The Call For Relevance Among B2B Buyers: Insights Into The 2017 Buyer Behavior Study
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The document summarizes key findings from a newly released B2B buyer behavior study. Some of the main insights include: - B2B buyers are more risk averse and purchase cycles are longer as buying groups require more approval. - Most buyer journeys begin with broad web searches and specific vendor websites. Buyers expect tailored experiences. - Ads can positively influence buyers if they notice them during research. - Buyers want all solution details early and value insights that show vendor understands their unique business.
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The Call For Relevance Among B2B Buyers: Insights Into The 2017 Buyer Behavior Study
- 3. #Bii17 Register & Attend To Win A Ticket To B2BMX • Earn 1 automatic entry when you register. • And second entry when you attend live. • Register & tune-in to all #Bii17 live sessions for the best chance to win. • Winners announced each day of the series. Register For & Attend #Bii17 Webinars For More Chances To Win Free Entry to #B2BMX
- 4. #Bii17 • Tracking strategies & solutions in lead generation & marketing tech since 2007 • Daily news and analysis, special reports, original research and live events • Newsletter reaches 45,000 readers • Additional resources at: demandgenreport.com/resources @DG_Report http://linkd.in/DG_Specialists About Demand Gen Report
- 8. #Bii17 METHODOLOGY FOR REPORT? What industry are you in?What is your title/role? What role did you play in this purchase? Director C-Level Manager High Tech Business Services Manufacturing Professional Services Other Primary decision-maker Influencer/recommender Part of a team with equal influence on the purchase decision Reviewed and approved terms 35% 13% 12% 11% 10% 28% 24% 24% 58% 31% 7% 4%
- 9. #Bii17 RISK AVERSION & COMPLEX BUYING CYCLE say they now have formal buying groups or buying committees in place to review purchases say the number of buying group members increased significantly say purchase decisions are often accelerated or put on hold based on changing business needs/priorities
- 10. #Bii17 RISK AVERSION & COMPLEX BUYING CYCLE Once you were at the point of evaluating a set list of solution providers, please rate the importance of these variables:
- 11. #Bii17 AVERTING RISK = LONGER BUYING CYCLES How has the length of your B2B purchase cycle changed, on average, compared with a year ago?
- 12. #Bii17 FIRST IMPRESSIONS VIA THE WEB The research showed the overwhelming majority of buyer journeys are starting on the web: • 61% said they started with a broad web search • 56% said they started on specific vendor websites Some of the most interesting findings relative to specific behaviors early in the buying journey:
- 13. #Bii17 EXPECTATIONS FOR TAILORED EXPERIENCES said it was very important that the site presented relevant content that spoke directly to their company; said it was very important that the website spoke directly to the needs of their industry and the solution provider showed expertise in their area; and of respondents valued vendors that “demonstrated experience with/knowledge of our industry.”
- 14. #Bii17 ADS HAVING POSITIVE IMPACT • 63% said they noticed ads from the solution provider they chose during the research phase. • Nearly 1/3 of those respondents said it had a positive impact on their view of specific vendors Did you notice ads from the solution provider you chose presented during your research process and did they influence your perception of that brand?
- 15. © 2017 DEMANDBASE｜SLIDE 15 FULL FUNNEL ACCOUNT-BASED MARKETING MEASURE Measure actionable insight on how to drive revenue or improve performance IDENTIFY Target the accounts with the most opportunity CLOSE Close revenue with the right buyers and decision makers CONVERT Capture valuable buying signals to convert them into selling opportunities ATTRACT Advertise to them and drive decision makers to your site ENGAGE Personalize your site experience for prospects, customers and partners
- 16. © 2017 DEMANDBASE｜SLIDE 16 THE ACTUAL BUYER JOURNEY HOMEPAGE Pipeline ROI PAPER CUSTOMER LIST REDISCOVERY CASE STUDIES DEMO FORM LEADERSHIP RESEARCH READY TO BUY INDUSTRY PRODUCT A AWARENESS BLOG PRODUCT B DISCOVERY PRODUCT C PRESS LOST
- 17. © 2017 DEMANDBASE｜SLIDE 17 YOU WILL GET IT WRONG!
- 22. © 2017 DEMANDBASE｜SLIDE 22 SITE OPTIMIZATION IN REAL LIFE Here’s what we recommend for Dell
- 23. © 2017 DEMANDBASE｜SLIDE 23 REAL LIFE RESULTS 39% Exit Rate 467% Time on Site 292% Trial Sign up 254% Pages/Session
- 24. #Bii17 BUYERS WANT ALL DETAILS EARLY IN PROCESS The vendor could bring specific details of what to watch out for regarding integration and consulting requirements—they should have a semibaked project plan.” #Bii17 What was your timeline for taking the following steps in your buying process?
- 25. #Bii17 INCREASED POWER OF PEERS #Bii17 • When buyers reached the point of evaluating a set list of solution providers, 67% said reviews were a “very important” consideration. • 42% listed peers and colleagues as their top source of information. We have changed the way we do B2B buying by looking at highly regarded recommendations to help influence decisions. This helps the initial determination of purchasing a particular product from a vendor.”
- 26. #Bii17 INSIGHTS FOR SALES INCREASES TAILORED EXPERIENCE Please rate the following statements as they relate to the winning vendor versus other vendors you considered:
- 27. #Bii17#Bii17 INSIGHTS FOR SALES INCREASES TAILORED EXPERIENCE “Wished they would have been more informative and truly gained an in depth knowledge of how we do business.” “Communicate with me using less technical terms…not waiting for responses from me.” “Could have done stronger demo that included examples of how we could use the product to meet our unique needs instead of generic examples.”
- 28. #Bii17 INSIGHTS = BETTER SALES CONVERSATIONS Number of people felt their sales rep was educated about their company and needs and those who said this influenced their purchase decision:
- 29. © 2017 DEMANDBASE｜SLIDE 29 SALES & MARKETING DIVIDE IS CLOSING OLD MODEL MQL CLOSE IDENTIFY MARKETING SALES MARKETING SALES CLOSE NEW MODEL IDENTIFY
- 30. © 2016 DEMANDBASE｜SLIDE 30 MARKETERS HAVE AN INCREASED ROLE IN ENABLING SALES Utilize technology to find accounts with highest propensity to close Work with Sales to refine and maintain the Target Account list Provide the best contacts/identify the buying committee Give Sales content to engage prospects with
- 31. © 2016 DEMANDBASE｜SLIDE 31 ACCOUNT IDENTIFICATION § Recommends high value accounts most likely to buy § Account specific insights § Business landscape § Recommended contacts § Current investments § Personalized news
- 32. © 2016 DEMANDBASE｜SLIDE 32 ACCOUNT-BASED SALES DEVELOPMENT § Recommended contacts identifies best individuals § Contact specific insights: § Name, title § Contact info § What they’re saying § Talking points § Conversation builder
- 33. #Bii17#Bii17 DOWNLOAD THE FULL REPORT Download the full B2B Buyer's Survey Report. Available in Today's Resource List