There’s an interesting concept I stumbled across a few weeks ago: The service recovery paradox, which suggests that a customer who has a problem resolved satisfactorily may end up more loyal than a customer who never experienced a problem. That concept is backed by research from the Harvard Business Review, which found that 33% of customers who had a problem solved quickly and effectively became more loyal. And in the face of the recent Crowdstrike failure and subsequent airline meltdowns (alongside social media meltdowns), I realized now’s the perfect time to explore this idea.
As much as we talk about the power of customer experiences, there’s still a major disconnect in what individuals expect and companies provide. At the end of the day, you want customers to know you have their back — and ironically enough, stressful times are the prime opportunity to build trust.
With reports indicating that businesses can expect to lose $3.7 trillion annually due to poor customer service, here are three steps B2B companies can take to rebuild trust and forge stronger relationships when complications emerge.
1. Respond As Quickly As Possible
No matter how polished your product or service might be, there’s no such thing as perfect — product limitations/failures and buyer frustrations will inevitably bubble up at some point during the buyer’s journey (though they might not be as wide-spread as a complete ground stop). And when these issues inevitably occur, 87% of B2B buyers will let that bad experience negatively impact their relationship with the business.
With that in mind, the No. 1 way to remedy a poor customer experience is to respond to their complaints as quickly as possible. The research — conducted by Accenture — suggested companies should actively listen to the customer’s concerns and delve deeper to understand the root cause of the bad experience.
To Chatbot, Or Not To Chatbot?
In theory, fielding a mass influx of complaints seems like prime time for chatbots to shine — however, in high-stress circumstances where temperatures are already running hot, it might be best to use chatbots sparingly.
When it comes to chatbots to field customer complaints, our advice is to proceed with caution: While 75% of customers favor live agents for resolving issues, compared to 13% for chatbots, chatbots still have a place to provide low-level support and give customers an idea of wait times for live agents.
2. Directly Address The Issue
According to Forrester’s 2023 Global Buyers’ Journey Survey, honesty and transparency are crucial for B2B buyers, especially in times of turmoil. When things go wrong, practitioners’ best bet is to explain the root cause of the issue and keep the customer informed throughout the resolution process, which includes updating them on the steps being taken and the expected timeframe for improvement.
A report from Edelman-LinkedIn underscored how thought leadership and open communication significantly impact B2B buyers’ decisions, as 71% of B2B buyers are more likely to engage with a company that demonstrates open and honest communication about its products and services.
Remain Transparent
While it’s intimidating to own up to your mistakes, it’s often the best solution to save relationships. Failures and shortcomings are a part of life, and sometimes the best thing to do is the lean into those mishaps and discuss how you’ll improve future processes. When companies can embrace their mistakes and not shrink away from them, it’ll foster more trust between companies and buyers. In a competitive market, transparency becomes a differentiator, attracting customers who value upfront information.
3. Reinforce Trust After The Fact
If your buyer faced a problem that sullied their experience, they want to know what steps you’ll take to prevent similar disruptions in the future. And in this case, a one-size-fits-all approach won’t work; instead, tailor communications and solutions to address the specific issue. With the 2022 Edelman Trust Barometer indicating that 88% of respondents believe trust is critical or important, businesses should foster a culture that values customer satisfaction above all else. This will empower employees to focus on the customer experience and make decisions that benefit them in the long run.
Incentivize Customers To Stay
While it’s great you’ve apologized and let your customers know you’ll do everything in your power to prevent future issues, the reality is an issue already happened, and no matter how well you handled the situation, there’s still going to be a bad taste in a customers’ mouth. But luckily, there’s a solution: Gifts.
Approximately 52% of recipients are more likely to do business with a company after receiving a corporate gift, while personalized and well-timed corporate gifts can significantly strengthen client relationships, leading to better client retention and potential referrals. And these don’t have to break the bank, either: The key is to choose gifts that are thoughtful, personalized and useful to the recipient, such as gift cards to their favorite restaurant or coffee shop.
Strong CX = Stronger Relationships
While the Crowdstrike SNAFU primarily exacerbated customer service issues on the B2C side, it placed a renewed focus on B2B CX and how it is mission critical for success. Companies with strong customer relationships can see retention rates increase by up to 5%, which can boost profits by 25 to 95%.
In times of turmoil, B2B’s best bet is to open direct lines of communication, address issues head-on and ensure they remain transparent in all their processes across the board.
