As part of the Experience Revolution Podcast, I recently sat down with Abdul Dezkam, customer experience management lead at Grundfos, to learn more about how the B2B company has re-engineered its strategy to achieve superior customer experience and what value it has gained from doing it.
I highly admire Grundfos and its purpose-driven culture and mission. It is the global leader in advanced pump solutions with a goal of contributing to bringing safely managed drinking water to 300 million people in need by 2030. To help solve the world’s water and climate challenges, a critical part of the company’s core values is to keep its customers satisfied and its employees highly motivated.
Here are my key takeaways from my discussion with Abdul:
Customer expectations in the B2B world are evolving
B2C businesses have historically had to factor in customer experience; otherwise, they will most likely fail. In the B2B world, the product has taken center stage. In today’s experience economy, all businesses, B2C and B2B, must consider the entire customer journey, not just the quality of the product, because B2B customers increasingly demand a great customer experience. This was an important lesson for Abdul, as Grundfos has more than 200,000 touchpoints with its customers every single day; 200,000 opportunities to get it right – or wrong. Based on this data, Grundfos started the journey towards operational change in how it measures and delivers experience.
An annual customer survey won’t cut it
Customers aren’t unsatisfied with being surveyed once a year, and by the time companies get to the annual survey and analyze the feedback data, it’s outdated. When Grundfos started to study its customer feedback data, it learned that it’s the small daily interactions that matter. When small touchpoints, like a phone call or a service visit, went wrong, Grundfos let the frustrations grow because they weren’t captured until the annual survey. Grundfos worked to solve this issue, capturing feedback to get an immediate pulse from its customers so it could react faster when it wanted to close experience gaps.
The definition of success will be redefined
Today, companies tend to define success based on an inside-out look at their business performance. Abdul predicts that KPIs will change and be based on an outside-in look instead. Companies have to think about how their customers define success, instead of their own definition. Only 100% customer-centric businesses will survive.
Successful companies use insights to be proactive vs. reactive
All companies have untapped, valuable insights about their customers they can use to optimize their business. This is called experience data and by combining it with operational data, a company can use the two to predict business outcomes. This is how companies will win in the future. They predict behaviors and outcomes based on data, and proactively change their strategy rather than reacting after things happen.
B2B businesses must focus on the end user
B2B businesses have to expand their view of who their customers are. In the future, Grundfos won’t just consider its direct customers, like wholesalers, distributors, and channel partners, as its main stakeholders. It will start to consider the end users as well and use experience data to better understand them and optimize their customer journey.
There is a direct link between experience and business outcomes
For Grundfos, there has been incredible value in establishing its customer experience program – stronger customer loyalty, higher customer ratings, and much more in terms of strategic and financial value. This ROI of customer experience is evident across industries as well.
Want to learn more about how Grundfos is improving brand loyalty, driving value and staying true to its purpose? Check out this Business Transformation Study and listen to this episode of The Experience Revolution.