Insights Report: Latest Changes to the B2B Buying Journey (September 2023)

 

The B2B buying journey is constantly evolving, influenced by technological advancements, shifting buyer behaviors, and changing market dynamics. In this insights report, we will explore the key trends and transformations that are shaping the B2B buying journey today.

 

Digital Transformation and Online Research:

The digital transformation has significantly impacted the B2B buying journey. According to a study by McKinsey & Company, 70% of B2B decision-makers now use digital channels throughout their buying process. Online research has become a critical component, with 89% of B2B researchers using the internet to gather information. [1]

 

Empowered Buyers and Personalized Experiences:

Buyers have become more empowered, seeking personalized experiences throughout their journey. A Salesforce study found that 72% of B2B buyers expect vendors to personalize interactions based on their needs. Furthermore, 69% of buyers are more likely to engage with a company that provides relevant content. [2]

Longer Decision-Making Cycles and Multiple Stakeholders:

The B2B buying process has become more complex, leading to longer decision-making cycles. Harvard Business Review reports that the number of decision-makers involved in a typical B2B purchase has increased to an average of 6.8. Engaging and influencing multiple stakeholders with different priorities and perspectives has become crucial for success. [3]

 

Influence of Peer Recommendations and Social Proof:

Peer recommendations and social proof play a significant role in the B2B buying journey. A Demand Gen Report states that 84% of B2B buyers start their purchasing process with a referral, and 68% prefer to research vendors through trusted reviews. Building a strong reputation and actively managing customer testimonials are essential for gaining buyer trust. [4]

 

Mobile Influence and Seamless Experiences:

Mobile devices have become integral to the B2B buying journey. Google’s B2B Buyers Survey reveals that 50% of B2B search queries are performed on smartphones, and 60% of B2B buyers say mobile played a significant role in a recent purchase. Optimizing websites and digital platforms for mobile usage is crucial to provide seamless experiences and engage buyers effectively. [5]

 

Importance of Thought Leadership and Expertise:

Thought leadership has gained prominence in the B2B buying journey. Edelman’s B2B Thought Leadership Impact Study found that 58% of decision-makers spend at least one hour per week engaging with thought leadership content. Establishing industry expertise and providing valuable insights through content marketing can help businesses differentiate themselves and build trust. [6]

 

Focus on Post-Purchase Experience and Customer Success:

The B2B buying journey extends beyond the purchase itself. Bain & Company reports that increasing customer retention rates by 5% can lead to a profit increase of 25% to 95%. Delivering exceptional post-purchase experiences, offering ongoing support, and focusing on customer success are vital for fostering long-term relationships and driving customer loyalty. [7]

 

Conclusion:

 

The B2B buying journey is undergoing significant changes, driven by digitalization, empowered buyers, and evolving expectations. Businesses must adapt to these trends by embracing digital transformation, personalizing experiences, leveraging peer recommendations, optimizing for mobile, establishing thought leadership, and prioritizing post-purchase customer success. By understanding and proactively addressing these changes, organizations can position themselves for success in the dynamic B2B marketplace.

 

References:

 

[1] McKinsey & Company, “The digital future of B2B sales,”
https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-digital-future-of-b2b-sales

[2] Salesforce, “State of the Connected Customer,” https://www.salesforce.com/research/customer-expectations/

[3] Harvard Business Review, “The End of Solution Sales,”
https://hbr.org/2012/07/the-end-of-solution-sales

[4] Demand Gen Report, “B2B Buyer’s Survey Report,” https://www.demandgenreport.com/resources/research/2020-b2b-buyers-survey-report

[5] Google, “The Changing Face of B2B Marketing,”
https://www.thinkwithgoogle.com/intl/en-145/marketing-strategies/search/changing-face-b2b-marketing/

[6] Edelman, “B2B Thought Leadership Impact Study,” https://www.edelman.com/sites/g/files/aatuss191/files/2019-01/2019-Edelman-Intel-B2B-Thought-Leadership-Impact-Study.pdf

[7] Bain & Company, “The B2B Elements of Value,”
https://www.bain.com/insights/the-b2b-elements-of-value/