Written by: Vickie Sullivan | August 22, 2023
B2B Buyer Changes Create Growth Opportunities
B2B buyer behavior has changed, and it’s impacting companies’ marketing decisions.
According to a recent McKinsey study, The Multiplier Effect: How B2B Winners Grow, larger B2B companies are increasing market share during these budget-cutting times. They’re doing so by taking advantage of new buyer trends.
If they can do it, so can smaller companies.
The big buyer trend impacting marketing decisions: B2B buyers are more comfortable now making big ecommerce purchases. The study finds 70% of buyers are prepared to spend up to $500,000 on a single ecommerce transaction. Buyers willing to spend as much as $10 million increased by 83%.
Where are these buyers and what infrastructure do you need to facilitate ecommerce purchases? Here are two options you can try:
• Third-party marketplaces: I’m not talking about Amazon. These are industry-specific marketplaces. Almost half of the companies that increased market share are on industry-specific marketplaces, compared to 13% of those that aren’t growing. This means you must think beyond putting your books and learning systems on Amazon. Look for other distributors that your clients use when looking for a provider. You need to be on them, too, especially if your competitors are there.
• Company-owned marketplaces: Almost 75% of “winners” report they have either built or have plans to build their own marketplace. Again, you don’t have to reinvent the big “A” here. Can you partner with folks who can implement our advice? Or build something together? You betcha.
Listen: Where Are Our Best Places to Shine
A lot of this omnichannel marketing jargon makes one major point: Buyers expect you to be everywhere they look. They want to check you out in multiple formats before they reach out. And when they do—when they are ready to buy–the process must be easy. It’s time for you to get creative or get left behind.
Now Read This:
- Top 3 Factors that Impact B2B Buying Decisions
- Strategic Sounding Boards Give Real-World Advice for When the Rubber Meets the Road