With the large scale digital transformation of enterprises, there has been a dramatic shift in B2B marketing strategies.
During the last decade, B2B buying behavior has shifted significantly due to technological advancements. Given the primarily digitalized enterprise environment, marketers need to focus on the technology trends and experiment with new tools and strategies to remain a step forward in the market. One of the primary factors today is to personalize products for targeted audiences.
According to a study by Google in 2014, half of the B2B buyers are millennials. It can safely be assumed that the numbers have increased over the past six years. The purchasing trends are going to transform in the next five years- as the millennials are contributing to the three-quarters of the earning population globally. To keep pace with this, marketers today are keeping a close look at different stages of the customers’ buying process. Digital experience is not confined to B2C marketing today, B2B customers equally research before engaging with any products and services. As per the Harvard Business Review, any B2B user buying activity entails at least seven people
With the involvement of more decision-makers in the final purchase, the marketing funnel has become longer. Besides, it needs to move the audiences through the buying operation to the end-sale. Accurately assessing the way customers behave in the digital age, their interaction with various channels, and understanding the broader business eco-system – are the keys to corner consumer attention. A recent survey conducted by Accenture revealed that 71% of B2B consumers want experiences similar to B2C. Human emotions play a vital role when it comes to the final purchase – experts say, almost 80% of buying decisions are made unconsciously.
Marketers are striving to limit the gap between B2B customers’ way of buying compared to the secured traditional sales methodologies. B2B marketing certainly has a limited influence on customer decisions. However, the availability of different digital channels has made it easier for both marketers and buyers to exchange information. As per the Content Marketing Institute (CMI), about 91% of B2B brands use content marketing to reach target customers. Established social media platforms like LinkedIn, YouTube, and Facebook are helping companies to achieve maximum reach. As per the “State of Inbound 2018” report, video channels are going to be more functional in 2020. Hence, more brands are planning to add video in their marketing strategies- about 45% of them on YouTube and 41% on Facebook.
It is high time for the B2B enterprises to understand that they need to create an experience to attract the decision-makers in the buying process. Marketers are increasingly implementing social media strategies to develop improved brand recognition and solidify their grip into the niche market.