A glance at some of the economic headlines this week might suggest a gloomy outlook – whether because of concerns over the gap in public finances being bigger than we thought, another drop in construction activity, or internal uncertainty from the Bank of England over the latest rate cut.
But if we look a little deeper, there are still some signs of resilience. In fact, new data from the ONS paints a more positive picture for the UK on a global stage.
The figures suggest that exports increased in every region of the UK in 2023, except the North West, where exports were flat, and the South East, which saw only a slight decline. Exports from every other region of England, as well as Scotland, Wales and Northern Ireland, also increased.
This underlines that even through the global turbulence we’ve encountered in recent years (highlighted starkly in these graphs), British businesses have been able to grow their export revenue and compete in international markets. To continue this growth, however, and make the most of the opportunities ahead, a sustained focus on service is essential.
Customer service drives retention and reputation in B2B just as in B2C
In the B2B market, contracts are typically longer-term, which means client retention is crucial, necessitating a strong focus on service.
Just one poor service experience can prompt clients to switch providers, even if products and pricing remain competitive. In particular, in industries with high-value multi-year deals, a negative experience can jeopardise millions in lifetime value.
And for the client, service failures can disrupt entire supply chains, delay production timelines, and threaten customer or compliance obligations.
What’s more, in markets where B2B products and services have similar technical capabilities, service quality often becomes a deciding factor. Consistently high standards of service increase referrals, word-of-mouth opportunities, and grow the customer base.
Seamless digital support, quick turnaround, and personalised communication are now baseline expectations, not differentiators.
An opportunity on the global stage
The climate UK businesses are operating in today is complex, and as much as Trump has created a challenging environment for global trade – including the latest flurry of tariffs which took effect on Thursday – the UK has recently taken significant strides to shore up its international standing.
Over the past year, we have negotiated a closer relationship with the EU, signed a new trade deal with India, and are reported to be on the cusp of signing an agreement with the Gulf Cooperation Council of key Middle Eastern economies.
This illustrates an important reality: the global economy remains fundamentally interconnected, despite a rhetorical shift towards greater insularity in the political domain.
Beyond the noise, there remains a huge opportunity for UK B2B businesses. Those that put service at the centre of their strategy will be well placed to strengthen their reputation, reduce their risks and expand into new markets, and generate sustainable revenue and growth – in turn, reinforcing that at its core, the UK is synonymous with world-class service.
Related Posts
