Impact of Internet Marketing on B2B Buying Process and Sales Pipeline
- B2B sales cold calling is disappearing – stats quote only 30% engage in cold call, more internal sales and more online marketing.
- Buyers are doing more desk research online and talking to peers and colleagues, and industry forums / online conversations.
- Supplier “online image and reputation” is becoming more important
- Purchasing Annual Budgets are used less – stats quote 40% of B2B buyers justified purchase even though not in a budget.
- Personalized campaigns to different type of buyers by industry, markets, geography focused on their specific purchasing needs
- – innovation buyers
- – ROI-conscious buyers
- – relationship building buyers
- – risk-averse buyers
Changes in Buying Process & Sales Pipeline
Buyers now contacting Suppliers when they “have indepdently completed 60% of the traditional buying process” (ref :CEB Marketing & Communications)
- less relationship early in process
- more online search & research by buyer online
- credibility and online image becoming an essential part of purchasing influence
Buyer Profile & Attitude changing
B2B research firm Enquiro the buying process….
“prospects move chaotically forward and backward through the process as they balance rational decision making with the emotional impacts of fear and risk.”
NEW B2B buyer www.b2b-marketing-strategy.com/
– more connected (particularly through Social Media)
- more impatient
- more elusive
- more impulsive
- and more informed than its pre-millennium ancestors.
Small Medium size businesses have a significant opportunity to reach new Markets and new Customers, by establishing a Consistent Image with High Quality Content online, across different channels of the Internet:
– Website : regularly updated, relevant buyer content, become an authority on your specific products and services
– Database / Email Marketing: opportunity as relationship builder (specials, rewards, offers)
– Blog: more open communication and more visibility in search
– YouTube / Flickr: display your products to potential buyers “open the kimono”
– LinkedIn: the new “who’s who” in buying and sales, and verification by buyer