When doing account planning, most B2B companies focus on the size of the customer business and ignore the role customer experience insights can play in guiding their efforts.
Bain & Company research (Jul’22) found
only 22% of B2B companies consistently measure and act on their customers’ experience.
This significantly limits business potential.
🙂 😐 🙁
By incorporating “Voice of the Customer” sentiment data into account planning process, companies can build more effective plans and uncover high-value opportunities.
Bain noted:
“The business case is clear. One B2B technology company that linked customer loyalty data to financials showed that customers who are “promoters” have a 10% point higher renewal rate and a 2% point higher revenue growth rate than “detractors”.”
Here are 5 ways to do this:
1. MEASURE customer sentiment consistently and act on it. Link customer loyalty data to financials to see the impact it has on renewal rates and revenue growth.
2. TAILOR sales and service efforts to individual accounts. 2 accounts with similar revenue may have very different perceptions and require different approaches.
3. DELIGHT customers. Don't just focus on delivering the basics, but also strive to deepen relationships over time.
4. ANALYZE customer feedback to identify opportunities for improvement.
5. ANSWER key questions about customer priorities and perceptions.
💹 To win the Customer, you need to understand their priorities and perceptions in detail. This will better allow you to uncover high-value opportunities and allocate sales and marketing resources more effectively.
Please reach out if you need assistance figuring out how to get Customer Insights!
Bain report: https://www.bain.com/insights/radical-thought/
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