Companies today have to provide more than just a good product or service. Customers expect more, and if they’re not getting what they want from your organization, they’ll turn to another company to find it.

Customers Want It

Although the quality of the products or services you deliver is important, it might not be the deciding factor when customers make a purchase. Competitive pricing is also a consideration, but not necessarily the only one. In fact, one study showed that the customer experience is expected to be more important than either price or product by the year 2020, which is just around the corner. Innovation, quality of products and services, and other factors will always play a role in the success of a company, but the customer experience has become a significant deciding factor that will ultimately impact the bottom line. If you’re not already paying attention to the B2B customer experience your company provides, your organization is at risk of getting left behind.

Businesses Benefit from It

The ROI of the customer experience is not easy to quantify, but a recent report from Qualtrics analyzed feedback from 10,000 customers and found that for a $1 billion company, even a moderate improvement in the customer experience would impact its revenue by an average of $775 million over three years. This is not an insignificant number for any organization, especially considering this is for a moderate improvement. Imagine what a major commitment to improving the customer experience could do for your company’s revenue.
The report also found a strong correlation between the customer experience and the decision to repurchase from a company. This is important because it is easier (and less expensive) to make sales to existing customers than it is to acquire new ones. Keeping your current customers delighted with both your products and the experience they have while purchasing them will only add to your bottom line.