One step beyond: Why becoming a value adding CX partner pays off in B2B
Delivering beyond a functional experience is essential for B2B relationships and building affinity can reduce churn by 50%. So, how can you differentiate your B2B business offer in a crowded market?
Delivering a functional customer experience alone isn’t enough for B2B companies to thrive in today’s competitive and economically uncertain landscape. Many companies have seen their functional satisfaction scores increase year on year but still experienced a decrease in their share of spend. Often, this is due to a lack of differentiation – they haven’t managed to stand out and create a strong enough preference compared to the competition.
New Kantar data shows that when brands go beyond offering a purely functional experience, to delivering a Meaningfully Different one, they reduce churn rates by 50%. When B2B companies embrace differentiation to become a value-adding partner to their customers, they increase perceptions of their performance and crucially, the preference towards them in relation to the competition. This leads to increased loyalty, share of spend, and customer retention.