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Targeted B2B Marketing Handbook: Guide, Checklists and Worksheets
\r\nFind, engage and convert the right prospects with the right message.
\r\n![\"DOWNLOAD](\"https://no-cache.hubspot.com/cta/default/4950628/8e6a8c46-a03e-4919-bcc1-93478c7b584a.png\")
\r\nThere\u2019s no denying it now. We\u2019re not in Kansas anymore. The days when marketers took charge of the buyer\u2019s purchase journey are long gone. Buyers now arrive at a purchase decision largely out of their own accord, with little to no direct involvement from marketing teams or sales reps. Buyers reach out to vendors only when they\u2019ve learned all they can about the product or service, overturning our traditional roles as gatekeepers of information.
\n\n\n\nNowadays, B2B buyers are already 57% into the purchase decision when they first reach out to a vendor. Prospects spend the bulk of that time researching about a business problem or solution on their own. That\u2019s because only 13% of B2B buyers think sales reps genuinely understand their needs. As a result, less than 30% of B2B buyers want to talk to sales when purchasing.
\n\n\n\nWhat this means is that marketing is taking more and more of the responsibilities traditionally assigned to sales. Marketing\u2019s role has expanded from initiating interest to educating prospects. In other words, the conversion funnel is also evolving along with the changing buying cycle.
\n\n\n\nLet\u2019s take a look at how the old purchase process has evolved into what we now consider as the modern B2B buying landscape. More importantly, though, let\u2019s talk about ways to make sure that your own marketing and sales processes keep up with the times.
\n\n\n\nIn order to really understand how much today\u2019s B2B buying cycle has changed, it helps to compare it with what it looked like years ago.
\n\n\n\nThe B2B buying process used to be pretty straightforward. Businesses reached out to vendors and communicated with sales reps who, in turn, pitched them on the potential solution. If the buyer liked what she heard, she signs the contract.
\n\n\n\nMost traditional buying cycle models (including those still in use today) are based on some variation of the basic three-step buyer\u2019s journey. As HubSpot explains, the process consists of the following stages:
\n\n\n\nThis is the point in the buyer\u2019s journey where the prospect realizes there\u2019s a problem. It\u2019s also the time when the prospect becomes aware that you or some other vendor probably has the solution.
\n\n\n\nDuring the awareness step, prospects focus on understanding as much as they can about the problem or pain point. They don\u2019t really care that much about specific vendors or brands at this stage. Let’s simplify your buying process.
\n\n\n\nWhen potential buyers clearly specify the problem and narrow down possible choices, they\u2019re in the consideration stage. This is the time when prospects start evaluating individual vendors and comparing them with one another.
\n\n\n\nSalesforce breaks this step down further into:
\n\n\n\nLearn how to understand your B2B buyer.
\n\n\n\nThis is the last step in the process. At this point, the buyer believes your solution solves the problem but still needs to clear a few hurdles in order to become a valid purchase.
\n\n\n\nAt the decision stage, potential buyers want to be reassured they\u2019re making the right investment. Things like preparation, implementation, project costs, customer support, etc. rank high on their list of concerns during this step.
\n\n\n\nRelated: Analysis: The Information Gathering Process of B2B Buyers
\n\n\nTargeted B2B Marketing Handbook: Guide, Checklists and Worksheets
\r\nFind, engage and convert the right prospects with the right message.
\r\n\r\nAccording to Kantar Millward Brown, the traditional funnel diagram that most marketers have learned by heart is now officially dead. The linear sequence of buying stages has now been jumbled up into a complex web of prospect-initiated paths to purchase.
\n\n\n\nToday\u2019s buyer might arrive at a purchase decision without even reaching out to the vendor, only communicating with a rep in order to finalize the deal. That means between identifying a problem and signing up for a solution, the prospect pretty much charts her own path to purchase.
\n\n\n\nThat\u2019s why you need to get really acquainted with the quirks and tendencies of the modern B2B buyer. It\u2019s going to help you effectively remodel your sales and marketing funnel. Jessica Mehring over at the SnapApp blog points to some key characteristics of today\u2019s B2B customers:
\n\n\n\nForrester estimates that nearly 74% of B2B buyers carry out at least half of their research online before making an offline purchase. Meanwhile, Think with Google, the search giant\u2019s marketing research arm, finds that B2B prospects perform a dozen online searches before visiting a vendor\u2019s website.
