Read a nice article from Gallup – here are some of the opening remarks. Do they ring true for your business? Better get that customer engagement going eh?
COMPANIES ARE STRUGGLING TO GROW — so they’re giving up and acquiring their competitors.
B2B COMPANIES ARE AT RISK of losing more than two-thirds of their customer base.
Gallup analysis has found that only 29% of B2B customers are fully engaged — that is, emotionally and psychologically attached to the companies they do business with. The other 71% of customers are ready and willing to take their business elsewhere.
Even the major players in their respective industries tend to live from RFP to RFP, where competition is based largely on price. These companies are finding it increasingly difficult to deviate from their traditional playbook to build a new type of relationship with their customers. Ultimately, their growth will require a different approach.
Although an increasing number of B2B companies realize they need to be customer-centric to compete in today’s market, few have figured out how to put this model into use. They invest in Lean, Six Sigma and other methodologies that are crucial for keeping costs down, but they don’t have a plan for maximizing their customer relationships. And sure, they may have mechanisms in place that tell them how they rate with their customers, but those surveys tend to be nothing more than formalities. B2B companies are missing the vital link between data and action
And most poignant of all:
A customer-centric model is about more than focusing on the customer or having a defined customer experience; it is about putting the customer at the core of everything.
A great article, get it here.