In a Gallup study of B2B companies, those two metrics were analyzed. The study showed that companies with higher level of customer engagement enjoyed at "23% premium over average customers in terms of share of wallet, profitability, revenue and relationship growth."
Gallup defines customer engagement as:
...an emotional connection based on Confidence, Integrity, Pride, and Passion.
According to the study, while the idea of customer engagement seems obvious, very few companies are measuring it. Additionally, the Gallup study found that only 13% of customers are fully engaged.
Gallup defines customer impact as:
...providing a meaningful change in a customer's business (or business processes) that significantly improves the customer's bottom line. It means helping a customer be more successful by doing business with your company than it could be by doing business with any other organization.
Companies that focus on customer engagement and impact can move from "price" to "advice."
In order to measure their impact on customers, companies must:
For B2B firms to implement this approach the following steps are necessary:
Click here to read "Creating Impact in B2B Relationships."