Some very surprising B2B Marketing discoveries
Google with the assistance of Millward Brown Digital has put together an extremely interesting analysis of where B2B marketing is heading. And there are several assumptions that marketers will have to review. Soon. Times they are a changing.
Here are some quick points to start you thinking.
Who is looking for your products?
Over the past few years a dramatic shift has happened. In 2014 18 – 34 year-olds, also known as Millennials, accounted for almost half of all researchers in preparation for making B2B purchasing decisions. Why is this important? Millennials are the first generation to be born with a computer in their hand.
The older generation has grown up building face to face relationships with sales people and picking up the phone to get referrals. Not the Millennials who will use search to find what they are looking for.
C-Suits are not making all the decisions
But surely C-Suits, in general older than Millennials, are making all purchasing decisions? Not so. The Millennials are exerting strong influence within the purchasing process and in 24% of cases are in fact the decision makers.
The combination of young tech savvy people who are in position to make decisions should make one question what B2B marketing needs to focus on. Perhaps its no longer critical to take part in industry specific trade exhibitions and rather focus more on digital campaigns.
B2B Researches start with generic search
In line with a more educated customer research has shown that the B2B buying process starts with generic search. Your customer is getting general information to be able to make a more educated decision once they come to you.
Search is the number 1 resource for research. 90% of B2B researchers are using search to find out more general product info. On overage, B2B researchers do 12 searches prior to engaging on a specific brand’s site.
Part of the decision making therefore happens before the customer engages with your brand. Even before brand awareness sets in the purchaser has worked through 57% of the decision making process.
Mobile is it
According to the study by Google and Millward Brown Digital , 42% of researchers use a mobile device during the B2B purchasing process. And there has been an impressive 91% growth in use over the past two years encompassing the entire research and purchase path.
Mobile phone users not only search via their device while away from their desktop but also while at work. 49% of B2B researchers use their mobile device while at work. And they use their phone to purchase as well. Mobile purchase rates are up 22% in the past two years.
Video is in
Online video has posted the most growth. 70% of B2B buyers and researchers are watching videos during their purchasing path. That’s a huge 52% jump within the last two years. Also relevant is that it’s not just light viewing. Nearly half of researchers are viewing 30 minutes or more of B2B related videos.
What’s important to researchers? Videos about product features are the most popular ones. These are followed by how-tos and professional reviews. YouTube is the favourite channel. Start to finish video is starting to play an increasingly important part in the purchase process.
How to succeed in B2B marketing
This is a massive shift in how B2B marketing will need to be approached. With younger people making the decisions or assisting in the decision making process the marketing approach has to focus on how the Millennials source information and make their decisions. It’s seriously different to how it was done before.
Read more here.