Before you hit the exit button on your web browser, consider this important statistic from a recent McKinsey article titled “Do you really understand how your business customers buy?”: On average, a B2B customer will regularly use six different interaction channels throughout the decision journey, and almost 65 percent will come away from it frustrated by inconsistent experience.”
Is this the new paradigm OR status quo of B2B sales? Is the traditional B2B buying funnel being replaced? According to McKinsey, it is.
As the digital revolution has transformed the B2C buying experience, it is now changing how business buyers are making purchasing decisions. In order for global banks to meet these B2B customers along the buyer journey, they must be at the forefront of digital customer experience. This begs the question: How digital are these customer interactions and why are the outcomes continuing to be negative?
In interactions with our key customers, we have found those who build journey maps bring new information to light that its internal business metrics do not. For example, decreasing Average Handling Times (AHT) in the contact center does not mean that every customer walks away entirely satisfied from each service interaction. A lack of personalization with each interaction, across all channels and devices, can ultimately lead to customer dissatisfaction. We have all been subject to the endless call transfers to various representatives to get our issue resolved, forcing us to regurgitate everything multiple times.
As a direct result of these negative experiences, some B2B customers will abandon your firm outright and never do business with you again. Other customers may end their relationship with you in a midst of closing a deal with your firm, throwing loyalty out the window.
Some B2B customers will take their dissatisfaction a step further. Millennials, for example, will complain about your business on various social media channels such as Facebook and Twitter. According to McKinsey, Millennials make up most of the cohort of analysts and technicians who are doing the core research on your organization, passing it along to their decision maker(s). This same group is also the workers interacting with you to deliver its products and services to their customers, possessing little patience for inadequate “moments of truth”.
So, how do you find prospective B2B buyers or dissatisfied customers on social media? It is all about discovering/detecting intent. Intent can be detected from any social posts where the person has expressed their thoughts, opinions, and interests of your organization on various social channels. With the correct intent data, you can proactively identify new buyers before they become a lead or current customers that are threatening to leave. By combining intent with other metadata to score leads or threats, you can proactively action these cases with the right resources and intervention process.
There are still challenges associated with stitching together customer buying behaviors and intent data in order to gain a complete picture of a buyer’s propensity. Gathering intent at scale can be a challenge given a lack of resources; however, the right technology can help. By leveraging the right technology, we can look at qualitative data and intent of social media engagements to meet the customer whenever and wherever they are on their buying journey.
This concludes our interruption of your web browsing experience – continue onward in this increasingly omni-channel world.
Download the Every Customer Conversation is a Moment of Truth — Are you Ready? whitepaper to see how the conversations you have with your customers affect their relationship with your bank.