Applying consumer behavior lenses in a business-to-business context can reap rewards
Business customers are also consumers in their personal lives – and are bringing their rapidly changing expectations to the workplace. Today, advances in consumer technology get into the workplace before advances in office technology get into the home.
Expectations in a B2B context are rising faster than many can keep pace with. Features, loyalty and price can no longer be relied upon to secure or maintain sustainable commercial relationships. The benchmark for client satisfaction is continually being reset. Using the Five Mys framework – My Motivation, My Attention, My Connection, My Watch and My Wallet – with a B2B lens can help explain changes in business customers’ behavior.
In an age where reputations can be made and broken by one social media post, organizations are under growing pressure to take a stand, by aligning themselves with broader social issues, and defining their brand by declaring: “This is what we believe in.”
"There is a consumer at the end of most B2B chains, and as products move along this value chain, businesses want to work with supplier organizations who understand their business motivation, personalize the service, understand the expectations, provide value for the time and effort spent negotiating and executing the transaction, understand the maturity stage of their organization, and industry events that impact their needs,” said Abhijeet Ranade, Partner & Head Customer & Channel, KPMG in India.