In a B2B landscape where 9 out of 10 managers rate “fostering long-term relationships” as one of their top three priorities for their CX initiatives, it’s no wonder the best benefits support the long view. Our recent study conducted with CustomerThink, “Gaining a Competitive Edge by Optimizing B2B Customer Experience” highlights the forward-looking benefits brands are seeing the most.
Take a look at the top hits to see what’s really resulting from B2B customer experience efforts:
Improved Customer Satisfaction
The top benefit attributed to CX initiatives was fairly predictable, but it’s still encouraging with 73% of the pool stating they have seen this benefit. For your program, this one should be a staple. If you’re not improving customer satisfaction with your CX program, there’s a good chance your program is broken—unless your customer satisfaction is already maxed out (not likely, but possible).
Improved Employee Engagement
This second-rated benefit is a bit more surprising and equally encouraging. We’ve written before about this oft-overlooked flip side of Voice of Customer (VoC) and CX efforts. If you’re looking for ways to get the most from your CX initiative, we recommend joining 64% of fellow B2B brands in finding ways to put customers’ positive comments into employees’ hands.
Improved Customer Retention
This is quite possibly the clearest, traditional ROI-type benefit that CX initiatives are called upon to deliver. It’s also a byproduct of the benefits mentioned above. Naturally, improved customer satisfaction and employee engagement should lead to improved customer retention, which is where the loyalty and advocacy gains come in. It’s a shame to see even a 12% gap between this benefit and “improved customer satisfaction,” since the two go hand in hand.
Achieved Competitive Differentiation
A hard thing to track scientifically, this big-picture benefit is a very tangible element at play. More than just creating a good experience for your customers, to achieve competitive differentiation, it’s crucial to create the right experience. Creating a unique experience is key to a seamless brand experience, and it looks like 61% of B2B brands are on that path.
Other benefits are out there, some discussed in our report, some still waiting to be discovered and taken mainstream by intrepid practitioners. One thing is clear, though: Those who apply their VoC actively and purposefully will reap business benefits. Even the lowest-ranking benefit in our report was claimed by 35% of businesses and is of great worth: reducing operational costs.