It’s an unprecedented time in the history of the digital transformation of business. The Fourth Industrial Revolution has just taken a major step forward as businesses worldwide quickly scrambled to keep their customers while in-person transactions were non-existent or at the lowest level in recent memory.
As companies reimagine their new normal operating model with digital and virtual interactions at the core, many are plagued by a simple, yet complex question – how do businesses grow relationships that lead to new sales in the digital world?
The Shifting Climate
Relationships are critical to the customer experience whether people buy products and services in their personal lives or in their professional lives. KPMG notes that expectations for B2B customers are established based on their personal experiences as B2C consumers. Unfortunately, McKinsey stated just a few years ago that B2B customer experience ratings at less than 50 percent, fall far behind that of B2C at 65-85 percent.
Businesses are operating in the ‘experience’ economy, where the right experience leads to buying and loyalty from impulse buys to major B2B purchases, decision-makers are data-driven, online buyers, blurring the lines between marketing and sales, with 74% of B2B buyers report researching at least half of their work purchases online before ever reaching out to initiate a transaction.
As part of the transformation, expensive client dinners and VIP event packages typically used to woo high-end customers have begun to disappear altogether. These ‘analog sales’ tactics are making way for new digital / virtual sales methods and we are already starting to see the rise of the virtual sales center to grow inside sales. Ultimately, we think organizations of every size will shift to having 50-75% of their sales resources in an inside/digital/virtual model.
We also know that the most successful companies will continue to have a mix of high-touch human interactions and more automated tech-touch connections along all of the different points in the entire sales and customer relationship lifecycle, a span which we call the Customer Journey Experience (CJX™). How a company transforms its CJX as part of evolving its overall operating model can lead to growing relationships and new sales in the digital world.
Digital Transformation of the Customer Journey Experience
The entire continuum of interactions that customers have with a brand, at different points throughout the relationship, make up a brand’s CJX. As a company considers how to transform the CJX, it’s essential to consider how new digital and virtual strategies will impact the entire continuum to:
- Identify, qualify and land new customers
- Ensure adoption of products and services
- Achieve seamless account management
- Expand the engagement
- Retain and renew relationships
- Boost loyalty
Done right, a brand’s CJX maximizes retention and growth potential in customer and partner relationships and revenue sources. ServiceSource recommends a CJX with multiple execution layers, depending on the importance of the relationship to the brand, either in monetary value, strategic value, or both:
- High Value means High-Touch: for the highest value relationships, person-to-person interaction is still best.
- Meet me in the Middle: Mid-market enterprises often make up the bulk of a customer base, requiring a one-to-many relationship model – how does this scale? A virtual sales model is key to quick scalability, and equally critical is the ability to apply expertise to create a hybrid of human and digital engagement strategies. The mid-market typically has margin-rich accounts that can grow or decline depending on the experience – it’s critical to get it right.
- Click to Buy: for recurring transactions with low dollar value, an all-digital, e-commerce approach is often a good fit.
Connecting each customer with the right customer experience at the right time is mission-critical, yet many companies lack the internal resources and capabilities needed for long-term success. Increasingly, companies look to connect with strategic partners and thought leaders with the expertise and proven ability to enhance the loyalty and lifetime value of their customers. Against this market opportunity backdrop, we believe ServiceSource is uniquely positioned and competitively differentiated to transform the agility, speed, efficiency and value of our clients’ go-to-market initiatives.
By moving quickly to adapt our business model to the needs of the new, more virtual business world, our digital sales organization enables our clients to succeed tomorrow by reimagining their customer journey experiences today.
Our strategy is to drive client success by bringing the world’s greatest brands closer to their customers through people-powered, digitally-enabled services and data-driven insights that span the entire CJX continuum.
We analyze CJX opportunities, then design, develop and manage proven solutions that extend the reach, speed and outcomes of our clients’ B2B customer acquisition, engagement, expansion and retention initiatives.
It’s time to reimagine what your business could do to transform the continuing Customer Journey Experience for your customers and answer the simple, yet complex question of how to grow relationships that lead to new sales in the digital world. Our methodology helps you succeed every step of the way.
ServiceSource is an outsourced go-to-market services provider that accelerates B2B digital sales and customer success transformation. To learn more about how we help our clients succeed by reimagining their customer journey experiences (CJX), watch our new video to Unlock Tomorrow’s Opportunity, Today.