Evolve or expire

Whilst armed with an overwhelming choice of new channels, platforms and tactics; the ready availability of rich data; and the advent of AI and predictive analytics, marketing teams across the globe are still failing to lead the charge for customer acquisition, loyalty and growth.

Across every market, right across the world, organisations have been crystal clear about what they need. Alongside tackling digital transformation, sustainability and global skills shortages, pretty much every one of them, has declared growth as a key strategic priority.

Growth is a multi-faceted phenomenon; measured in pipeline, revenues and customer lifetime value. It reaches from new customer acquisitions, through account expansion and closing white space, to achieving renewals and retention.

This is a team sport, where the enterprise marketing community must work shoulder-to-shoulder with sales leaders, solution architects, in-life service teams and customer experience specialists, to deliver a seamless, connected customer experience.

The marketing community can no longer go it alone and CMOs that miss the mark here increasingly risk marginalisation - even exclusion. They must break with the past and take a key role in a far broader endeavour. This is not about weekly alignment calls and quarterly workshops, and there is no single handover to sales. Instead, success depends on an ability to build and maintain a collaborative community of experts, that places customer at its very heart.

Let’s take a look at how these challenges are manifesting in markets and consider some key steps on the journey to building a full-funnel enterprise growth engine.

The availability of information: transforming the B2B buying process

The digital revolution has reshaped the B2B buying process by making vast amounts of information readily accessible. This transformation has changed how buyers conduct research and make purchasing decisions.

Online research dominates

‍In the past, buyers relied heavily on sales representatives to provide information and guide their purchasing decisions. Today, the scenario is starkly different. Buyers have access to all the necessary information online, which they can easily reference and compare to make informed decisions. From detailed product specifications to customer reviews and third-party evaluations, the internet offers a wealth of resources that buyers can tap into at any time.

74% of business buyers conduct more than half of their research online before making an offline purchase.Forrester

This shift towards online research means that buyers are no longer dependent on vendors for initial information gathering. Instead, they can conduct comprehensive research independently, accessing data that is more diverse and objective than a single vendor might provide. This wealth of information empowers buyers to form a well-rounded view of the market and the available options.

Independent decision-making

The move towards independent research has led to a significant shift in the decision-making process. According to various studies, including insights from Gartner, buyers now complete up to 70% of their decision-making process before they even engage with a salesperson or vendor. This statistic underscores the extent to which buyers are self-educating and evaluating their options.

This trend towards self-sufficiency means that by the time buyers reach out to a vendor, they are already well-informed and have a clear idea of what they want. They engage with sales representatives not for basic information, but to discuss specific needs, negotiate terms, and finalise the purchase.

The ready availability of quality information through digital channels has made it far easier for buyers to gather information independently.The New Buying Process, Gartner, 2024

Benefits of accessibility

Accessibility of online information provides several benefits that enhance the decision-making process. Firstly, it allows for thorough research and comparison of products and services on their own terms. Buyers can delve deep into the details, compare different offerings side by side, and assess their fit for their specific requirements.

According to research, more than half of buyers (52%) are “definitely” more likely to buy from a vendor after reading their content. Forrester

This ease of access leads to more informed and confident decision-making. Buyers feel empowered when they can control the research process, which in turn leads to higher satisfaction with their choices. The ability to independently verify information from multiple sources also builds trust and reduces the perceived risk associated with a purchase.

Changing role of sales

The traditional role of sales teams has evolved in response to these changes. Sales representatives are now involved later in the buying process, often stepping in only to finalise details and close the sale. Their role has shifted from being the primary source of information to becoming facilitators who help buyers navigate the final stages of their journey.

Sales teams must adapt by becoming more consultative and adding value beyond what buyers can find online. This involves understanding the buyer's journey, addressing specific concerns, providing tailored solutions, and assisting with any final evaluations or negotiations.

Gartner research finds that when B2B buyers are considering a purchase‚ they spend only 17% of that time meeting with potential suppliers.‍The New Buying Process, Gartner, 2024

The non-linear buying journey

The traditional linear sales funnel is increasingly becoming a relic of the past. Modern B2B buying journeys are complex and non-linear in nature, reflecting the realities of an interconnected and information-rich world.

Complex decision-making

Modern buying journeys do not follow a straightforward path. Instead, buyers navigate a maze of information and decisions, often moving back and forth between different stages. This is driven by the need to continuously validate choices and opportunity to gather more data. Buyers might revisit the initial stages of awareness and understanding multiple times as new information comes to light, or as they reassess their needs and options.

