In a world where the clicks on advertisements alone garner about $10.8 billion for Google, the customers are growing on their demands of more comfort and efficiency every day. They want it all at the tip of their fingers and for all we know, they are getting it. Premium digital experience from a perusal to purchase is no longer a matter of subscription. It’s as easy as it gets. However, as pretty as it sounds for a B2C scenario, it has become one of the biggest threats to the B2B companies presently.
According to a survey by Episerver, it was discovered that out of 700 decision-makers in B2B companies that discovered the top external threat for 84% of respondents to be increasing digital expectations from their customers or partners. Similar to a B2C characteristic, the business buyers now expect an effortless interaction and purchasing process as well. Considering there is no solid reason to hold up against the argument- ‘Why do we need the middleman?’, rising digital expectations are definitely a big threat to the B2B companies.
Going with the wind, the B2B companies are now investing for ‘Digital Experience Platforms‘ aka the DXPs by an alarming amount. The DXPs hold the kind of significance that they do because they take care of the one thing that B2B’s traditional methods simply won’t –the customer obsession. A number of companies have begun restructuring their business practices to make them better in terms of digital experience, effortlessness and let them be customer-oriented. The rise of social media, websites, mobile devices, and digital channels has caused the B2B companies to loosen up their pockets a little bit more than usual.
There are ways of dealing with this altogether given that the companies understand the importance of selecting a DXP, whether they are ready for a deep transformation of their business practices, or are determined firmly on marketing and brand awareness, as these priorities are bound to reflect various strengths among the DXP vendors. In order to achieve better digital experience, your platform needs to be customer/partner-oriented in every possible way. It must be re-engineered by keeping in mind the expectations to be met and the potential threats that exist if it fails to deliver.
While is quite true that senior management does not have an impressive record when it comes to allotting funds for this, the numbers today also represent a significant upcoming change in this area with a majority of B2B companies’ investors being convinced to make more and more digital investments to safeguard the future of B2B sector.
There is no formula for achieving a great digital experience platform, nevertheless, it requires smart use of category heritage of a particular DXP along with a well constructed overall structure of digital market planning can certainly do the job for you.
If we were to work out a basic structure for the digital experience platform for B2B interaction, it must carry the following four points in its foundation:
- Segment your customers based on their needs.
- Provide a personalized customer experience. A humanized, automated digital experience goes beyond the purchase funnel and fulfills a good digital experience for the buyers.
- Provide an enriched and facilitated digital experience platform. The lesser the friction in a seamless buyer and seller interaction, the merrier the buyer-seller relations which would definitely result in a fairly huge amount of revenues.
- Have a customer-centered operation model. Only a handful of B2B companies use digital technologies to garner a better understanding of their customers’ business imperatives and objectives. But those that have improved the digital buying experience reap big returns.
From a broader perspective, superior digital experience abilities have the potential to transform the very basic, ground dynamics of B2B markets. It makes the communication for the buyer easier especially when one needs to convey their needs to the seller effectively. The companies that have adapted and provided premium digital experience in the last few years have witnessed a shift in the equation of buyer-seller interaction from being ‘seller driven’ to ‘buyer-driven’ and that has definitely proven to be fruitful in the long run.