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To elevate your customer experience, it’s important to deeply understand the customer journey first. As customer experience (CX) is progressing at an exponential scale, gaining a 360-degree view of their customers has become imperative for brands to outshine the existing competition. That’s where the need for structured B2B customer experience research arises. In this article, we’ll discuss what B2B customer experience research is, its importance, and how can you make the most of it. Let’s start:
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Customers are the lifeblood of every business. As per research, it’s five times more expensive for brands to attract a new customer than retain an existing one. So if a brand wants to maximize its ROI, maintaining healthy relationships with the existing customers is paramount. A customer experience (CX) is the overall perception of customers based on their experience with your company, products, or services. It is mainly influenced by the interactions that happen between a brand and its customers at different touchpoints of their journey.
Considering this in mind, brands need to frame customer research strategies that include some unique design elements tailored to understand the ways through which customers interact with them. Specifically described as “B2B customer experience research”, it aims at identifying, collecting, and analyzing data about the crucial touchpoints throughout the customer’s decision-making process. Leveraging a B2B customer experience research empowers brands to seamlessly understand customers’ pain points and unlock actionable insights to elevate the overall customer experience.
In today’s digital world where social media has become more important than ever, delivering an exceptional customer experience is a competitive advantage for all kinds of businesses. However, there’s a huge gap between the experiences that customers desire and what brands are offering them. As per Bain and Co, 80% of businesses believe they’re providing a compelling customer experience, whereas only 8% of customers agree to it actually. Due to the quick distribution of social media platforms, a poor experience can cause massive harm to a brand’s image whereas a positive experience can swiftly contribute to customer loyalty and recommendation.
An effective B2B customer experience research helps you gain valuable insights into customers’ needs, issues, as well as pain points. Leveraging this information, you can focus on improving customer centricity while increasing your customers’ lifetime value. Moreover, it empowers CX leaders to experience revenues that are 4-8% higher than the market.
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By focusing on optimizing customer journeys saves you from over-optimizing specific touchpoints (which is a common tendency among everyone). However, there’s a risk associated with it that you might end up failing to improve the overall CX.
The customer experience has certainly become the most crucial differentiator for business success, thereby making B2B customer experience research a mandatory investment for brands striving to uplift their market share, growth, as well as relevancy. In case you need more information related to B2B customer experience research and how it can help to boost your ROI, get in touch with the experts at Voxco today!