable when it comes to establishing emotional connections, adopting an attitude of listening to customers, understanding their specific needs and offering real added value .
2) A better customer experience
For sellers on B2B marketplaces, a seamless customer experience is essential. This means choosing selling platforms with simplified navigation to reduce friction in the purchasing process and ensure a smooth interaction at every stage . Business customers expect to save time and quickly access the information and products they need. A seamless customer experience can therefore help increase conversion rates and customer satisfaction . According to the Baymard Institute, an e-commerce research organization, the average cart abandonment rate on B2B e-commerce sites is 69.89% , proof that nothing should be left to chance when it comes to encouraging the act of purchase. Mapping out the customer journey, using chatbots, relying on real-time customer support, and applying these strategies from a relationship marketing perspective is a sure way to strengthen bonds and engagement with your customers.
Additionally, successful integration of a customer relationship management ( CRM) system can provide a better understanding of individual buyer needs, facilitating more fine-tuned personalization of the buying process and driving customer retention .
3) Choose an easy-to-use sales platform
The ease of use of the marketplace is another crucial aspect to improve the shopping experience. Manufacturers and distributors want to market their products on a sales platform that has been designed with the user in mind . The chosen marketplace should be designed to simplify product search and ease of use for efficient shopping. Therefore, before selling on a marketplace, it is worth evaluating its user interface and ergonomics, because business customers do not have time to waste on poorly designed platforms.
4) Collection and use of data
According to a recent survey by professional and management services consultancy Deloitte , 69 % of B2B companies use data to improve customer experience . Collecting and judiciously using data is essential to personalizing the customer experience. Sellers on online marketplaces must be able to gather relevant information about their customers (typical buyer profiles, purchasing behavior , etc.) and use this data to provide tailored offers and products.
However, compliance with data protection regulations is crucial to ensure the confidentiality and security of customer information. Data collection can help to better understand shopper preferences, market trends and innovation opportunities.
In an ever-evolving B2B e-commerce environment, it is undeniable that customer experience has taken center stage, becoming the determining factor for business success. Attract, retain and thrive are the watchwords for customer experience management of tomorrow.
E-commerce retailers face a number of challenges when it comes to delivering a great customer experience, but there are a number of strategies they can adopt. Investing in AI for personalization, training staff to analyze customer data and deliver excellent service, and implementing ongoing customer feedback programs are just some of the effective approaches. These strategies therefore require a good investment and a deep knowledge and understanding of buyer expectations. Ultimately, their goal is to build strong customer relationships and maintain a competitive advantage in the market.
According to a survey by McKinsey, a management and strategy consultancy, 70% of B2B purchasing decisions are influenced by customer experience . As in the B2C sector, this experience is vital. However, there are significant differences, as B2B sales often involve longer sales cycles and more complex relationships.
II. Why strive to improve customer experience
Customer experience is a critical factor for B2B companies, and its impact is indonesia number data felt in terms of customer loyalty and profitability . B2B customer satisfaction plays a critical role in their decision to recommend or continue a business relationship with a vendor. According to recent data from Forrester , market research and consulting experts, a bad experience can have a significant negative impact, with 64% of B2B customers willing to stop buying from a company after just one bad experience . Conversely, a good customer experience can positively influence the vendor’s reputation and lead to repeat purchases. In turn, a positive experience can lead to a more engaged customer base and increased sales .
Furthermore, optimizing customer experience is intrinsically linked to improving customer lifetime value ( CLV ) , as a positive experience fosters long-term loyalty and engagement, which in turn increases CLV by leading to longer-lasting and more profitable business relationships.
III. How to measure customer satisfaction
Measuring customer satisfaction is a key indicator of the effectiveness of the customer experience. Companies should put in place mechanisms to collect feedback and assess customer satisfaction.
