The most challenging yet growth-generating B2X strategy to win in 2023 and beyond is to use the customer data already on hand to successfully keep and grow with the customer along with AI as a tactical approach. “The key is to be analytical and fully realize what the data is telling you,” Rob Neumann, Chief Digital Officer at CSS Commerce says, “We need to gleam all the data, make sure we’re asking the right questions, collecting the answers in such a way that we, not only meet, but anticipate the buyers’ needs. And we can do that with AI.”
Let’s look at three key data drivers:
· CX and Personalization
· Customer Analytics and Predictive Insights
· Single Customer Analysis
CX and Personalization
Starting off with the lowest hanging fruit, you can easily improve your B2B buyer experience by personalizing with data the customer has already provided. These can include past purchases, and complementary, and trending products. Add to this industry expansion trends and help expand your customer base. For a plumbing supply company, for example, besides the tools of the trade, showcase new intelligent design water conservation sensors.
Personalizing the cart experience is also key to making the buying experience a breeze. This allows for not only credit card purchases but also POs, group buyer teams, and expanded cart saves.
Customer Data, Analytics, and Predictive Insights
Understanding your customer with accurate comprehensive data will help build loyalty and retention. We all know that we do business with people and companies we like. How do we grow to like them more? By getting to know them better, to the point that you can anticipate their needs. Your understanding of your industry should also translate to products in inventory, seasonality, and product innovation. The data you collect from customers as they are buying from you should help you predict buying behavior. Just as predictive search anticipates with AI, your data should also help you anticipate your customers’ growth, direction, and possible sales opportunities.
Single Customer View
By unifying customer data into an effective view, you are better able to engage and analyze. Following the 80/20 rule, 20% of your customers make up 80% of your revenue. Start to make an indent by analyzing the data you have on that second tier of customers. Who are they, what are they buying, how are they buying, timing – there’s a trove of information you already have to grow their business. With an eCommerce platform that is enabled to produce rich reporting from the data being collected, your Sales and Marketing, Supply Chain, and Logistics departments all benefit from getting the data in a way that can be fully understood and maximized.
By Eunice Muñoz
