[CX Tribe] 25 May 2021 – Liar, Liar? + Why B2B Customers Actually Leave

[CX Tribe] 25 May 2021 – Liar, Liar? + Why B2B Customers Actually Leave

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“People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.”

Zig Ziglar, American author.

For the younger CX Tribers, who may not have heard of Zig Ziglar, I strongly recommend you check out his books. Most of them were published more than decade ago but they are still 100% relevant to business, and life.

[Customer Experience]
How Good A Liar Are You Really? Does Lying Affect Your Customer Experience? [Link]

Colin Shaw reviews the impact of telling the truth and not telling the truth on your customer experience. 

I’m with Colin here: just don’t.

It may seem easier / less confrontational / more profitable to lie in some circumstances but it almost never works out better than just being honest: for you or the client.

A long time ago I started living by the maxim:

Customers love good news, they don’t like bad news but they really hate surprises.

Regardless of your ethical position, dishonesty almost always generates surprises, very unhappy customers and less valuable businesses.

[Customer Retention / Research]
Understanding the causes of defection among satisfied B2B service customers [Link]

You may not be shocked to hear that what customers say would make them switch suppliers is not what actually makes them switch suppliers.

In this quite well controlled research, stated and actual reasons for supplier change were investigated. 

The researchers found 89% of defecting customers had stated they were “satisfied” and 59% stated they would renew their agreements.

As we’ve discussed many times in CX Tribe: satisfaction is not enough. Neither is stated repurchase intent.

In terms of reasons for changing suppliers:

  • Price: Just 20% of people indicated a better price would move them but in reality 51% moved for a better price.
  • Relationship: only 3.3% indicate a poor relationship was a cause to leave but fully 11.7% (380%!) then moved for that reason.

What is also important / relevant / interesting here is that price is more than four times as important as relationships in causing B2B customer defections. 

Yes, B2B relationships are important but they are not enough. You need to ensure you are priced appropriately as well.

[Response Rates]
How To Increase Survey Response Rates: The Complete Guide [Link]

Increasing customer feedback response rates is a never ending process.

This post examines all of the small details you need to get right to maximise the response rate for your next customer survey, be it NPS, CSAT, CES or other metric.