As B2B sales and marketing professionals, understanding our customers’ pain points is vital to our success. By identifying and addressing the specific challenges and problems that customers face, we can tailor our sales pitch and messaging to build trust and credibility with potential customers, increase the likelihood of closing a sale, and drive revenue for our companies. However, understanding customers’ pain points is not always easy. Getting an external, unbiased perspective is crucial to truly understanding the pain points most important to our customers and prospects.
First, let’s define what we mean by customer pain points. These are the specific challenges and problems customers face in their business or industry. They can range from operational inefficiencies to cost constraints to regulatory compliance issues. Understanding customer pain points allows us to address these issues in our sales pitch, messaging and product development. By doing so, we can build trust and credibility with potential customers and increase the likelihood of closing a sale.
One of the main benefits of understanding customer pain points is that it allows us to identify potential upsell and cross-sell opportunities. If we understand the pain points a customer faces, we can offer solutions and services that address these pain points, leading to increased revenue and customer loyalty. For example, if a customer is struggling with operational inefficiencies, we can offer a solution that streamlines their processes and improves efficiency.
Furthermore, understanding customer pain points can help companies improve their products and services. By identifying the pain points that customers are facing, companies can develop solutions to address these issues, which can help to improve customer satisfaction and increase sales. This is particularly important in a B2B context, as B2B customers often look for solutions that address specific business problems rather than just buying a product or service.
However, understanding customer pain points is only sometimes straightforward. Sales and marketing teams may have biases and be unable to provide an unbiased assessment of the data. Additionally, internal teams may have a different level of expertise and objectivity than an external research firm can provide. This is where external research comes in.
Here are five common reasons customers switch companies:
- Lack of product or service quality: B2B buyers may only do business with a company if they perceive the products or services offered are of good quality. This can include defects, lack of durability, or lack of functionality.
- Poor customer service: B2B buyers may stop doing business with a company if they are not satisfied with the level of customer service they receive. This can include issues such as lack of responsiveness, unprofessionalism, or knowledge about the products or services offered.
- Uncompetitive pricing: B2B buyers may stop doing business with a company if they perceive that the prices are too high or not competitive compared to other options in the market.
- Lack of trust and reliability: B2B buyers may stop doing business with a company if they do not trust the company or perceive it as unreliable. This can include missed deadlines, lack of transparency, or poor communication.
- Inability to adapt to changing market needs: B2B buyers may only stop doing business with a company if they perceive that the company can adapt to changing market needs. This can include issues such as lack of innovation, flexibility in product or service offerings, or lack of ability to adapt to new technologies or industry changes.
Yet the reality is that most of these are highly subjective – so how do you make sure you and your teams understand the pain points that drive customers to choose one company over another?
Outsourcing customer pain point research to an external research firm can deliver insights that an internal team is not likely to find. An external research firm has a team of experienced researchers who specialize in understanding customer pain points. They have the expertise and knowledge to conduct both thorough and objective research. They also have access to a wide range of data and research tools that an internal team may not have access to, which can help to ensure that the research is as accurate and comprehensive as possible.
Additionally, an external research firm can provide a level of objectivity that an internal team may not be able to achieve. They can provide an unbiased and objective assessment of the data, which can be valuable in identifying areas for improvement and understanding customer pain points.
Another key advantage of outsourcing customer pain point research to an external firm is that they can provide actionable insights and recommendations. Based on the research findings, they can provide recommendations for improving sales strategies, messaging, and product positioning. Additionally, they can provide recommendations for improving products and services, as well as for staying ahead of the competition. This can help companies quickly and effectively improve their sales performance and gain a competitive edge in the market.
Another essential benefit of external customer pain point research is that it can help marketers improve customer retention. Understanding the pain points of existing customers can help marketers identify and address issues causing customers to leave. This can lead to the development of strategies to improve customer satisfaction and loyalty, which can help to reduce customer churn and increase long-term revenue.
In addition, customer pain point research can also help marketers to improve their customer acquisition efforts. By understanding potential customer’s pain points, marketers can develop effective marketing campaigns and messaging that address these issues and resonate with their target market. This can increase brand awareness and lead generation, increasing the number of new customers acquired over time.
In conclusion, understanding customer pain points is vital for B2B sales and marketing professionals. It allows them to tailor their sales pitch and messaging, identify potential upsell and cross-sell opportunities, and improve products and services to meet customer needs. However, understanding customer pain points is not always easy, and it’s crucial to get an external perspective to truly understand which pain points are most important to drive both buying, and switching, behavior
Interested in learning how quickly we can complete a Business Buyer Pain Point benchmark report for your team? Are you looking to update an existing Buyer Pain Point program that will convert more prospects and increase customer satisfaction? Book a quick Discovery Call with Shane Lawrence, our Managing Partner. Shane will share what we see best-in-class B2B companies doing to maximize their B2B ROI and can also speak to any of your specific interests. Book Your Call