One of the most important areas to assess in your revenue strategy today is related to CX. More has been demanded of B2B companies in today's environment. Understanding how to apply the B2C concepts to the multi-contact experiences of a B2B client base. B2B CX leaders should look at defining personalization at both the account and contact level.
At an account level, closing the loop with accounts may include having them participate in new service and product design improvements. For individual contacts, relationship managers should keep an open and engaged line of communication with key contacts. Emails and other digital assets should be on a “ first name” basis.
At the same time, how B2B enterprises market, sell and service clients has transitioned as well. The rise of account-based marketing and account- based sales have turned these traditional growth funnels on their heads, simply by focusing on target accounts first. With a greater demand on modernizing CX practices and a focus on retention growth, B2B enterprises are also looking to apply the same account-based success model of their marketing and sales funnels to the emerging “customer experience growth funnel.” However, CX tech and best practices have struggled to keep pace with these emerging trends in B2B businesses. In a recent benchmark report, the average retention rate for B2B businesses was 80%. On average, this was an increase of only 3% at the start of their CX programs. Meaning, across industries, B2B companies are slow to make retention gains. In future blogs, we'll continue to explore the keys with implementing Account Experience with your overall CX programs.