Ubiquitous social and mobile technologies are complicating relationships between businesses and their customers.
Today, before engaging with a sales team, customers routinely collect information, conduct peer reviews and compare offers from a multitude of sources—few of which the seller controls. As buyers shift their behavior and grow more demanding, sellers must redesign how they work and become more flexible.
A recent global study from Avanade of 1,000 C-level executives, business unit leaders and IT decision makers revealed that businesses embracing this new sales complexity are realizing results and reporting longer-term and more lucrative relationships with customers.
Today, the value of a customer relationship is no longer defined by a series of transactions. Rather, the complete “experience” a seller offers a buyer at the time of purchase—and throughout their time with the product or service—takes precedence. Avanade’s research revealed not only that the value of the customer experience surpasses cost as the top factor in a B2B purchasing decision but that customers are willing to pay up to 30 percent more for a superior experience. Additionally, more than half of those surveyed report paying more for a product in the last six months because the customer experience was better than other less expensive options.
This represents a clear opportunity for businesses to monetize customer experiences.