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As technology makes it easier to connect and interact with brands, have customer expectations changed? And how do these changes affect trust? This trio of factors is the subject of a new report from Salesforce Research. In 2018” Status of Connected Client Reportedly, Salesforce Research surveyed over 6,700 consumers and business buyers worldwide and analyzed both B2B and B2C attitudes across these three areas.
While the findings aren’t necessarily surprising taken individually, they together form a narrative that shows that customer loyalty is more volatile than ever, and that customer expectations are at a premium. the highest of all time.
Let’s take a look at 8 key stats from this report that help bring this story to life.
Table of Contents
1. 4 out of 5 customers say the experience a company provides is just as important as its products and services.
Let’s start with the obvious — this first statistic is not surprising. After all, there are more brands than ever before in any business you can think of. (Seriously, how many different companies are offering meal kits nowadays?!) As a result, product/service features aren’t enough to differentiate themselves and businesses have to steer to customer experience to demonstrate brand value and increase their brand awareness in the eyes of customers.
80% of customers say that the experience a company provides is as important as their product/service. Click to Tweet
Another figure that doesn’t surprise anyone: 84% Customers say that “being treated like a person, not a number” is crucial to their business success.
That should go without saying that customers want to be respected and valued — simple, right? And yet, the following numbers show that the business still has a long way to go.
2. Half of those surveyed said that most companies fall short of their expectations for great experiences.
In an age where the biggest brands offer free shipping, hassle-free returns, and 24-hour/on-demand service, it’s no surprise that standards are high. Businesses, both B2B and B2C, must accept this new reality. Otherwise, companies that fail to meet customer expectations will lose repeat business. 57% of those surveyed said they stopped buying from a company “because a competitor has provided a better experience.”
If 20% of our customers make up 80% of our revenue (according to the Pareto principle), customer retention — through meeting customer expectations – is the absolute key to increasing customer lifetime value.
3. Just over three-quarters of customers say it’s easier than ever to take their business elsewhere.
We should not be surprised that, in an environment where expectations are high and the quality of the experience does not meet expectations, customers are not particularly loyal.
But it’s not necessarily a customer with a preference for champagne on a wine picker’s budget. A full 67% actually indicates that they are willing to spend more for a higher quality experience.
With that in mind, companies can go one of two ways:
- They can differentiate customer experience and build that experience into their value proposition ( Chat trigger is anyone there?)
- They can provide different levels of service and allow customers to make their own decisions.
However, if the airline industry is any indication, split services may just create more unhappiness by having a nickel and lackluster customer experience. As my friend and colleague Jeanne Bliss puts it in her latest book, “ Do you do it to your Mother? , “companies should find a way to translate into” gotcha! “moments — in which customers are frustrated by the extra fees — into “we got you back” moments — in which companies exceed expectations and go the extra mile to make customers feel welcome. value.
4. 72% say they share good experiences, while 62% say they share bad experiences with others.
Word of mouth can work for and against your company. What are your customers saying about you and what are you doing to influence their conversation?
With such a high percentage of customers indicating that both good and bad experiences spawn juicy conversations, companies must have proactive strategy sent to WOMEN.
5. B2C customer experience is also setting the standards for the B2B space.
According to the report, 82% of business buyers “want to have the same experience as if they were buying for themselves” (as a B2C consumer). Once again, major B2C brands are setting the bar, with 69% of B2B buyers saying they expect an “Amazon-like buying experience” tailored to previous commitments. their.
As an analyst for Convince & Convert, I work with some of the biggest brands in the world, and I often have conversations with B2B brand marketers who only look at their competitive subset. them and what they bring to the table. The problem is, your customers don’t. They are comparing your customer experience with every other customer experience they have on a daily basis. Can your brand survive?
Not only are B2B buyers looking for a strong customer experience, but most three-quarters of B2B buyers expect vendors to personalize the experience to their needs.
6. In fact, the issue of personalization is widespread.
For both B2C and B2B interactions, customers prioritize personalization. You may have heard that customers don’t like the weird nature of tracking across different websites and experiences, and I agree that marketers must respect their customers’ privacy and place expected. But AI-driven recommendations for content, products, and even knowledge base information will increase satisfaction by making it easier for customers to find and discover the resources they see. valuable.
Looking for a place to start? Segment your email list by personas or areas of interest and use automation and rules to recommend specific content and/or products to each audience group.
7. Post-purchase personalization is also important.
Personalization goes beyond primary nurturing. The ability to contextualize and personalize customer engagement at the customer service point is also appreciated by customers. (Again, the goal should be customer retention!) The report states, “70% of customers say service agents’ perception of sales interactions is critical to staying afloat. their business. ”
In fact, it’s the little things that make the difference: don’t make repeat customers and make sure to address them based on previous interactions. For example, I recently jumped into the Amazon customer service chat and I’m glad it welcomed me back. The chatbot recognized that I had used this technology in the past and customized its responses accordingly. This is related to the finding that people want to be seen as individuals, not just numbers.
8. Customers will share their data for a better experience.
In the end, I think it’s really cool to say that “79% of customers are willing to share relevant information about themselves in exchange for contextual interactions that they know and understand. right away. “At a time when data privacy is an ongoing and evolving conversation, brands should realize that customers are willing to provide information when it is of immediate benefit and clear to them.
79% of customers are willing to share relevant information about themselves in exchange for a better customer experience. Click to post a Tweet
As your company thinks about how data is collected and used, make sure that the benefits to customers are clearly articulated and clearly defined. Show your customers how their experience will be better.
These stats into Action
As you consider your own business, here are 3 actions you can take right away:
- Evaluate your customer experience throughout every step of your customer journey. Are you addressing their pain points, their needs, and their motivations? Do you easily get help when you need it? Do you provide experiences worthy of a WOMAN?
- See how you’re collecting data. How are you using that information? Is it the right data to provide more personalized experiences for your customers?
- Your personalized score audit. Are you empowering your sales and customer service teams to have personalized interactions with customers? Do you serve custom content on your website, in email, and through advertising?
This self-assessment is the first step to understanding how your company is addressing changing customer expectations. Ready for the next steps? We partner with the coolest brands in the world – let us help you develop your action plan.
