In the ever-evolving world of business-to-business (B2B) commerce, change is the only constant. B2B buyers have undergone a significant transformation in recent years, driven by seismic shifts and accelerated by the COVID-19 pandemic. B2B buyers now demand a seamless omnichannel B2B experience backed by personalized marketing. Companies that deliver on these expectations are thriving, while those that don’t are feeling the consequences.
The Shift Towards Omnichannel B2B Experience
The journey begins with the B2B buyer’s desire for an experience akin to their consumer shopping experiences. They want to be able to buy everywhere, all at once, and all the time. This preference for a seamless B2B buying experience led to the rise of omnichannel, where companies must offer consistent and integrated buying options across various channels, whether it’s in-person, online, or a mix of both.
Five Major Strategies for Success
Winning B2B companies have recognized the new landscape and are implementing five critical strategies to stay ahead of the game:
- Advanced Sales Technology: These companies are leveraging advanced sales technology to streamline processes, improve efficiency, and enhance customer interactions. This likely includes CRM systems, marketing automation tools, data analytics, and other software that enhances their sales and marketing capabilities. These technologies provide valuable insights, streamline processes, and help in decision-making.
- Hybrid Sales Teams: Successful B2B companies are adapting to the changing landscape by deploying hybrid sales teams that combine in-person and remote sales approaches, creating more flexibility in serving diverse customer needs. These teams comprise individuals who can seamlessly switch between in-person and remote sales, providing a flexible and personalized approach to meet customer needs. Even small to midsize companies are experiencing greater market share gains by adopting these hybrid teams.
- Hyperpersonalization: Hyperpersonalization is a game-changer in the B2B world. It involves delivering highly personalized marketing and sales interactions, catering to the unique needs and behaviors of individual decision-makers. This strategy is not limited to B2C; B2B companies are increasingly employing sophisticated marketing tactics, especially in Brazil, India, and the United States. Winning companies are going beyond traditional account-based marketing, delivering tailored messages to individual decision-makers based on their specific needs and behaviors.
- Tailored Strategies for Third-Party Marketplaces: They are also tapping into third-party marketplaces to expand their reach, particularly industry-specific marketplaces, which have proven effective. This could be online platforms where businesses can showcase their products or services. By engaging in these marketplaces, they expand their reach and tap into new customer segments.
- E-commerce Excellence: E-commerce is no longer an option; it’s now a necessity for B2B companies. It has taken the lead as the most effective sales channel, and companies that are winning market share are not only investing in their websites but also exploring broader e-commerce offerings. The survey reveals that 35% of respondents, rate e-commerce as their preferred sales channel, even ahead of in-person sales. Winners in the market have embraced e-commerce and ventured into industry-specific marketplaces, which has contributed significantly to their success. Moreover, B2B buyers are increasingly willing to make substantial investments in e-commerce transactions, with some even prepared to spend millions in a single transaction.
The Multiplier Effect
The magic formula for B2B market share growth is to implement all five winning strategies simultaneously. Companies that embrace these strategies are twice as likely to achieve more than a 10% increase in market share, making them industry leaders.
Embracing Change Even in Uncertainty
B2B market share winners view uncertainty as an opportunity. They continue to invest in their commercial resources and use this moment to enhance their omnichannel B2B experiences, further differentiating themselves from the competition. They understand that, while economic concerns are universal, their response to these concerns can make all the difference.
Evolving With Times for Market Share Growth
The B2B landscape is evolving, and B2B buyers are expecting more than ever before. Companies that invest in omnichannel B2B experiences, embrace e-commerce, deploy hybrid sales teams, and deliver hyper-personalized marketing are the ones achieving market share growth. The future belongs to those who can adapt to these changing preferences and deliver an exceptional B2B buying experience.