The Internet and search providers such as Google have revolutionized the way we access and interact with information. Nowhere is this more evident than in our purchasing decisions, whether as consumers considering major appliances for our homes, or as businesspeople considering goods and services for our firms. Our desire for information, the time required to deliberate, and the potential for post-purchase dissatisfaction all seem to have grown exponentially.
Marketing expert Jon Miller agrees that the availability of online content has altered the B2B buying landscape. The growth of social media and the belt tightening of the recession have accelerated those changes. During a recent discussion, Jon, a co-founder of Marketo, a B2B marketing automation firm, shared his thoughts on the nature of those changes -- and on effective marketing and sales techniques in light of them.
Changes in the Marketing-Sales Cycle
So how, exactly, has the Internet changed the B2B marketplace?
- Sales representatives are no longer the gatekeepers of information. The days when customers had to meet with sales reps to get information on company products and services are gone. Today, buyers can study industry-specific best practices, identify recommended approaches to problem solving, and begin evaluating possible solutions months before sitting down with a salesperson.
- Demand for information (specifically online) is high. Among all demographics and across generations, interest in content is strong. Format preferences may vary between digital natives and boomers; for example, one may follow a Twitter stream or watch a YouTube video whereas another may read a white paper or attend a webinar to gather information. Everybody, however, wants access to it online.
- Buyers initiate dialogue when they are ready to talk. Push-through techniques, such as traditional cold calls and broadcast messages, are becoming less and less effective. Overwhelmed with the abundance of information, prospects tune out attempts to get their attention. When they find the need to begin investigating solutions to a problem, they use pull-through methods of accessing information, typically searching for relevant online content.
- Contacts by sales reps or offers made too early scare prospects. In the early or awareness stage of the marketing-sales cycle, buyers gather general information and become aware of potential sources; in the middle or consideration stage, they explore possibilities, identify key players, and begin to structure an evaluation method; in the late or decision stage, they conduct a rigorous evaluation.
- The sales spiel is largely irrelevant. Customers want to control the flow of information rather than receive a sales pitch. They are becoming wary of content published by companies, and seek recommendations and feedback via social media and third-party sites.
- Online body language can be observed to detect stages of the decision-making process. Just as in real life, body language can convey receptivity to sales presentations in face-to-face meetings. For example, someone searching for a “digital camera” is most likely in the early stage whereas someone searching for a “Canon PowerShot SD1400IS” is likely in the late stage of the marketing-sales cycle. Similarly, customers may signal their stages of decision-making based on social media activity, such as following a key influencer on Twitter.
- The sale is never final. Buyers may have second thoughts after the sale is made. Unwavering belief in the purchased product or service, along with buy-in among all company employees, is often needed to assure proper implementation and integration of solutions offered by your company.
Want more tips on selling products online? Check these stories out: Enduring Aspects of Sales What remains the same despite the information revolution? Successful Sales Techniques in the Information Age Given the landscape, what can businesses do better to better reach buyers and then make the sale? 1. Continually reinforcing your company’s position as a thought leader 2. Engaging with third-party sites 3. Providing easy-to-use solutions 4. Making sure there are no surprises after the sale relating to extra fees and per-transaction costs Marketing and sales have never been easy, and while the tools have changed, the fundamentals remain the same. Cultivate trust, deliver on promises, and give your customers a reason to come back to you for more. Julie Rains is a senior writer at Wise Bread, a leading personal finance community dedicated to helping people get the most out of their money. Get daily money tips by following Wise Bread on Facebook or Twitter.