Key Findings from 2015 B2B Buyers Survey
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Join Demandbase's John Dering and Demand Gen Report's Andrew Gaffney for this webinar on June 25 at 1pm ET/10am PT, and take a look at the data in context to see what is really happening during the buying process, including: What parts of your website may be hurting your chances with buyers; Which departments are actually influencing the buying decisions; and What resources (social, trade shows, etc.) are buyers actually using to research vendors?
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Key Findings from 2015 B2B Buyers Survey
- 1. Buyers In Context: Key Findings From The 2015 B2B Buyer's Survey #B2BBuyer SPONSORED BY
- 2. #B2BBuyer Follow this webinar on LinkedIn & Twitter #B2BBuyer Demand Gen Report: @DG_Report Demandbase: @Demandbase
- 3. About Demand Gen Report @DG_Report http://linkd.in/DG_Specialists • Launched in 2007 to track best practices in lead generation • Newsletter has grown to more than 28,000 readers • We also offer a menu of research and best practices reports • New audio/video podcasts at DemandGenReport.com
- 4. #B2BBuyer Speakers John Dering Director of Marketing Programs Demandbase Andrew Gaffney Editor Demand Gen Report
- 5. #B2BBuyer Breaking Down the Buyer Journey & Behavior By Stage • Awareness • Pre- Hand Raise • Solution Selection Stage • Influencing The Decision Process • Dealing With B2B Complexities
- 6. #B2BBuyer Industry experts/analysts Peers/ colleagues Web search Early Stage - Awareness What were the first three resources that informed you about the solution in question, in order of importance?
- 7. #B2BBuyer Why were these sources most informative during your search? “Websites don't seem to really answer what a buyer is looking for. They tend to be too high level and not dive down into the buyer’s pain.” “I trust the recommendations of my peers and if the vendor website has enough educational material I can educate myself on the product/solution before I talk to the sales rep. And the sales rep in this particular case was not overly aggressive and took the time to listen to my needs and helped find the best solution to meet those needs.”
- 8. #B2BBuyer Why were these sources most informative during your search? “They help me sift through the process of the search and narrow the list of options. That way I can be more efficient on honing in on the best solution and finding out if it will support my initiatives.” “Those sources gave us the best mix of ROI and technology information and case studies to help inform our decisions.” “We had to collect options first, then learn about them, then get feedback from team of employees.”
- 9. #B2BBuyer What was your timeline in taking the following steps in your research and buying process? (Conducted anonymous research on potential solutions) 1-3 Months The Anonymous Shopper Under 1 Month 3-6 Months 6-12 Months Over 12 Months
- 10. #B2BBuyer Consistency pays off in B2B Advertising Always-on B2B advertisers see better results than discrete campaigns 29% increase in companies lifted 20% higher CTR127% more website engagement WEBSITE ACTIVITY BY COMPANY EXAMPLE DISCRETE CAMPAIGN AVG. DROPOFF -90% target account traffic CAMPAIGN
- 11. #B2BBuyer PRE HAND-RAISE Rank the importance of each of the following when you visit a vendor website to conduct research: Search and navigation tools Thought leadership content Easy access to content Important No impact Unimportant
- 12. #B2BBuyer PRE HAND-RAISE Rank the importance of each of the following when you visit a vendor website to conduct research: Vendor-focused content Easy access to pricing and competitive information Relevance of their website to industry Important No impact Unimportant
- 13. #B2BBuyer Pre-Hand Raise: Website Personalization
- 14. #B2BBuyer ADOBE’S VERTICAL FOCUS WITH TARGETED CONTENT, ACROSS MULTIPLE CHANNELS Targeted Content by Vertical 1 Chat when it matters 2 200% Increase in conversions (white paper downloads) Increase in visitor-to-lead conversion with Chat 300%
- 15. #B2BBuyer How many people were involved in the purchase process for recent B2B solutions? 1-3 Continued Complexity 4-6 7-10 10+
- 16. #B2BBuyer What about your B2B purchasing process, if anything, has changed in the past year? “Our buying process is more collaborative. The organization is interested in getting a full 360- degree perspective.” “There is more information and data available to review on websites, which means we are less dependent on sales reps.”
- 17. #B2BBuyer What about your B2B purchasing process, if anything, has changed in the past year? “I don't think it is a change; more of a continued emphasis on the multi-stakeholder purchase. But, what is clear is that there needs to be a catalyst. That one person that will serve as the champion to get the purchase across the finish line.” “It's easier to go back channel via Linked In to get peer inputs on products or agencies.”
- 18. #B2BBuyer How has the number of team members usually involved in your B2B purchase process changed over the past year? Continued Complexity Increased Somewhat Increased substantially Decreased somewhat Decreased substantially Stayed the same
- 19. #B2BBuyer What about your B2B purchasing process, if anything, has changed in the past year? “Our buying committee weighs in on all major purchases.” “I identify a challenge internally and seek out solutions to resolve them. Often I ask colleagues if they know any solutions, then research them online to see if their value and feature sets would solve my challenges.”
