Lean into Digital to Create Value

In 2023 B2B customers are more discerning than ever before. They're looking for value, of course (their budgets have likely been cut, too), but are also seeking fast and easy paths to getting what they need, and there are few things bottom-line worse than a web experience that leaves customers wringing their hands in frustration.?Customer and Prospects remember bad experiences, and 61% will head to a competitor after a single bad encounter, according to Zendesk's CX Trends 2022 report. And while customers may forgive mistakes here and there, particularly if brand loyalty is strong, the hard truth is that digital expectations have skyrocketed since the pandemic, and cheap attempts to win people over will never compensate for the lack of a core customer-oriented experience.

Delivering elevated and value-oriented digital experiences is a surefire way of keeping visitors satisfied and engaged, and increasing customer retention rates by just 5% can result in a 25% boost to the bottom line, according to a Bain & Company report. A recent study from the SaaS (software as a service)-based website operations platform Pantheon (as reported in Business Wire) shows that 86% of marketing and IT leaders are looking to increase their websites' agility because they recognize that boosting the efficacy of this mission-critical asset is one of the best ways to leverage existing customers cost effectively.?Digital force multipliers like websites can simultaneously improve customer service, boost conversion rates and increase the efficiency and success of associated marketing teams. So, while you may be inclined to save costs by pausing digital investments, I'd argue that it's more important than ever to ensure you've got those basics covered.

The pathway to achieving this is not necessarily about ramping up spend or optimizing channels; a more substantive approach is ensuring that your online storefront (arguably the most significant marketing asset you own) is getting the fundamentals right — it's a long-term bet that will pay off.

Focus on Delivering Value

When the SaaS model of software delivery launched in the late '90s, no one really understood it. Wall Street was focused exclusively on enterprise software, and customers were used to paying for products and services upfront in exchange for value that could only be recovered over many years of use.

SaaS completely disrupted this model by tying the destinies of the vendor and customer together with ongoing fees collected in exchange for ongoing value. Today, customers come with a built-in expectation of this kind of ongoing value delivery.

In the health sector, this expectation has resulted in the rapid deployment of digital experiences where customers get something immediately for a fee. Mercury Health, for example, found ways to deliver greater value by leveraging its investment in more efficient website development to get patients access to treatment providers at a time when many competitors were falling behind. Using a SaaS model to optimize its web tools and processes (as well as scale its human power), it reduced weeks or months of website development time down to single-day turnaround across a portfolio of over 200 websites. The payoff was a 70% increase in speed to market.

Creating a digital experience that provides exceptional customer value is crucial in today's business landscape. To achieve this, businesses must understand their customers' needs, preferences, and behaviors. By leveraging customer data and insights, businesses can tailor their digital experiences to meet the expectations of their target audience. This includes optimizing website design and functionality, enhancing the user experience, and leveraging digital channels to deliver personalized and relevant content. By creating a seamless and enjoyable digital experience, businesses can foster customer loyalty, increase customer satisfaction, and ultimately drive revenue growth. Furthermore, businesses should continually monitor and evaluate their digital experiences to ensure they are meeting the changing needs and expectations of their customers. By prioritizing the creation of the best digital experience, businesses can stand out from the competition and build lasting relationships with their customers.

Delivering value doesn't have to be complicated or expensive. If you get the basics right, you're already well ahead in the game. Get them wrong, and customers will go elsewhere. In our next post we’ll talk about the much-misunderstood world of content distribution. Questions: just ask Nancy Hoffman – [email protected]