The Net Promoter Score ( NPS ) is one of the most commonly used tools to assess customer satisfaction and loyalty. According to Qualtrics, a company specializing in customer experience management software and online research, each point increase in the NPS can lead to a 3-5% increase in a company's revenue . In addition to the NPS score , which assesses customer loyalty, there are two other essential indicators for an in-depth evaluation of the customer experience.
The Customer Satisfaction Score (CSAT) allows companies to measure the overall satisfaction of their customers through surveys and evaluations . It provides valuable information on the overall perception of the quality of the product (or service).
The Customer Effort Score (CES) assesses how easily customers can achieve their goals when interacting with a business. It measures the effort customers have to expend to resolve a problem or complete a task . A low CES score indicates a smoother and more efficient customer experience.
By using these three indicators ━ NPS , CSAT and CES ━ companies can get a complete picture of the customer experience, from satisfaction to ease of interaction, allowing them to effectively target areas for improvement and create an experience that lives up to buyers' expectations.
IV. Some approaches to optimizing customer experience
1) Personalization and humanization
Personalization is as fundamental to the customer experience as humanizing relationships. B2B buyers have unique needs and preferences, and they expect sellers to take them into account. Personalization goes beyond simple customer segmentation ; it involves providing relevant product recommendations , tailored offers , and individualized communication .
And while, according to International Data Corporation, an IT research and consulting firm, the use of Artificial Intelligence (AI) for personalization is on the rise, with 57% of B2B companies investing in AI to improve customer experience, the human aspect should not be overlooked. Indeed, while AI can bring significant improvements, the human factor remains irreplaceable when it comes to establishing emotional connections, adopting an attitude of listening to customers, understanding their specific needs and offering real added value .
2) A better customer experience
For sellers on B2B marketplaces, a seamless customer experience is essential. This means choosing selling platforms with simplified navigation to reduce friction in the purchasing process and ensure a smooth interaction at every stage . Business customers expect to save time and quickly access the information and products they need. A seamless customer experience can therefore help increase conversion rates and customer satisfaction . According to the Baymard Institute, an e-commerce research organization, the average cart abandonment rate on B2B e-commerce sites is 69.89% , proof that nothing should be left to chance when it comes to encouraging the act of purchase. Mapping out the customer journey, using chatbots, relying on real-time customer support, and applying these strategies from a relationship marketing perspective is a sure way to strengthen bonds and engagement with your customers.
Additionally, successful integration of a customer relationship management ( CRM) system can provide a better understanding of individual buyer needs, facilitating more fine-tuned personalization of the buying process and driving customer retention .
3) Choose an easy-to-use sales platform
The ease of use of the marketplace is another crucial aspect to improve the shopping experience. Manufacturers and distributors want to market their products on a sales platform that has been designed with the user in mind . The chosen marketplace should be designed to simplify product search and ease of use for efficient shopping. Therefore, before selling on a marketplace, it is worth evaluating its user interface and ergonomics, because business customers do not have time to waste on poorly designed platforms.
4) Collection and use of data
According to a recent survey by professional and management services consultancy Deloitte , 69 % of B2B companies use data to improve customer experience . Collecting and judiciously using data is essential to personalizing the customer experience. Sellers on online marketplaces must be able to gather relevant information about their customers (typical buyer profiles, purchasing behavior , etc.) and use this data to provide tailored offers and products.
However, compliance with data protection regulations is crucial to ensure the confidentiality and security of customer information. Data collection can help to better understand shopper preferences, market trends and innovation opportunities.
In an ever-evolving B2B e-commerce environment, it is undeniable that customer experience has taken center stage, becoming the determining factor for business success. Attract, retain and thrive are the watchwords for customer experience management of tomorrow.
E-commerce retailers face a number of challenges when it comes to delivering a great customer experience, but there are a number of strategies they can adopt. Investing in AI for personalization, training staff to analyze customer data and deliver excellent service, and implementing ongoing customer feedback programs are just some of the effective approaches. These strategies therefore require a good investment and a deep knowledge and understanding of buyer expectations. Ultimately, their goal is to build strong customer relationships and maintain a competitive advantage in the market.