In the ever-evolving world of Business-to-Business (B2B), the rules are changing faster than ever. After a period marked by dramatic shifts—spurred by the pandemic’s push towards digital channels—B2B buyers have solidified their preferences. Today, they’re not just seeking, but demanding, top-notch omnichannel experiences combined with personalized marketing. Companies that rise to meet these expectations are seeing impressive growth, while those that fall short are struggling to keep up.
The New Reality of B2B Buying
The desire for a seamless buying experience in the B2B sector isn’t new. Long before the pandemic reshaped how we interact online, customers wanted the flexibility to shop anytime, anywhere, just as they do in their personal lives. This year’s global B2B Pulse survey, which includes insights from over 3,800 decision-makers across 13 countries, confirms that the most successful B2B companies are those that offer an exceptional omnichannel experience. These companies are enjoying a significant advantage, improving their market share by at least 10 percent annually.
The High Stakes of Omnichannel and Personalization
The key to B2B success today lies in not just dabbling with omnichannel strategies but in fully committing to them. Our research highlights a crucial finding: to thrive, Business-to-Business (B2B) companies must invest heavily in both omnichannel and personalization strategies, regardless of the uncertain economic landscape. This approach isn’t optional—it’s essential.
Five Key Tactics for B2B Success
So, what exactly are the winning B2B companies doing differently? They’re deploying a combination of five modern sales and marketing tactics that set them apart from the competition:
- Advanced Sales Technology: Leveraging the latest in sales tech to streamline processes and improve efficiency.
- Hybrid Sales Teams: Increasing the capabilities of hybrid sales teams, combining in-person and digital interactions to meet diverse customer needs.
- Hyper personalization: Tailoring interactions and offerings to individual customer preferences, making each touchpoint more relevant.
- Third-Party Marketplaces: Strategically placing their products and services on third-party platforms to expand reach and visibility.
- E-Commerce Excellence: Excelling in e-commerce across all stages of the marketing and sales funnel to ensure a seamless buying experience.
By integrating these tactics, Business-to-Business (B2B) companies create a sophisticated digital customer experience. They’re using social media, mobile devices, and texting early in the buying process to engage potential customers. Additionally, they’re leveraging third-party and owned marketplaces to enhance their sales efforts. Remarkably, companies that implement all five tactics are twice as likely to achieve over 10 percent growth in market share compared to those focusing on just one.
Insights from This Year’s B2B Survey
Our survey reveals that the consumerization of B2B buying is nearly complete. After years of expressing a desire for a seamless B2B experience akin to B2C, customers now expect this as a standard offering. Previously, Business-to-Business (B2B) companies cited challenges such as complexity, technical requirements, and multiple decision-makers as barriers. However, omnichannel is now considered a basic requirement.
Here are five key lessons from this year’s survey:
- The “Rule of Thirds”: Customers continue to seek a balanced mix of traditional, remote, and self-service channels. This means an equal focus on face-to-face interactions, inside sales, and e-commerce. Particularly in Western Europe and Australia, the preference for online ordering and reordering is growing, with usage reaching up to 40 percent of total orders.
- Adopt Omnichannel Fully: B2B companies must fully commit to omnichannel strategies, integrating various channels to create a cohesive customer experience.
- Invest in Technology: Advanced sales technology is not just a luxury but a necessity for staying competitive.
- Personalize Every Interaction: Hyper personalization is crucial for building strong customer relationships and driving sales.
- Optimize E-Commerce: Ensuring excellence in e-commerce across the entire marketing and sales funnel can significantly boost growth.
The Path Forward for B2B Companies
For Business-to-Business (B2B) companies aiming to grow and succeed in this new landscape, the message is clear: fully adopt omnichannel strategies and personalization. Investing in advanced technology, enhancing hybrid sales teams, and focusing on e-commerce excellence is no longer optional but imperative. The most successful B2B companies are those that adapt to these changes and continually innovate their approach to meet evolving customer expectations.
By committing to these strategies and understanding the latest trends, B2B companies can not only keep pace with the competition but also set themselves apart in a rapidly changing market. Stay tuned with Cyber Knowledge Base for more info.