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Power has been shifting from organizations to customers. At the same time, digital is emerging as a disruptive force. These two forces are shaping market fundamentals and forcing companies to rethink their strategic direction and operating models. Forrester Research calls this the Age of the Customer.
In this era, digitally-savvy customers are changing the rules of business. They present nimble and adaptable companies with extraordinary opportunities. Yet for those who are resistant, they're a critical threat.
Our customers are more empowered today, thanks to the Internet. It offers them real-time access to information about products and services. Manufacturers used to hold the most power because only they knew the profit margin for a given product or service. Competitive comparison was a tedious and time consuming task.
Now, informed customers can easily compare products and services online before negotiating prices and service levels. As a result, we have to evolve how we interact with potential customers. Only then can we build a customer base and foster loyalty.
B2B businesses are not spared from this shift of power as well, according to findings from a 2019 Forrester report:
92% of B2B purchases start with search
68% of B2B consumers prefer to research online on their own (up from 53% in 2015)
60% of B2B consumers prefer not to interact with a sales rep as the primary source of information
75% of B2B consumers use social networks to learn about different vendors
62% of B2B consumers say they can now develop selection criteria or finalize a vender list (based solely on digital content)
To meet the demands of the modern B2B customer, departments well versed in the Age of the Consumer are adjusting their methods and approach.
Marketing
Use customer data to personalize messages for particular segments or individuals
Use tactics such as inbound, social and content marketing to engage and educate prospects
Sales
Work more closely with IT departments to get better information about their existing customer base
Use data to prioritize and nurture leads as well as boost customer retention efforts
Customer service
Ensure customer satisfaction by deepening product knowledgeable
Respond faster to consumers across all communication channels
Maintain an integrated view of communication channels while delivering a consistent customer experience
The balance of power may seem to favor the customer. But businesses have much to benefit from the Age of the Customer as well. Organizations now have more access to customer data than ever before. With that data comes new opportunities made possible through new technologies. It is now possible to drive business growth at scale while improving the customer experience and lowering customer acquisition costs.
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