Today, Hero Digital, a leading customer experience transformation company, released its annual B2B Buyer Report. The report highlights the top customer experience priorities of today’s B2B buyers to meet complex demands, high digital expectations, and strict budgets.
In today’s volatile economy, B2B buyers need to do more with less. They’re reevaluating their external partnerships to ensure investments deliver the expected value. And they will only work with organizations that provide a seamless digital customer experience.
Simply going digital won’t cut it anymore. Faced with economic uncertainty, inflation, and increased interest rates, today’s B2B buyers require technology and service partners who understand their unique business challenges, how market conditions impact their business, and can translate their customer data into actionable insights that drive revenue. A deep understanding of your prospects’, customers’, and clients’ unique needs is critical to success.
Hero Digital’s B2B Buyer Report surveyed 150 B2B buyers employed at organizations with over $250 million in annual revenue, spanning industries including, but not limited to, financial services, manufacturing, and consumer packaged goods (CPG).
The report revealed that B2B buyers’ top priority for the next 12 months is increasing efficiency in their processes. The report also found that 94% of B2B buyers agree their company prefers to work with businesses that continuously evolve their digital capabilities and experiment with offerings, while 88% of B2B buyers said they would turn to a competitor if their supplier’s digital channel could not keep up with their desires as a buyer.
“Businesses are looking to uncover innovative ways to improve operational efficiency and drive revenue,” said Scott Webb, Chief Commercial Officer of Hero Digital. “We’re seeing more and more executives revisit their existing digital transformation solutions, marketing efforts, digital experiences, and purchasing processes for opportunities to wring every last dollar out of their technology investments. At the same time, their B2B buyers are asking for the latest and greatest digital experiences. We help them prioritize and accomplish both.”
According to the research, B2B buyers are looking at more than just their own internal operations. B2B buyers are reevaluating external partnerships to ensure these investments deliver the expected value, and they look to work with suppliers that provide a seamless customer experience (CX) and digital user experience (UX).
Key findings from the report include:
- 92% — B2B buyers agree economic uncertainty has placed additional pressure on their organization to make more cost-effective purchases.
- 92% — B2B buyers experience at least one pain point with their suppliers’ use of current technology.
- 79% — B2B buyers would pay a higher price for a product or service if the supplier provided an excellent digital UX.
- 81% — Organizations currently use a combination of the default capabilities provided by their digital platform(s) as well as some customized capabilities.
- 60% — Organizations use a combination of digital platform(s) they’ve purchased and built in-house.
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