Keeping your customers engaged has never been more challenging. With B2B customers, the struggle is even more real.
Between increased competition, shrinking economies, and slow adoption of new technologies, keeping your business clients engaged and satisfied has proven to be a challenge that many are struggling to tackle.
Gallup has recently released a new study revealing vital insight on the current state of B2B customer service, and it ain't pretty.
What does the data reveal?
20% of B2B customers have experienced a problem with a company or product.
Not much of a surprise here, really. People have problems with companies and their products all the time. The real surprising stat is this next one:
Only 40% of those customers felt that their problem was resolved by the company.
A whopping 60% of customers who experience problems with a company are not getting satisfactory resolutions to those problems. This is inexcusable.
What about the companies that do satisfy their customer's issues? Are the benefits worth the extra effort?
B2B customers with high customer engagement scores achieve:
- 50% higher revenue/sales
- 34% higher profitability
- 55% higher share of wallet
Pretty difficult to ignore numbers like that.
But perhaps the most notable statistic to come out of this report is this:
71% of B2B customers are not engaged
We hear a lot about how businesses are at risk of being displaced due to new technologies and industry shifts making their products or personnel obsolete, but the #1 reason businesses are failing is the same as it has always been.
Businesses are failing their customers.
They focus so much on growth through acquiring new customers that they ignore the massive potential found in their current customers.
So, how can you avoid being just another statistic on failed customer service?
Engage your customers. The ones you have right now.
The good news is, you don't have to break the bank to do that. You just need the right analytics.
Most businesses are sitting on an untapped wealth of data just waiting to be mined and put to good use.
Invest in tools and resources that not only give you access to that data, but translate it into actionable info.
Taking that simple step will keep your current customers engaged, increase your revenues, and put you miles ahead of your competition.
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