Did you know that B2B customer-experience index ratings significantly lag behind those of retail customers? B2C companies typically score in the 65 to 85 percent range, while B2B companies average less than 50 percent (Source: Mckinsey.com). However, good CX is a key differentiator for companies that are looking to climb up the success ladder and especially when it comes to generating revenue in dynamic market situations. Delivering a superior customer experience is as important and crucial for B2B companies as it is for B2C companies. In this article, we will explore how B2B companies can transform their CX stack to overcome the complex data challenge and reap the benefits of a more efficient, cost-effective, and customer-centric approach.
Making digital experiences easier for B2B
When B2B companies work on creating digital experiences, they often deal with complicated data setups and huge amounts of data. To be successful, it's important to make the digital experience simpler and concentrate on providing real benefits to customers, rather than getting stuck with complicated data structures. One way to achieve this is by simplifying the customer experience technology (CX) stack in a B2B context which involves streamlining and optimizing the platforms, tools and technologies used to interact with and serve your business customers.
The first step in this direction would be to begin by evaluating your existing CX technology stack and recognizing any redundant or underutilized tools and systems that are not providing any real value and then adding platforms, tools or software that offer integration capabilities, allowing your systems to work together seamlessly.
The next, and even more important, step is to make sure that your data isn't stuck in separate systems, and that you have the capability to liberate and merge data from any system or source. This way, you can quickly access it to effortlessly develop fresh customer experiences. This gives you the power to launch numerous CX projects without wasting time or resources.
With Occtoo’s Experience Data Platform, you can connect and activate all data and content from any system and build any type of application. It is suitable for B2B enterprises dealing with complex data structures and substantial scalability requirements.
Let’s look at the benefits of simplifying your CX tech stack:
- Your secret to 4x faster to market: One of the most appealing benefits of streamlining the CX stack is the capacity to introduce digital products and services to the market four times faster. By rethinking how data is handled and made available for digital experiences, companies can substantially cut down the development and launch time for their offerings. This increased speed in bringing products to market can be a game-changer in the competitive B2B industry.
- Decreasing total cost of ownership (TCO): Streamlining the CX stack doesn't merely accelerate time-to-market; it also results in significant cost reductions. By changing how data is handled and making it accessible for digital experiences, companies can lower digital project expenses by 30-50%. Additionally, the decrease in complexity leads to a notably reduced TCO, minimizing the risk of integration issues when updates are implemented.
- Bring your data to the forefront for easy access: You can minimize complexities and have the ability to access all the necessary data and content for constructing digital experiences from a unified, real-time source. This removes the necessity to invest valuable time in piecing together data from different systems every time a new digital experience is developed or improved.
- Unify and activate complex data: Organizations can integrate all their customer, content, and product data from a variety of systems and sources, such as ERP, PIM, PLM, CRM, and more. This data is readily available and can be employed to shape any necessary business element for the upcoming customer experience. Complex customer, product, and contextual data can be merged and put into action to deliver a personalized and pertinent experience tailored to individual agreements.
- Built for big data volumes: Streamlining the CX stack guarantees that even slow backend data, like ERP data, can be converted into a real-time format and expanded into front-end experiences with a remarkably rapid response time of 200 milliseconds. This scalability empowers organizations to construct an experience just once and extend it worldwide across any endpoint and geographic location in real-time, giving developers precise access to the data required for particular experiences.
By simplifying the CX tech stack, B2B companies can quickly develop a variety of applications to enhance their operations. These applications include creating tailored minisites for specific products or customer segments, providing field sales staff with real-time product information, designing a customized B2B commerce experience for various customer types, offering self-service customer portals with personalized information according to customers unique agreements, and building product-centric applications to drive upsell and self-service maintenance for your connected products. The flexibility of a simplified CX stack enables the creation of front-end experiences that align with specific business requirements and objectives, making the possibilities virtually endless.
B2B companies have the opportunity to streamline their CX stack, simplifying complex data challenges in the process. This transformation not only speeds up time-to-market and trims expenses but also elevates and enhances the overall customer experience. By integrating and mobilizing complex data, businesses can unleash the full potential of their CX endeavors, offering customized solutions that address the distinctive requirements of their customers. A simplified CX stack positions B2B firms for success in the digital era and ensures adaptability in an ever-evolving market.By using Occtoo we have significantly reduced data complexity and can now activate our data in any channel. This means our IT team can better support our multi-brand organization with new digital tools and services to drive both efficiency and new revenue. - Eefje Jacques, Deputy CTO - Fenix Outdoor