Webinar Recap: Customer Experience Executive Mastery: Rethinking Retention and Upselling

Home Services Our Works Gamification 101 Case Studies Turnkey Contact Home Services Our Works Gamification 101 Case Studies Turnkey Contact Home Services Our Works Gamification 101 Case Studies Turnkey Contact Home Services Our Works Gamification 101 Case Studies Turnkey Contact Edit Template Webinar Recap: Customer Experience Executive Mastery: Rethinking Retention and Upselling In today’s competitive landscape, companies are finally realizing that exceptional customer experience is no longer a peripheral concern; it’s a fundamental differentiator that propels long-term success. But before we can discuss B2B retention strategies, we need to understand the importance of having a customer-centric mindset. This means that we need to focus on providing the best possible solution for our clients. When we have this mindset, it will affect our actions and behaviors in creating a delightful customer experience. We recently conducted a webinar on B2B retention strategies. In this recap, we will look back at the important points of discussion from the webinar. About the speaker Aul is a game industry professional with a passion for gamification and business development. She has over seven years of experience in leading and managing game projects across regional and global markets. She has a deep understanding of gamification product development and has successfully delivered game projects worth over $1 million, meeting the highest standards of quality, budget, and timeline. She has also built and maintained strong relationships with over 20 strategic B2B accounts, achieving high client retention and satisfaction for three years in a row. Aul is a great mentor for anyone who wants to learn more about the game industry and how to create engaging and impactful gamified solutions. Learn More Customer Decision Journey To create a delightful customer experience, we need to understand the path your clients take – their journey. Traditionally, the AIDA model (Awareness, Interest, Desire, Action) has been used to map this journey. However, for a more detailed picture, we’ll explore The Loop framework developed by The Pedowitz Group.  The Loop framework goes beyond AIDA by pinpointing specific touchpoints throughout the journey. Touchpoints are any interactions you have with potential or existing clients, from initial brand awareness to ongoing support after purchase. Here’s the breakdown of The Loop framework:  Customer AcquisitionThis side focuses on attracting new clients and guiding them through the decision-making process. Stages include Unaware (not familiar with your brand), Aware (recognizes your brand), Consideration (evaluates your offerings), Evaluation (compares you to competitors), and Decision (chooses your product or service).  Customer ExpansionThis side emphasizes nurturing existing client relationships and maximizing their value. Stages include Onboarding (getting them started), Adoption (actively using your product or service), Value Realization (experiencing the benefits), Loyalty (consistently choosing you), and Advocacy (promoting your brand to others).  Customer Acquisition The customer acquisition side of the Loop framework includes the following stages:  Unaware  Aware  Consideration  Evaluation  Decision  Customer Expansion The customer expansion side of the Loop framework includes the following stages:  On-board  Adoption  Value Realization  Loyalty  Advocacy  Who Owns Customer Experience? A Shared Responsibility Everyone who interacts with clients plays a role in shaping their experience. This could be your sales team, customer support representatives, or even marketing personnel. While specific responsibilities may vary depending on your company structure, the overall goal of delivering a positive experience remains constant.  Importance of Customer Experience in B2B Business When a company creates a good customer experience, it can reap many benefits. For example, data from McKinsey shows that companies that prioritize customer satisfaction tend to achieve faster and more profitable growth while also boasting an 80% higher customer retention rate.  In addition, 86% of buyers are prepared to pay more for superior customer experience. One Gallup poll found that customer-centric companies will be more able to increase their overall revenue and sales by 50% and increase profitability by 34%.  B2B customer acquisition costs can be substantially higher compared to B2C. It seems that, to acquire new customers, it costs 5 to 25 times as much as to retain existing ones, while satisfied customers spend 140% more on your products or services.  But not every loyal customer is the same—and neither are they of equal value. McKinsey research shows that B2B companies that transformed their customer experience processes saw 10 – 15% revenue growth, higher client satisfaction scores, improved employee satisfaction, and a 10 – 20% reduction in operational costs.  It is clear that creating a customer experience is not an option anymore but a priority in a company, especially in today’s competitive business landscape. We cannot afford to think that we are the only ones who have the solution that our clients need. With information easily available, it is easy for others to copy our products and offer them to the same target market. Therefore, it is important to create excellent service.  Stages of the Customer Journey The customer journey is the path that potential clients take from the moment they become aware of your company to the point where they become loyal advocates. Understanding the different stages of this journey is crucial for businesses to develop effective marketing and sales strategies. The Loop framework from The Pedowitz Group identifies ten stages, each with its own objectives and metrics for measurement. Let’s delve deeper into each stage:  Unaware At the Unaware stage, potential clients or your target market are completely unaware of your company’s existence or the products and services you offer. They haven’t identified a need that your solution could address. The primary objective at this stage is to capture the attention of your target audience and generate awareness about your offerings. You can achieve this through various marketing channels, such as social media advertising, content marketing, or search engine optimization (SEO).  Metrics to track:  Net new contacts: Track the number of new leads you generate through your marketing efforts.  New website visitors: Monitor the number of unique visitors to your website. This indicates potential interest in your brand.  Conversion rate: Track the percentage of visitors who take a desired action on your website, such as signing up for a… Continue reading Webinar Recap: Customer Experience Executive Mastery: Rethinking Retention and Upselling