The complexity is further amplified by the vast amount of information available online, which requires careful sifting and evaluation. This highlights the importance of providing consistent, high-quality information across all stages to help buyers make progress and avoid getting stuck in a loop of indecision.

Multiple stakeholders

B2B purchasing decisions are rarely made by a single individual. Multiple stakeholders, each with their own perspectives, roles, and priorities, are involved. This adds layers of complexity to the decision-making process. Each stakeholder may have different criteria for evaluation and varying degrees of influence on the final decision.

The involvement of multiple stakeholders means that achieving consensus can be challenging. Effective communication and collaboration among stakeholders are essential to streamline the process and ensure that all viewpoints are considered. Vendors must recognise and address the diverse needs of each stakeholder group to facilitate smoother decision-making.

B2B buyers engage in an average of 18 meaningful interaction types throughout the buying process.
Forrester

Revisiting information

One hallmark of the non-linear buying journey is the frequent revisiting of information. Buyers often move back and forth between stages such as awareness, consideration, and evaluation, comparing options and seeking additional insights. This repeated review is driven by the need to validate initial impressions, compare alternatives, and gather more detailed information as they narrow down their choices.

For vendors, this means that content must be readily accessible and consistently updated to reflect the latest information. Providing clear, easily navigable resources that buyers can return to at different stages is crucial for maintaining engagement and supporting informed decision-making.

B2B buying does not play out in any kind of predictable, linear order. Instead, customers engage in what one might call “looping” across a typical B2B purchase, revisiting each of those six buying jobs at least once.The New Buying Process, Gartner, 2024

Stages of decision-making

Understanding the stages of decision-making in a non-linear journey is essential for creating content and strategies that align with buyer needs. The stages include:

• Awareness: Buyers identify a need or problem that requires a solution. At this stage, they seek out general information to understand their situation better.
• Understanding: Buyers delve deeper into understanding the specifics of their problem and the potential solutions available. They look for detailed explanations and educational content.
• Contextual understanding: Buyers contextualise the information within their specific environment, considering how different solutions might address their unique needs.
• Consideration: Buyers compare various solutions, weighing the pros and cons of each. They look for case studies, peer reviews, and comparison guides.
• Evaluation: Buyers evaluate the shortlisted options in detail, often involving multiple stakeholders to assess the fit and feasibility of each solution.
• Supplier selection: Buyers make the final decision on which vendor to engage with, often based on detailed proposals, pricing, and service agreements.
• Engagement: Buyers engage with the selected vendor to finalise the purchase and begin the implementation process.

Each stage is iterative, with buyers revisiting previous stages as new information emerges, or as they refine their understanding of their needs and the available solutions. Vendors must provide targeted content and support at each stage to help buyers progress smoothly through their journey.

Impact of early vendor involvement

Understanding the appropriate timing for vendor involvement in the B2B buying process is crucial. Engaging too early can have several negative repercussions, affecting the overall likelihood of a successful sale.

When sales reps reach out before the 70% mark, the chance of landing a deal goes down, not up.6sense

Negative impact

Engaging with vendors too early in the process can decrease the likelihood of a sale, with buyers feeling pressured or rushed. In the initial stages, buyers are in the exploration phase, trying to understand their needs and gather information. Premature vendor involvement can disrupt this process, leading to a sense of intrusion and pressure. Buyers may feel that they are being pushed towards a decision before they are ready, which can result in resistance and disengagement.

Independent research

Most B2B buyers prefer to conduct their research independently during the initial stages. They seek to gather unbiased information and explore options without the influence of sales pitches. This independent research phase allows buyers to develop a clear understanding of their needs and the available solutions, which they can then discuss with vendors when they are more prepared and confident in their knowledge.

Buyers appreciate the autonomy to explore various sources of information, such as online reviews, whitepapers, and peer recommendations, without the immediate involvement of a vendor. This self-directed approach helps them build a solid foundation of understanding, making their subsequent interactions with vendors more productive and focused.

Trust issues

Early vendor involvement can also raise trust issues. Buyers may perceive such involvement as pushy or intrusive, which can erode trust. Trust is a critical component in the B2B buying process, and any actions that seem aggressive or intrusive can damage the buyer-vendor relationship. Buyers want to feel in control of their decision-making process, and any perceived attempt to influence their early-stage research can create a negative impression.

To build and maintain trust, vendors should respect the buyer's need for independent research and provide value without being overbearing. This approach involves offering resources and support that buyers can access at their own pace, rather than pushing for immediate engagement. By allowing buyers to come to them when they are ready, vendors can foster a sense of trust and reliability.

