| | September 20218ustomer experience (CX)' in the world of B2B business is no doubt advanced today. Speed, 24x7 response time, and a technology-backed and digitally-enabled environment are all there, to focus onthe customer. Yet, CX continues to evolve fast and differentiate the successful B2B businesses fromthe laggards. As an economic principle, an improved CX is closely linked with increased revenue aswell as other advantages. B2B businesses realise that behind a digital façade, their customers arehuman, real, who experience great service in their daily lives and are driven by this principle. The sector, however, is not taking full advantage of what new and improved CX can offer.McKinsey & Company estimates that improvements in CX lead to a 10-15% reduction in customer churn, a 20-40% increase in win rates of offers, and costs 50% lower to serve. Likewise, a 2020 report by Adobe found that companies leading in CX are three times more likely to have significantly exceeded their 2019 business goals. McKinsey adds that B2B companies still average less than 50%, compared to B2Cs' score of nearly 85% on CX. And, according to MIT Sloan Management Review, which quotes a Salesforce survey, "More than 80% of business purchasers want consumer-level customer experience, and two-thirds have switched vendors to get it."The TrendThe concept of `Customer Experience' has already sunk in with enterprise companies; these days they are formulating an entire practice and dedicated teams focused on CX. These professional buyers are also proving thats leek customer experiences shape their perception of your company and the decision to stay on as customers. The Salesforce survey quoted above is proof in point. These professional buyers, at the end of the day, are CUSTOMER HAPPINESS: THE NEW MANTRA OF CXBy Kavita Viswanath, GM, JFrogIndia`CIN MY OPINION
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