The Power of Customer Feedback in the B2B Journey
B2B customers are likelier to stick with your business if you can satisfy them. Make sure you have the right tools in place to do just that.
Leverage feedback widgets that blend seamlessly with the UI to collect contextual and relevant insights. This will help users feel heard, cared for, and valued.
Customer Satisfaction
Customer satisfaction is the key to a company’s success. It’s an important measure affecting every part of a business, from marketing to sales to customer service. Satisfied customers are likelier to stick around and recommend the brand to others. However, dissatisfied consumers are more likely to walk away and find a competitor that will meet their needs.
Ultimately, the best way to improve customer satisfaction is to understand what your customers want from you and then make sure you can deliver on that promise. This can be done through surveys or by interacting with your customers one-to-one. For example, talking to your users on a live call is a great way to get feedback about their use of your product and the features that would make it even better.
Monitoring customer reviews on e-tailers also makes it easy to gauge consumer satisfaction. This can be a powerful indicator, especially when companies respond to negative reviews by offering discounts or freebies. You can also use this information to spot trends and patterns.
Customer Growth
A company’s customers will only grow if it grows together. Hence, customer success metrics are key to determining customer growth.
Customer feedback is a powerful tool to help companies understand their customers’ needs, wants, and pain points. However, collecting and synthesizing this data can be time-consuming, especially for B2B companies with large user bases.
This is why it’s important to find a way to organize and synthesize all of your feedback into a single centralized hub. Otherwise, you could risk having the information scattered across various platforms (spreadsheets managed by different teams, content management systems, etc.), and it will be difficult to identify the themes and patterns that may emerge. This is where a specialized platform can come in handy. It enables you to glean valuable insights from all your feedback sources and close the loop with customers on their B2B customer journey stages. It also allows you to measure user engagement with your product — i.e., average customer value, net promoter score, and customer growth rate — daily, weekly, monthly, and yearly.
Customer Retention
While most companies focus on acquiring new customers, retaining existing ones is equally important. This is especially true in B2B, where customer acquisition is often longer, and churn can cost businesses significant revenue. In fact, according to CallMiner research, preventable churn costs businesses $136 billion annually.
When you have a solid retention strategy in place, it can help you increase customer lifetime value and grow your business. A good way to do this is to highlight your value proposition to new and existing clients. This will remind them why they chose you first and reinforce their loyalty.
The problem is that identifying and acting on customer feedback can only be easy with a proper system. When feedback is spread across multiple platforms or spreadsheets managed by disparate teams, it can take time to see trends or identify patterns. This can also lead to information overload, making it harder to take action. A better solution is to use a tool like Hotjar to gain insights into what your customers are doing on your website and why.
Product Development
Customer feedback affects every team in a company — from marketing and sales to product and customer service. However, this feedback can come from many different sources, and it can be hard to manage and share it effectively. An omnichannel customer engagement platform can help you collect and organize all this feedback, making it easy to share across departments.
B2B companies use customer feedback to develop new products and services. This helps them stay competitive and meet the needs of their customers. Customer feedback can also be used to improve existing products and services. For example, if a customer tells you they want to see more features in your software, adding them may be a good idea.
Customer feedback can also be used to encourage customer advocacy. This can be a great way to promote your business and attract new customers. Customers who are advocates for a brand can be great ambassadors, so it is important to nurture these relationships. You can encourage customer advocacy by offering incentives or rewarding your loyal customers.
Marketing
The complexities of the B2B journey can often make it difficult to track and act on feedback. Between multiple decision-makers, a lengthy sales cycle, and omnichannel touchpoints, it’s easy for important insights to slip through the cracks.
Creating a customer feedback program that’s as accessible as possible can help ensure you get the full picture of your customers. Collecting feedback on the go via a mobile app or embedded on-site widget, for example, is a great way to capture one-off requests that may not be captured in a formal survey.
A good customer feedback program makes it easy for your customers to voice their thoughts and opinions, transforming them into the owners of buyer insights that can drive commercial growth. It can also help you address your buyers’ specific needs by ensuring that your marketing and product teams work together to deliver an experience that aligns with their goals. This kind of alignment can transform your business, both financially and culturally. By embracing this transformation, you can unlock the potential of your customers and your team.
