The tech industry is an incredibly competitive market, filled with global juggernauts and disruptive innovators jostling for customers’ dollars. To thrive in this crowded landscape, you need to establish key differentiators that set you apart from the rest of the pack.
Delivering a winning customer experience is the most important competitive edge for tech companies today. By capturing the voice of the customer, listening to their input, and evolving alongside their needs, you can ensure continuous success, no matter what the future holds. Follow where your customers are headed, and you will never be led astray.
Global B2B tech leaders have successfully navigated recent industry changes, adapted to market trends, and maintained growth projections by putting the right customer experience management (CXM) strategies and solutions in place. It’s time to put the customer first, embrace CXM best practices, and stay one step ahead of the competition.
Tech industry's rapid pace leaves little room for innovation
Product teams face heavy pressure to roll out new releases quickly and meet aggressive go-to-market timelines. Across the board, tech companies are rolling out more releases than ever before. According to a 2019 Google Cloud survey, high-performing DevOps teams deploy new software code 1,460 times a year, on average.
With such aggressive release schedules, companies can’t afford to miss the mark. Unfortunately, employees often lack the bandwidth and resources to devote to strategic work that drives innovation. This often results in product decisions being made without customer intelligence, with development teams using their own assumptions about customer needs and expectations, exposing themselves to additional risk.
Data quality and availability remains a major concern, as well. A 2019 Adobe survey revealed that 37% of IT decision-makers believed data silos prevented them from getting a complete picture of their customers. As customer experience becomes a bigger focus for tech companies, CXM presents an opportunity to break down those silos and make it easier for busy teams to incorporate the customer’s voice during every phase of product development, without slowing the pace of business.
Demand for CXM solutions on the rise in tech
Tech companies today realize that customer experience is a key differentiating factor that can distinguish your organization from another player offering comparable products at a similar cost. And, in some cases, it’s the most important differentiating factor.
Adoption of CXM solutions has surged across IT, telecom, and tech companies in recent years as business leaders recognize the value that a dedicated CXM program can provide. A 2019 IDC report predicted that global spending on customer experience technology will grow at a 8.2% CAGR through 2022, reaching $641 billion.
However, simply gathering more data is not enough to capture a 360-degree view of your customer base. Companies must capture the right data to truly understand their customers. Tech companies need to zero in on metrics, input, and insights that directly impact the customer experience and help staff deliver exactly what users want at all times. Synthesizing those insights in a way that impacts users and drives real value to them is the only way to unlock CXM’s full potential.
Create a better customer experience at every touchpoint
Customers want—and expect—more from brands today, and that includes both B2B and B2C tech companies. For instance, a 2020 Gladly study found that 79% of customers value personalized services in their brand relationships. That report highlighted several other factors that impact the customer experience and improve customer satisfaction and sentiment:
- 71% of respondents said the best interactions and experiences quickly resolve any issues they have.
- 57% stated that noteworthy brand experiences left them feeling like the company actually heard their concerns and listened to their feedback.
- 36% characterized great customer experiences by the opportunity to use any channel of their choosing.
In such a tightly contested marketplace, these kinds of experiential enhancements are the only differentiating factors that set market leaders apart from the competition.
Use a CXM platform to fully understand what your customers want at every touchpoint and optimize the entire customer journey, no matter how complex that path is or where it leads.
