Accelerate Growth Through Customer Centricity
Creating organic growth through advanced B2B customer analytics
There is more growth potential in customer strategies than in acquisitions.
B2B companies are struggling to grow. So they're giving up and acquiring their competitors.
Acquisition is the current growth strategy of far too many companies. As a result, the number of publicly listed companies traded on U.S. exchanges has been cut almost in half in the past 20 years, from about 7,300 to 3,700. Worldwide, the number of listed companies on any exchange -- currently 44,000 -- has been largely stagnant since 2006, according to the World Bank. In a perfect world, the market would have doubled the number of big public companies instead of halving it.
Ultimately, B2B organic growth will require a different approach. It is no longer enough for companies to view the world from their vantage point. They need to see the world through the lens of their customers.
Gallup analytics find that B2B companies are maximizing -- or engaging -- only 29% of their customers. For some B2Bs, there are tens of millions of dollars of lost growth opportunities -- and for others, hundreds of millions of dollars -- throughout their customer base.
To become customer-centric, B2B companies must listen to and act on their customers' needs and wants through a disciplined approach. This transformation takes commitment, measurement, advanced analytics and follow-through.
One in five B2B customers have experienced a problem with a company or product -- and only 5% of those customers say they are "very satisfied" with the way the company handled their problem.
Customer analytics that improve business performance.
Gallup provides analytics and advice to leaders who want to accelerate B2B growth through customer centricity by:
- measuring objectively. Impartial measurement assesses customers' engagement.
- measuring holistically. Conduct quantitative and qualitative interviews with customers to understand the underlying factors that affect engagement.
- focusing on the most urgent accounts. Identify at-risk accounts and prioritize those that need immediate action.
- activating the account team. Using the results of the quantitative and qualitative analyses, Gallup assists the account team members to build strategies that support customer engagement.
- putting customers first. Companies must put their customers at the core of their business strategy. Gallup advises on the best strategies to become a customer's trusted adviser and partner.