Most of what we read regarding Customer Experience pertains directly to the B2C market. We’re all fickle consumers at heart, so the concept of CX makes perfect sense in a B2C environment. More and more of these B2C companies are waking up to the fact that CX matters and is potentially the most impactful lever in their growth strategies. As such, there has been more demand for analytics that allows companies to understand the issues and needs of consumers by gleaning insights from the conversations being held via phone, email, chat, SMS, surveys, reviews, in-app comms, web feedback, etc. But recently, we’re noticing an upward trend in inquiries from B2B companies.
B2B companies traditionally assigned accounts to managers who are paid to handle account issues and upselling. As both customer and technical support migrate to centralized functions that handle phone, chat, support portals and other channels, those account managers must rely on notes in CRM platforms, making it easy to lose touch with their customers. Their ability to understand customer issues and needs is susceptible to inaccurate disposition data and sparse notes. Moreover, the effort to aggregate data to look for common or trending issues does not get any easier.
Let’s look at Customer Lifetime Value (CLV). For B2C companies with a large customer base and smaller CLV, macro trends are critical because those issues can result in thousands of customer defections and tens or hundreds of millions of dollars in lost revenue. But for B2B companies with long sales cycles, smaller customer bases and large CLVs, every single customer matters – literally. Customer churn is crippling to these companies. For this reason, it’s incredibly important to analyze every interaction between company and customer. That means tech support conversations, account management conversations, inside sales conversations, support ticket notes, chats, emails…. they all matter. An omnichannel CX analytics platform like Topbox can sit on top of all those channels to aggregate, normalize and classify the interactions for deep analysis of friction points and opportunities.
The low margin for error with customers in the B2B space also means that companies need to ensure products are consistently meeting customers’ evolving needs. One way to do this is to stay one step ahead by listening to customers and making sure their changing needs are being evaluated. A CX analytics platform like Topbox can help a company better understand it’s customers so it can build for the future. Aggregating all customer communications in one solution will allow a team to more easily prioritize what it is they need to work on. A roadmap that aligns with customers’ wants and needs is a sure fire way to build retention.
There’s a lot at stake for B2B companies, and their customers have the same issues that B2C customers have – defective products, service interruptions, inaccurate bills, self-help issues, etc. As they follow B2C’s lead on offering more options for support interaction, it’s quickly becoming imperative for these companies to have the processes and tools to analyze these conversations. While B2B customers may not be as fickle as B2C, they too will eventually reach a breaking point.