Analyzing customer behaviors and monitoring competitor activities are essential tools for B2B leaders looking to identify opportunities for business growth. Recent Gartner research reveals “fear of a recession” is the number one challenge for companies seeking to meet growth in 2023, and CMOs are being asked to renew their focus on customer acquisition, retention and engagement as competition intensifies and internal pressures mount.
However, predicting customer behaviors during a recession can be difficult. The Gartner CX Management survey identified customer retention as the best approach to meeting internal goals and customer expectations. To get there, CMOs should leverage customer experience (CX) tools, such as personas and journey maps, to better understand customer needs. Metrics, such as online rating scores, loyalty program participation, sales increases, and on-time delivery, should also be considered when selecting the right metrics for retention strategy success.
Patience is another virtue when it comes to CX. Gartner research has shown that organizations with CX initiatives in place for five or more years are more likely to meet both customer perceptions and internal goals. CMOs should resist the temptation to reduce or cancel CX programs in the face of changing customer buying behaviour and instead keep their “always on” approach to CX to maintain and benefit from improved customer understanding.
By focusing commercial strategy on customer retention efforts and putting customer concerns and needs at the center, B2B CMOs will be better prepared to thrive in the face of economic uncertainty.
Originally reported by Martech: https://martech.org/how-b2b-cmos-use-cx-to-thrive-amid-economic-uncertainty/
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