Are you working as a CX pro in a B2B company? And do you find it challenging to make the case for your CX program? You are not alone.
In fact, many CX pros in B2B companies we spoke with struggled to get funding for their efforts --because they can't isolate the role of CX in driving financial success, they lack insight into how different clients’ experiences affect purchasing decisions, or they don't gather sufficient data about these experiences.
CX professionals managed to overcome these challenges by creating the preconditions for success. Following their lead, you should:
Rethink metrics and analytics to link CX to financials. CX pros need to look beyond the usual metrics like revenue or NPS to find the metrics that help link CX to business success.. For example food packaging company Tetra Pak found that a custom partnership index was a better predictor of sales and volume growth than other metrics they tested.
A new and pernicious myth as taken hold in many B2B Sales and Marketing organizations. The myth - that buyers are 60-70% of the way through their buying cycle before they talk with a salesperson - is an intentional fallacy based on a false generalization that “buyers” means “all buyers”. Search the web for phrases around this topic and you’ll find a substantial volume of vendors selling the myth as truth, much to their short term benefit. In my discussions with both vendors and practitioners (leaders in Sales and Marketing), it is disturbing when they throw out the "60-70% ..." statement as if it were "fact" when, in reality, it is not only false but damaging to the revenue engine of companies who sell in the B2B space.
Not All Buyers Know What They Need
Our point of view is that not only are there different types of B2B buyers (we've identified four categories we call archetypes), but that in today's economy there are multiple buyers involved in decisions and they operate in what we call agreement networks. Some of these buyers - especially most executive buyers - want help in understanding complex problems in their business (including “unrealized opportunities”) before they ever think about products. They may not yet be aware of a problem they are faced with, or they may know that they have a problem but don’t yet understand its patterns or implications or impact on their organization. They are (appropriately) weeks or months away from a search for a product or service. It is these buyers who set the direction, before asking others in the agreement network (e.g. their teams) to get deeper into the details, including acquiring solutions.