- 20. #B2BBuyer What about your B2B purchasing process, if anything, has changed in the past year? “The number of influencers has grown.” “We look at how the purchase adds to revenue or reduces costs.” “The collaboration via social media has magnified the relationship between companies.”
- 21. #B2BBuyer How has the length of your B2B purchase cycle changed, on average, compared with a year ago? Increased somewha t Stretching The Sales Cycle Stayed the same Increased significantly Decrease d somewha t
- 22. #B2BBuyer Did the winning vendor’s content have a significant impact on your buying decision? Important No impact Unimportant Triggers in the Decision Stage
- 23. #B2BBuyer How many times did the winning vendor contact you with the following types of communications? (Content/Thought Leadership) The Contact Formula 2-3 4-6 1 7-10 10+
- 24. #B2BBuyer How many times did the winning vendor contact you with the following types of communications? (Sales Calls) The Contact Formula 2-3 4-6 1 7-10 10+
- 25. #B2BBuyer Account-Based Retargeting Make Buying Signals Actionable Product page 18 pageviews 7 unique visitors About page 10 pageviews 4 unique visitors Home page 5 pageviews 3 unique visitors Whitepaper 26 pageviews 10 unique visitors Pricing page 28 pageviews 6 unique visitors PROGRAMMATICALLY TRIGGER ADS BASED ON COMPANY ACTIVITY RETARGETED ADS
- 26. #B2BBuyer Account-Based Intelligence for Sales How is website engagement trending? What content are they most interested in? Are there any anomalous patterns?
- 27. #B2BBuyer Results of Addressing B2B Buyer Habits Sales Team Close Rate ACV Funnel Velocity Enterprise +285% +35% +2% Mid Market +166% +40% -20% Advertising +57% +31% +65%
- 28. #B2BBuyer If you were on the fence about deciding between two vendors, what pushed you over the edge to select one over the other? “Feeling that they understood my business needs and were an expert in the field.” “Reputation in the industry and thought leadership.” “If both vendors sell the same product I would definitely go with the one that looks more friendly and more willing to answer all my questions. For a great B2B buying experience, it is important to find a person in the other company that is going to be our point of contact if something goes wrong with the product.”
- 29. #B2BBuyer Q & A // Panelists John Dering Director of Marketing Programs Demandbase Andrew Gaffney Editor Demand Gen Report
- 30. Thanks for attending this webinar! View this presentation on-demand at: http://dg-r.co/b2b-buyer-2015
Editor's Notes
- Awareness Phase: Account-Based Advertising is proactive and supports the messaging that your prospects are finding through conversations with peers and industry research. Squeaky wheel gets the grease. If you’re top-of-mind, you’re far more likely to make that short list. – especially if you can capitalize on this info an engage the buyer at the early stages of their consideration.
- Pre-Hand Raise Phase: Anonymous traffic is coming to your website and without an Account-based focus, you can’t deliver them personalized experiences. The key here is that they’re doing research, looking for new ways to solve challenges they’re facing. Looking at the stats from the previous slide, there are clearly things B2B buyers are expecting. Whether its easy access to info like thought leadership insights, pricing info or relevancy – your prospects don’t want to search for the info they seek; they expect to see it right away. Here you can see an example of how Adobe customize the landing page for a social product based on the types of accounts they are targeting. So how did this work for Adobe?
- Pre-Hand Raise: It appeared to work well! With this personalization strategy, Adobe saw some amazing result: Results from Demandbase Implementation: 200% increase in conversions (white paper downloads) 300% increase in visitor-to-lead conversion with Chat
- Solution Selection Stage: They know who you are, they’re researching on your website and now they’re taking that info back to the buying committee to for consideration in short listing. One they have that, they’re probably reach out, assuming you made the list. They key here is making sure that your messaging stays in front of them even before they reach out to you. And that your sales teams have the intelligence they need to be at the right place at the right time. With the appropriate positioning top of mind with your target accounts, the next step is to pass intelligence to your sales team.
- Solution Selection Phase: Enable sales with Marketing intelligence What is of interest? Pricing Pages? Product Pages? How engaged are they? Are they looking at competitive comparisons? All of this insight is extremely valuable to a sales person to help close new business. There’s no silver bullet for new business generation, but the key is rallying your efforts around an account-based approach. At Demandbase, we drink our own champagne and by adopting an account-based marketing approach which includes all the approaches
- Decision Phase: How using ABM to address B2B Buyer habits impacts revenue and sales… When we focus on the accounts that matter and empower our sales and marketing teams to engage them early on in the buying process (before they raise their hands) we see some amazing results. Interestingly, while we saw close rates skyrocket and annual contract values increase as well, we did notice that some velocity had a negative impact. Now we all want sales to go faster, but I’ll trade off increased close rates and contract values for faster sales any day of the week. But what this really points to is the complexity of the B2B buyer team and their goals for purchases – we’re starting to see a trend in our business hat shows more thoughtful procurement in efforts to build marketing tech stacks as opposed to purchasing point solutions. And by default, until the prospect sees where every piece of the puzzle fits into their plan, they’re not going to pull the trigger. But once the puzzle is complete – you can see that the results are very positive.