Week 3: What's CEXy?

Tips to optimize your B2B CX program

Author

Ben Carmichael
September 02, 2022

Hey CEXy; we hope you've had a phenomenal week!

200 subscribers and counting 🤯 thank you all so much for the support!

5 quickfire CX stats for your Friday!

#1 - By 2022, global spending on CX is estimated to reach $640 billion 😮. It surpassed $500 billion in 2019.

#2 - 74% of customers will switch brands if the purchasing process is too difficult for them 😤

#3 - 32% of customers "break up" with a favourite brand after just one poor customer experience 🥶

#4 - 86% of users are inclined to pay more for a great customer experience 💰

#5 - 95% of users tell others about a poor customer experience 👯‍♂️

Source: Review42

3 useful insights from the CustomerGauge B2B NPS benchmarks report

We read all 120 pages of the B2B NPS benchmark report. Whilst the insights were somewhat underwhelming, we managed to pick out a few golden nuggets for you;

#6 - NPS remains dominant within B2B companies with >41% using this metric. It is most prevalent within the Telecommunications industry.

#7 - Majority of B2B companies collect feedback via email, with the average response rate hovering around 12%. The report found a direct correlation between higher response rates & higher NPS.

Some quick tips on how to boost your B2B response rates:

  • Let your customers know when you'll be sending the survey

  • Send it from your domain

  • Use short, catchy subject lines like "[name], how did we do?"

  • Send reminder emails to non-openers with a different subject line

  • Have your CSM / Account Managers forward the survey to non-openers

  • Try sending from different people - Executives generally resonate well

#8 - DHL manages to obtain >60% response rate by adopting these best practices

  • They send out 4 relationship surveys per year but ensure that each contact has a 6-month rest period between surveys

  • The CX team are responsible for identifying new contacts each quarter and validating the quality of these contacts before sending the survey

  • DHL closes the loop with 100% of respondents, ensuring detractors are followed up within 48 hours.

  • Senior Management are responsible for making detractor calls, ensuring customers know that their concerns are being listened to effectively

For the Data Nerds 🤓

#9 - When Crypto & CX collide

Forbes recently wrote an article on the top CX trends we should keep an eye out for the next five years. The below quote about blockchain stuck out to us. In our opinion, blockchain is going to play a massive role in ensuring the consumer has more control in what information they share to organizations. We write about it further here.

As customers leave ever-larger digital footprints across channels, markets and media, there are increasing opportunities for forward-thinking companies to give users control over their data, empowering them to determine how their data is used. For brands, blockchain offers a way to securely obtain and transparently share customer preferences in ways that are aligned with customer wants and needs.

Michael Hinshaw

#10 - The rise of the Customer Data Platform (CDP)

A HBR study recently spoke about the emerging data trends associated with CX. It found that 50% of respondents are in the process of implementing a centralised data model which aims to aggregate and organise customer data across all touchpoints and interactions that a customer has with an organisation.

Establishing a CDP, otherwise known as a "customer data lake" is the prerequisite to providing unique & personalised customer experiences in real-time. It paves the way for more advanced predictive analytics & RTIM technologies. If your organisation currently does not have a CDP, the time is now!

Graph(s) of the week 📈

B2B NPS Benchmarks