96% of B2B buyers influenced by CX when renewing supplier contracts
Some 96% of B2B buyers say they're influenced by the customer experience when deciding whether to renew a relationship with a supplier, according to a new report from B2B Marketing.
The report reveals the extent to which the customer experience impacts customer retention in B2B, with 43% of buyers saying the customer experience ‘heavily influences’ their decision to renew a supplier relationship and 17% saying it’s ‘the most important deciding factor'.
In addition, when buyers were asked what would cause them to end or not renew a supplier relationship, the top reasons were ‘not delivering on promises’ (mentioned by 47%) and ‘poor quality of product or service’ (43%).
Danielle Howe, reports editor at B2B Marketing, said: “The fact customer experience matters most when it comes to customer retention is perhaps no surprise to some, but the fact these numbers are so strong should give marketers food for thought.
"A surprising number of buyers either cancel or don’t renew contracts simply because suppliers don't deliver on their promises – as such a fundamental aspect of the customer experience, this is a cause for concern."
CXcellence: How to achieve CX success in B2B
In this new report, we surveyed 100 B2B buyers and 165 B2B marketers to find out exactly how much the customer experience matters throughout the buyer journey.
Download your copy now to find out how you can manage CX to deliver tangible results.