\n\n\n\nThe numbers are clear. Today\u2019s B2B customers have access to more information, and they\u2019re leveraging it to their advantage.
\n\n\n\nData compiled by LinkedIn Business shows that 53% of B2B buyers rely on peer recommendations, while another 76% prioritize vendors suggested by their peers. That\u2019s why 84% of B2B purchases begin with a referral.
\n\n\n\nAs B2B buyers get more and more connected with their networks and peers, it\u2019s not hard to see why word-of-mouth now drives many purchase decisions.
\n\n\n\nA 2017 HBR article puts the B2B buyer\u2019s evolution into context. There are now more people involved in making B2B buying decisions, growing from an average of 5.4 stakeholders in 2015 to 6.8 decision-makers in 2017.
\n\n\n\nThe more heads needed to give a nod of approval, the harder it will be to arrive at a decision. That\u2019s because, as the number of stakeholders in the buying process increases, the more risk-averse B2B buyers become.
\n\n\n\nAll signs indicate that today\u2019s B2B customers want a personalized, customized, and relevant buying experience. A recent survey from DemandGen Report finds that 75% of B2B buyers say it\u2019s very important for website content to directly speak to their company\u2019s needs. The same survey shows that 66% of B2B prospects rank industry-specific content as very important.
\n\n\n\nForrester has also uncovered that more than 50% of B2B prospects want to receive personalized recommendations at every touch point. They expect robust customization and support across different channels, devices, and stages in the buying cycle.
\n\n\n\nIt\u2019s quite clear that things are no longer as simple or straightforward as they used to be. The B2B buying process has changed, and it continues to evolve. Marketers who thrive in today\u2019s shifting landscape aren\u2019t necessarily those with the biggest budget and resources, but those who can quickly adapt.
\n\n\n\nRelated: Using Neuroscience to Better Answer 5 Questions Leads Ask Themselves Before Buying
\n\n\n\nHere\u2019s how to adjust your funnel in order to meet the demands of today\u2019s B2B buyers:
\n\n\n\nWe\u2019ve seen that modern B2B customers have access to more information. While this, of course, is a good thing, it becomes a problem when prospects have to sift through tons of material to find relevant information when doing their research.
\n\n\n\nOne way to help buyers move from one point in their journey to the next is to make relevant information easy to find. Your website should be a resource for information that gets prospects closer to a buying decision. Think case studies, industry whitepapers, how-to articles, best practices, etc.
\n\n\n\nRelated: Better Content Means Better Leads: Make the Most Out of Your Content
\n\n\n\nSince peer reviews and recommendations shape the outcome of the B2B buying journey, it pays to build and grow your reputation as a leader in your industry. You do this, for example, by showing your expertise through participating on social media and online forums.
\n\n\n\nAlso, B2B customers have now grown a bit skeptical of glowing reviews and ratings online. They\u2019re now paying attention to what their peers are actually saying about a brand or solution. That\u2019s why leveraging customer advocacy and referrals is a more viable route to take.
\n\n\n\nRelated: How to get Business-Friendly Testimonials from your B2B Clients
\n\n\n\nWe now know that the number of stakeholders in B2B purchases has increased, which can negatively impact the likelihood of decisions being reached. To ensure that your target prospects secure buy-in from all stakeholders, Consensus suggests focusing on the 7 components of group buying decisions in B2B:
\n\n\n\nOne key point to note, especially for big-ticket purchases, is that price needs to be distinguished from value. For risk-averse buying committees, an expensive price tag can spell the difference between a lost and closed deal.
\n\n\n\nEarlier this month, Marketingprofs published an article on generating leads based on B2B buyer behavior. The post talked about a lot of helpful insights, including five types of personalization strategies:
\n\n\n\nAmong these, persona-based personalization works best for most marketers today since it combines five areas of modern B2B buying:
\n\n\n\nThese five components can help you deliver relevant, personalized experience that today\u2019s B2B buyers expect.
\n\n\n\nThe Takeaway
\n\n\n\nWhatever your conversion funnel looks like right now, it needs to align with how B2B buyers arrive at a purchase decision. Keep in mind that today\u2019s B2B customers are more informed and more reliant on peer recommendations. They\u2019re also part of a bigger group and are really into personalization. Your job now is to help them find the resources they need to make informed choices. Hopefully, that choice turns out to be your solution.
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