It’s never been easier to market and sell to the right audience. By customizing digital ads with a precision unimaginable only a few years ago, businesses can move from generating interest to closing a deal with a few mouse clicks.
It’s also important that firms who sell to other businesses take advantage of digital sales and marketing opportunities. In 2019, only 13% of B2B sales took place online. Only 13% of B2B sales were made online in 2019.
Digital marketing channels like Facebook, LinkedIn, and Instagram allow sellers to attract business buyers by creating compelling videos that create interest and pull customers into the funnel. E-commerce channels allow for fast conversions, easy reordering and tracking of orders, and upselling via product recommendations and specials.
Even in high-tech industries, most B2B marketing and sales are still low-tech. Many corporate vendors and buyers cannot complete transactions without meeting in person or spending hours on the telephone. In 2023, it’s common to send documents to vendors or customers.
New B2B Business Environment
Business customers do not like these norms. According to a McKinsey study, up to 80% percent of B2B decision makers prefer digital human interactions or self-service to person-to-person selling. Gen Z is particularly attached to low-touch communications.
COVID-19’s inability to conduct sales and marketing in person was met with positive responses from both buyers and sellers. Nearly half of all marketers said that by summer 2020, the new model had been more effective than previous methods. Only about a quarter stated that it was less efficient.
The willingness of buyers to make large purchases online is increasing. More than half of respondents are willing to spend more than $50,000 on the Internet, and over one-fourth are willing to pay over $500,000.
The labor force of today has new expectations. Over 10% of Gen Zers plan to launch their businesses in 2023.
Texting and self-direction are more appealing to the younger generation of business leaders than phone calls or sales pitches at dinner. Three-quarters of millennials avoid phone calls because they consider them a waste. It is also opposed to phone calls.
B2B Commerce: A Call to Action
Surprisingly, the life sciences industry, which is known for its rapid innovation, has been one of the last to adopt digital marketing and sales. Many research labs could order snacks in the break room by clicking a button, but they had to fax orders for anything from advanced diagnostic equipment to pipettes.
The pandemic changed that. According to a GlobalData survey, most pharmaceutical professionals believe COVID-19 has accelerated digital transformation by at least three years.
My company, which is a life science and molecular diagnostics firm, has certainly experienced this. Our digital marketing has been tailored to meet the needs of each buyer. Customers have been pleased with the results: They can now purchase diagnostic tools on Amazon as easily as home goods.
For more than a decade, traditional brick-and-mortar retailers have seen online marketing and sales channels for consumers as essential. They see them as a way to reach out to customers who don’t have the time to go to stores or place orders by phone. Many firms that serve other businesses have resisted this trend.
But resistance is not viable. B2B companies must update their marketing and selling strategies to stay ahead of the pack.
B2B companies could benefit by aligning their digital marketing with B2C sales cycles. At my company, for example, we have found that leveraging digital practices that are traditionally geared toward consumers, such as Cyber Monday sales, has been successful in B2B transactions.
In a second common B2B digital strategy, Web visitors are asked to create an online account and give their email address in exchange for valuable content behind the login, such as webinar recordings or handbooks. For B2B companies, accurate contact information is essential to learn about the visitor’s employer and potential needs. It also makes it easier for the sales team to follow up on future leads.
It’s important to understand that digitalizing B2B marketing does not mean sacrificing customer relationships or eliminating the need for in-person sales. By moving administrative tasks online, salespeople can focus more on the customer experience. Some companies have explored the idea that B2B sales staff should take on a more advisory role to help new clients integrate B2B purchases as effectively as possible.
Here are a few examples. The way B2B marketing adapts to digital transformation depends on many factors.
It’s a fact that B2B companies who make the switch to digital marketing will regret not acting sooner.