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Study: Up to half of customer experience budgets wasted
B2B brands are doing a good job of enhancing the customer experience on their websites, but according to new data out from Accenture, a large amount of the budgets for customer experience are still wasted.
Researchers polled more than 1000 B2B sales and service execs in 13 countries and found that about 76% of these companies are wasting up to half the dollars earmarked for customer experience matters.
It's all about the experience, that is what many experts are saying about cultivating new customers and keeping existing customers happy. This has pushed many brands into creating a better online experience - more personalized content, simpler check-outs and on-site search. But new data from Accenture more than half of the execs surveyed reported 'little, flat or negative' ROI on customer experience initiatives.
"The relationship between company and supplier has changed," said Robert Wollan, global managing director of Accenture's Sales and Customer Services practice. "Business customers are acting more like consumers. They know more about the services on offer, expect more customized solutions, and are more price sensitive. "Companies say they recognize this but the majority are not designing and executing the necessary changes effectively. This creates a drain on profitability and missed opportunities. Getting B2B customer experience right increasingly determines market success, but too many companies are 'playing not to lose' rather than 'playing to win.'"
Some interesting takeaways from the report include:
• 43% say they'll increase customer experience spending
• 85% say the customer experience is 'very important' to their plans
• 70% say customer experience initiatives will play a larger role over the next 2 years
Image via Shutterstock
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