New and existing customers have different expectations for B2B purchases. According to McKinsey & Company, nearly 80% of B2B decision makers prefer digital buying interactions1. Yet, the old way of B2B selling - calls, in-person meetings, and handshakes - still continues. Finding ways to adjust and position your business to engage B2B buyers digitally is crucial not only to perform at a higher level but also to stay relevant in your target audience’s buying journeys.
Still unconvinced? Consider these additional factors:
With more of the buying process occurring online, this requires creating buyer-centric experiences tailored to prospect’s expectations. Yet, transitioning your sales to go fully digital can be intimidating, especially for businesses accustomed to in-person sales.
Those who made the transition found this to be an equally or more effective way of engaging with new and existing customers.5 In fact, buyers were 3 times more likely to purchase from organizations that provided information to buyers that made the process easier.6
You’re ready to invest, but the headwinds are pointing to a likely recession with inflation on the rise, the housing market slowing, and layoffs increasing in certain sectors. In fact, the recent numbers indicate we’re “technically” in a recession with the second straight quarter of declines in economic output.7 C-level executives are taking note.
Buyers hesitate on new purchases. Expenditures are scrutinized. Budgets are cut, especially on sales and marketing technology investments.
While technology investments may be seen as a luxury, this may be the best time to invest.
McKinsey & Company found that leading companies maintained their position during the 2000-2002 recession and increased their sales, general and administrative costs by 6 percent compared to those that lagged.8 Moreover, according to the Journal of Marketing, research indicates that marketing nets an average of 3 percent savings on future expenses. That’s because “satisfied customers are more responsive to brand marketing and sales efforts, more open to future company offers, and more likely to share a positive word of mouth.”9
In light of the changing B2B buying behavior and upcoming recession, investing in sales and marketing technology may be the competitive advantage your organization needs. You’ve done the research, compared available solutions, and negotiated the price. Only to have your manager or executive nix the purchase.
That’s why we’re creating this series on “Making A Business Case for Sales and Marketing Investments.” We will showcase two sales and buyer enablement technologies to support your efforts for the remainder of this year until next year’s budget cycle:
Our final post will focus on tips and best practices for presenting a business case to your executive team. We look forward to hearing your questions and suggestions.