Image source: McKinsey Global Institute
B2B companies have been slow to adapt to improving customer experiences when compared to B2C companies. Global competition and demand on B2B providers has created pressure on B2B firms to put customer centric focus on their strategy. Being in the right market or being the lowest-cost producer is not perceived as a big competitive advantage anymore.
Changing your business model to adapt to this change, strikes a critical challenge for many B2B companies. Customer relationships in the B2B world are more complex and both digital and non-digital transformation needs to occur in pursuit of a better customer experience. The solution lies in finding the right balance between these two to keep customer loyalty high, and impact revenue.
To find out how to get this right, read this McKinsey Global Institute article.
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