Future of B2B buying decision process
With the changing dynamics in the B2B purchase decision process, it has not only become harder to sell, but also to buy. However, the implications of these behavioral changes and the warranted marketing or sales response go much deeper than simply producing value-driven content.
A Gartner research indicates that B2B buyers spend only 17% of the time involved in making a purchase decision talking to potential suppliers. In this, maybe only 5% to 6% of the time is devoted to talking to individual suppliers. Naturally, this leaves very little time for sellers to sufficiently engage customers as well as influence the B2B purchase decision process.
Furthermore, according to a Forrester research report, the B2B purchase cycle involves more decision influencers in an organization than before.
Now, each of these decision-makers will conduct their own research for a solution to the requirements or unique challenges they face, based on their roles and responsibilities. Thus, the subsequent process of evaluation, analysis, and making a unanimous final decision becomes even more complex and time-consuming; especially in complex and high-value deals.
Therefore, instead of viewing prospects as just a sales target, B2B sellers need to focus on how they can help make the actual decision-making process easier for them. They need to get a deeper understanding of the individual challenges of a larger buying team, so as to create personalized experiences that span across the buyer journey.
In a nutshell
The B2B purchase decision process is becoming more complex than ever. Rather than focusing on completing a transaction, B2B sellers need to focus on how they can ease their prospects’ buyer journey. Only this will help them forge a trusting partnership that goes beyond simply a sale and purchase.