Keeping your customers engaged has never been more challenging. With B2B customers, the struggle is even more real.

Between increased competition, shrinking economies, and slow adoption of new technologies, maintaining high customer engagement has proven to be a challenge that many are struggling to tackle.

But is that truly where the blame lies?

A recent report from Gallup reveals vital insight on the current state of B2B customer service, and it ain’t pretty.

What does the data on customer engagement reveal?

20% of B2B customers have experienced a problem with a company or product.

Not much of a surprise here, really. People have problems with companies and their products all the time. The real surprising stat is this next one:

Only 40% of those customers felt that their problem was resolved by the company.

A whopping 60% of customers who experience problems with a company are not getting satisfactory resolutions to those problems. While this is inexcusable, of course, it also presents a massive opportunity to you and your business. (but we’ll get to that in a minute)

What about the companies that do satisfy their customer’s issues? Are the benefits worth the extra effort?

B2B customers with high customer engagement scores achieve:

  • 50% higher revenue/sales
  • 34% higher profitability
  • 55% higher share of wallet

I think the evidence speaks for itself. Who doesn’t want a 50% increase in revenue without even having to increase your customer base?

But perhaps the most notable statistic to come out of this report is this:

71% of B2B customers are not engaged.

We hear a lot about how businesses are at risk of being displaced due to new technologies and industry shifts making their products or personnel obsolete, but the #1 reason businesses are failing is the same as it has always been.

Businesses are simply failing their customers.

They focus so much on growth through acquiring new customers that they ignore the massive potential found in their current customers.

We find examples of this all the time. Everyone knows the horrors of dealing with wireless carriers, for instance. They fall all over themselves scrambling to gain new subscribers, offering insane discounts, bundles, and freebies, all while forcing their current customer base to wait 20 minutes on the phone to do something as simple as change their data plan. It’s an archaic business practice and, with the help of data-focused startups, only now is change finally sweeping the industry.

So, how can you avoid being just another statistic on failed customer engagement?

Engage your customers. The ones you have right now.

The good news is, you don’t have to break the bank to do that. You just need the right analytics.

Most businesses are sitting on an untapped wealth of customer data. Data that you have already been collecting for years, just waiting to be mined and put to good use.

Invest in tools and resources that not only give you access to that data, but translate it into actionable info. There’s no sense in digging up all that juicy info without truly knowing how to use it.

Taking this simple step will keep your current customers engaged, increase your revenues, and put you miles ahead of your competition.

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