Do you know how incredible it is to find out that B2B IT leaders can get up to five times more revenue growth and 8 times more EBIT growth than their peers? Yes, but unfortunately, only a third of businesses have implemented IT solutions on a large scale yet. After studying the strategies followed by leading companies, we’ve concluded that the biggest challenge is to pick the transformation program (or multiple programs) which will work best for a specific organization. The modern B2B IT Companies has a knack for seeing through the mess and identifying the opportunity that will lead to their business’s success. They never stop pursuing their target, going all out to make sure they get what they want. They think boldly, act with agility and can quickly adjust their strategy as the market develops.
Cracking the IT growth code
What do B2B organizations need to create true value through digitization? In order to identify the key drivers of IT growth, we’ve studied the practices employed by market leaders. According to a benchmarking study of ours, we’ve identified four incredibly promising transformation pathways or archetypes that can help B2B organizations unlock massive digital growth opportunities. Check them below:
- Get ahead of the competition by harnessing the power of data & analytics to modernize core commercial processes such as sales and pricing. Enhance performance, increase accuracy and drive better results!
- Enhancing the customer journey for easier mapping is becoming a top priority. Imagine if we could make it as effortless as shopping on Amazon!
- Shake up the traditional ways of doing things to find more opportunities and reach new customers. For example, get your products out there on the web or use a direct route-to-market strategy to increase your margin pool and expand into different customer markets.
- Secure your company’s long-term growth and protect against digital threats by building tomorrow’s tech unicorns! Utilize their potential to stay ahead of the game, and experience success beyond your current core business.
Redesign the customer journey
B2B customers are expecting something extra from their suppliers and this has changed over the years. A survey done by McKinsey reveals that B2B purchasers expect less face-to-face interaction with sales staff compared to what was previously assumed. Buyers are rapidly relying on technology for simple and regular transactions. An astounding 85 percent of them no longer need any in-person assistance.
Many B2B buyers now expect the same level of convenience, speed, suppleness, and visibility that they are accustomed to from consumer-oriented websites. Above all, customers prioritize quicker service.
This shift in customer interaction preferences is a blessing for both the customer & the business. It helps to upsurge satisfaction & loyalty, prevent churn and minimize the cost of service. For instance, a leading agricultural products manufacturer with annual revenue at $20 billion is already reaping its benefits. The company had been experiencing low customer satisfaction and a decline of their customers.
To uncover the causes of customers’ dissatisfaction and change the customer experience, they set up an agile team to work on this project. This has huge potential to not only increase customer satisfaction but also bring in new customers. This cross-functional team was an excellent mix of customer experts, UX designers, senior IT professionals, data scientists, developers and IT architects – all collaborating together to get optimal results.
Key success factors:
1.Using internal and external sources of data, you can create a 360-degree view of customers. This will help you identify their unmet needs and customize the customer journey, taking a customer-centric approach. Digitizing the process will help make things easier for customers. Few indicative factors are:
- Customers prioritizing different qualities. However, the one thing that stands out the most for them is value. They want to make sure they are getting something of worth for their money.
- Finding the areas are they open to digitally enabled process streamlining &
- How can the new IT technology be used to create additional value and pleasant surprises for customers
2.Reach a variety of customers through various mediums! Create a portal for your high-value customers, an e-store on established B2B portals to attract bargain hunters and also use this as an opportunity to generate new leads. Make sure you can accommodate everyone and personalize your services accordingly. As a great example, a Fortune 500 industrial-supply company was looking to target small and medium businesses (SMBs), so they created an online presence which showcased their core offering, under a completely new, separate brand. Shopping at the e-store is an absolute breeze, especially for Small and Medium Businesses. Not only does it offer relevant products, but it also has a small assortment which makes navigation through the store hassle-free. The ordering process is made simple and you can easily track your orders through the mobile app. The company managed to attract a lot more Small and Medium Businesses (SMBs) in terms of sales, who previously avoided the complexity of their main offering. This was a remarkable achievement!
How Chapter247 can help you think out of the Box!
Leveraging digitization is a great opportunity for manufacturers and service providers to keep their competitive advantage. It’s not only a chance to stay ahead of the competition, but an invitation to think on a larger scale and take ownership of the change. Businesses should acknowledge the need to revolutionize their customer service. Whether it be through a re-engineering of the customer journey or setting up direct contact, they should strive for an enhanced experience for their customers.
They should be bold and innovative in their approach while devising optimal digital solutions to suit specific organizational needs. It is essential to challenge the status quo in order to create truly effective digital strategies. Well, if you are wondering where and how to start, worry not, we got you! With Chapter247’s experienced range of IT professionals, we are industry specialists when it comes to creating IT based products and expanding the tectonic shift in your organization. So wait no more, get in touch with us now and take your B2B business to the next level! Click here to know more!