At this time of year, we always like to push the pause button and take a look at what changes and significant trends industry pros (outside of our shop) are forecasting for the B to B marketing space. We comb through articles, blogs, whitepapers and a few published research studies to see what's being said.
Of course, we all know what's here today is really gone tomorrow given the very rapid change and convergence of technology. No surprise here.
Social media continues to have a compounding impact on how goods and services in the B to B space are being bought and sold. There's lots of consensus among the experts that social media is like word-of-mouth on super-steroids. Facebook, Twitter, blogs and the like have put the B to B buyer in control of the purchase process like never before. Creating trust, delivering excellence in value and customer service, listening to the voice of the customer and harnessing social media tools as part of a multi-channel marketing strategy will be paramount in the year ahead according to the pros.
We couldn't agree more.
So scan through the following summaries and then head to the links for more in depth information. See what insights might help spark new ideas to make your 2011 marketing initiatives even more effective.
1 to 1 Media Offers a Collection of Insightful Customer Strategy Trends
1to1 Media is a Division of Peppers and Rogers Group, a management consulting firm that specializes in customer-based strategies and underlying business initiatives. They recently surveyed a broad base of industry insiders in the areas of customer service, mobile, multichannel marketing, social media and VOC (voice of the customer). Very broadly they predict a growing number of companies will deliver tailored and integrated multichannel service, add mobile into the service mix (they say that “mobile influenced marketing" – using mobile to find vendors, compare prices, conduct transactions, is a critical part of multichannel marketing), place a stronger focus on customer-based metrics in the call center, and transform the role of the customer service rep from order taker to super agent. Finally, customers' service expectations have forced companies to also strategize about how to effectively leverage social media for customer service for 2011 and beyond. For more valuable insight visit 1to1Media.com.
Institute for the Study of Business Markets Says Communicating Value is Critical
What will be the top challenge for B to B marketers over the next two years? According to a study from the Institute for the Study of Business Markets, the answer is effectively quantifying and communicating value. This seventh edition study, Insights into Action: ISBM B to B Marketing Trends 2012, used an online survey collecting data from more than 300 B to B marketers.
The study revealed that over the next two years marketers should strive to: Better understand customers' real needs; identify and assess new opportunities for growth; develop closer ties with all stakeholders; capitalize on new growth/emerging markets; balance short-term/long-term requirements; and select the right set of customers for the business.
A Look inside the Mind of the New Generation B to B Buyer
A recent B to B Buyer Transformation Survey was conducted by DemandGen Report among 100 B to B buyers spread across a number of vertical industries including: business services, finance, healthcare, manufacturing, software/tech and media/internet. I've bulleted out some key findings below:
- The new B to B buyer starts the search process by turning to social media and peer connections to learn how other companies have handled similar business challenges.
- Once those experiences are mapped, the buyer researches the websites of targeted solution providers and controls the conversation by arranging to be contacted at their preferred time and format.
- Less than 10% of recent buyers were contacted by cold call. More than 80% said they either called the vendor directly or were contacted after they requested information on the vendor's website.
- The new B to B buyer migrates toward consultative sales approaches and expects a flow of relevant and timely content from the vendor they ultimately select.
- Nearly 80% of projects purchased were unbudgeted at the beginning of the year. They were approved only after a need was established, ROI was proven and/or budget was determined from multiple bids.
There was a day when cold calls were the norm. Solution providers contacted prospects and guided them through the typical purchase funnel phases of awareness, interest, consideration, assessment and finally purchase.
Those days are virtually gone.
The rapid ascent of social media and Web 2.0 have enabled a new generation of B to B buyers to maintain an ongoing dialogue with peers and be well versed on product features, benefits and pricing long before the first conversation with a potential vendor. This study confirms that new B to B buyers now control the engagement process and that progressive B to B marketers will succeed by listening and responding to the conversations buyers are having in the social media sphere.
Is this the end of B to B Sales and Marketing as we know it?
In his recent blog post entitled Predictions for 2011: the end of B2B Sales and Marketing as we know it?, Tomas Pisello, president and founder of Alinean, an SaaS software developer, offered the following observations most of which concur with those of other B2B experts. His key points:
The two economic downturns in the past decade and the wealth of information available via the Internet and social media are two market drivers that will have important implications into 2011 and beyond for B2B sales enablement, marketing strategies and budgets. Internet fueled buying cycles will help empowered prospects to take control of the process, threatening the value of the traditional sales professional. He also believes that because buyers rely more on the online presence to make buying decisions that it will be important for marketers to convey absolute credibility and gain total trust. This includes providing valuable, credible content through various channels while avoiding information overload. And finally, because the economy has forced buyers to get the biggest bang for the buck, justifying the ROI of any product or service will be key. Good stuff Tom!
In Conclusion
Taking into consideration what each of these experts is saying, here's what we should look for in 2011: more multichannel solutions, buyers taking control, providers doing more listening and communicating value (ROI).
Do you see buyers taking further control within your B to B category? What do you see as your top challenges for 2011? We'd love to hear from you in the comments below.