As a “one-two punch” to win competitive battles, the vast majority of B2B companies are pursuing excellence in their solution offerings and the experiences they provide. That second punch of improving the customer experience is a key competitive strategy, but as shown in a recent study with B2B leaders, there is a lot of room for CX programs to more clearly deliver valuable business benefits.
In the same study, 65% of companies with CX initiatives in place said their company “delivers excellent customer experiences,” and 62% reported that their CX program had improved business performance. However, when asked to rate the overall status of their CX initiative, just 24% of respondents reported clear success as either (1) measurable benefits or (2) gaining a competitive edge.
When asked what’s holding the other 76% back, this is what respondents said:
Lack of time, too busy with current departmental jobs » 50%
Half of the business leaders in this study reported that employees simply lacked the time to devote to CX activities because they were busy with their current jobs. This was reflected in numerous interviews, where CX leaders said that unless CX becomes a part of employee jobs, or personnel is hired for this distinct purpose, it’s very difficult to move forward.
Can’t measure ROI due to data/analytics challenges » 40%
The customer experience is notoriously challenging to sum up in simple figures, but areas where it directly ties to the bottom line have been identified. Numerous case studies outline the key pieces of CX-based ROI: Optimizing single transaction amounts in ways that strengthen future revenue streams and increase operational efficiencies. This blog article gives one starting point for building a business case and starting to define value.
CX goals and strategy not defined » 38%
Ultimately, CX program practitioners must define success clearly and uniquely for their own organizations. Simply put, if you don’t define what success looks like and/or can’t measure whether you’ve achieved it, you’re not likely to view your CX program as a winner.
Lack of people with the right skills » 37%
In this blog article’s alter ego, “5 Critical B2B Drivers that Ensure CX Success,” we stop short of showing the 6th critical driver as measured by gap, which is a shame, since it’s actually the #1 overall score for leaders . We’ll share it with you here: Scoring a 4.33 out of 5 on average was the CX practice of “Train employees to deliver great experiences.” If you want people with the right skills, you’ll need to train them.
Lack of cooperation across the organization (silos) » 37%
This suggests that CX leadership must dedicate their energies to uniting the organization to think about the impact of the end-to-end customer experience. 47% of B2B leaders said that a chief customer/experience officer would be beneficial. Other CustomerThink research has found much the same thing: A chief customer officer would facilitate cross-department coordination and get support from the CEO and the Board.