B2B companies are falling behind in meeting customer expectations.
According to The 5th Annual Broadridge CX and Communications survey [1], a staggering 69% of B2B customers believe that the companies they work with need to enhance their customer experience. This represents a whopping 34% increase from 2019.
🔍 What could be the main reason for this significant increase?
1️⃣ Increasing Customer Expectations
2️⃣ Widening CX Performance Gap
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬: Customer expectations are continually shaped and elevated by their overall experiences with various businesses. Their frame of reference, and therefore expectations, extends beyond just your competitors; it encompasses all industries. For instance, although nearly two-thirds of B2B companies offer e-commerce capabilities, the customer experience often lags far behind that of their B2C counterparts. However, customers do not differentiate between B2B and B2C regarding their expectations, online or offline. They anticipate the same level of excellence across all interactions.
𝐖𝐢𝐝𝐞𝐧𝐢𝐧𝐠 𝐂𝐗 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐆𝐚𝐩: Leading companies continuously set higher standards by delivering exceptional customer experiences. They have progressively invested strategically in skills, structures, and systems, including emerging technologies such as machine learning, to elevate their CX performance. However, on the other end of the spectrum, numerous companies have overlooked the significance and urgency of these investments. They still struggle with inadequate legacy systems, complex databases, or outdated applications. Hence, there is a widening gap, and is being noticed by savvy customers. The companies falling behind will likely face a harsh awakening as customers' patience with inadequate CX will probably be tested despite good customer relationships.