The timing of vendor involvement in the B2B buying process is crucial. Engaging too early can negatively impact buyers, making them feel pressured and interrupting their independent research. This can lead to trust issues.
6sense

Stuck between old and new methods

Many organisations find themselves caught in a challenging balancing act between traditional and modern sales and marketing methods. This tension often leads to inefficiencies and hinders their ability to effectively engage with buyers.

The struggle to transition from old to new methods creates a challenge for B2B marketing and sales teams. Traditional approaches, such as cold calling and in-person sales meetings, have their roots in a pre-digital era. In contrast, modern strategies emphasise digital engagement, content marketing, and data-driven decision-making. Balancing these differing methodologies can result in a fragmented approach that fails to leverage the strengths of either.

Limited support

This balancing act limits the ability of organisations to support the customer journey effectively. Sticking to outdated practices means missing out on the benefits of modern strategies designed to align with current buyer behaviours. As a result, companies may find it difficult to respond to the needs and preferences of today's buyers, who expect personalised, timely, and relevant interactions across digital and physical touchpoints.

Wasted resources

Outdated practices often lead to wasted budgets and resources. Investments in traditional marketing and sales tactics that no longer resonate with modern buyers can result in low engagement and poor returns on investment. For example, extensive spending on direct mail campaigns or print advertising might not yield the same results as a well-targeted digital campaign. This inefficiency not only strains budgets but also detracts from the overall effectiveness of marketing efforts.

Commitment required

To overcome these challenges, organisations need to make a clear commitment to modern strategies. This involves not only adopting new tools and technologies but also fostering a cultural shift within the organisation. Leadership must prioritise digital transformation and ensure that teams are equipped with the skills and resources needed to implement contemporary marketing and sales practices. This commitment requires a willingness to move away from familiar, yet outdated, methods and embrace innovative approaches that can better engage the modern buyer.

Revenue and retention leaders must be able to identify the right mix of digital and human assistance in the modern B2B buying experience to close high-quality deals.
B2B Buying Report, Gartner, 2023

Embracing the challenge of change

Navigating the transition from old to new methods is crucial for organisations aiming to stay competitive. This shift requires a deliberate and strategic approach, ensuring that all efforts are aligned with the evolving preferences and behaviours of B2B buyers. By fully committing to modern strategies and abandoning inefficient practices, organisations can more effectively support the customer journey and achieve better outcomes.

Areas of focus

Full commitment to a full-funnel approach: B2B organisations must combine their resources and concentrate their efforts to remain competitive and achieve growth. This strategy involves focusing resources on high-value accounts, using rich data and account intelligence to achieve personalisation and deeper engagement, for faster, better results.

Align teams: The alignment of every team that touches your customers is crucial. A full-funnel strategy ensures that every team works together towards common goals, protecting and growing revenues. This unified approach helps in creating a seamless experience for the customer, from initial engagement through to post-purchase support.

Consistent customer experience: Providing a consistent and connected customer buying experience is essential for success. Buyers expect a seamless journey, where every interaction feels connected and relevant. Ensuring consistency across all touchpoints builds trust and enhances customer satisfaction.

Steps to take

1. Integrate digital channels
   ‍Use digital channels to provide information and engage buyers at every stage of their journey. This includes using social media, email marketing, webinars, and online content to reach and inform your audience effectively. ‍
2. Use data-driven insights
   Leverage data to understand buyer behaviour and personalise engagement strategies. Data analytics can provide insights into what content resonates with buyers, helping to tailor messages and offers that align with their needs and preferences. ‍
3. Foster collaboration
   Ensure seamless collaboration across all teams to provide a unified approach to customer engagement. Cross-functional teams should work together to align their strategies and communications, ensuring a coherent and effective customer experience.‍
4. Continuous learning
   Stay updated with the latest trends and technologies to keep strategies relevant. The digital landscape is constantly evolving, and staying informed about new tools, platforms, and best practices is crucial for maintaining a competitive edge.

Sales and marketing have the important job of winning over the hearts and minds – and revenue – of new customers. But just as the buyer’s journey starts way before the Awareness stage, it doesn’t end with the Purchase stage, either.6sense, Revenue Operations 101, 2024

Against the backdrop of today’s dynamic and disrupted global markets, there remain huge opportunities for strategic, commercial B2B leaders to steal opportunities and commercial advantage from their competitors.

Through the power of predictive data, personalisation, scale and reach, and by working in well organised, collaborative teams, smart B2B marketers will continue to take a key role in driving advocacy, retention and growth to ensure the ongoing success of the organisations they serve.