CMOs concede that technology has transformed the traditionally linear B2B buying journey to a non-linear one in the current scenario
B2B business is no longer a linear journey, credits to the technological advancements. Clients are influenced by several sources, with a considerable volume of information. Organizations need to engage clients through all stages of buying. According to Forbes.com, in a recent Harvard Business Review article, at least 73% of the B2B buying final decisions are taken by C-suite executives between 20-35 years. Such buyers tend to analyze the services or products on personal laptops and phones before meeting the potential selling partner. This method of analyzing before a potential long-term partnership is called a Zero Moment of Truth (ZMOT) by Google.
Following the ZMOT technique, a potential buyer already has an extensive repository of information on the seller organization, its product, and the reviews. As buyers have considerable control over the buying journey, enterprises need to consider proactively going through the prospect’s ZMOT.
The digitally mediated world has transformed the B2B buying journey in a significant manner. Adobe launched a new approach to the B2B marketing journey, termed as Business-to-Everyone (B2E). In the new method, to be relevant in the current dynamic world, enterprises need to deliver customized CX to individual buyers as part of the potential buying discussions.
B2B and B2C models traditionally were poles apart. But with the advancements in technology, the boundary has been gradually disappearing. Prominent B2B enterprises are shifting to the B2E approach. Many have announced their entry into the B2C markets as well.
To analyze and understand why enterprises are shifting to B2E models, marketing leaders suggest applying a natural language processing (NLP) module called topic modeling. It helps to understand the underlying topics of the transition announcements. As per the model, the main drivers of the B2E model are leadership, customer experience, and technology.
Organizations acknowledge that CX is not limited to consumer markets alone. As more and more younger generation people are involved in the B2B purchasing decisions, buyers expect seamless experiences in the new model similar to the B2B sellers.
As a result, enterprises are adapting to the requirements of the clients. Many enterprises have offered business solutions that are compatible with individual or domestic needs as well.
B2B buying behavior is highly influenced by technology. A major chunk of the B2B buying journey and process is conducted online. As a result, enterprises adapting to the B2E environment have to update the existing sales strategy and target more on multi-channel sales strategy, including mobile apps, digital channels, and websites.
Established B2B leaders have an in-depth understanding of the industry. B2C enterprises need to fully understand the upcoming attitudes and trends of the clients. B2B leaders suggest that instead of targeting the traditional B2B method, it would be better to embrace the B2E model focusing on client segmentation based on end-user psychographics. For success in the digital world, enterprises must effectively blend B2C and B2B marketing policies. They suggest the utilization of strategies like brand marketing and digital campaigns to attract more B2B clients. B2B enterprises today need to develop a culture that focuses on client engagement, more than anything else.