- COVID transformed the B2B buyer journey, and companies need to adjust their experiences to match.
- Without a linear journey, companies must provide resources and digital channels to help buyers.
- Successful B2B companies rely on technology, scalable personalization, and digital tools.
COVID changed everything about how we live and work—especially in the B2B space.
Customer experience was finally starting to catch up in the B2B world to match technology-driven and personalized B2C experiences. But then the pandemic turned everything on its head.
But change isn’t always bad. Although brands were left reeling from these rapid and drastic changes, B2B companies that adapt to the transforming buyer journey can create a competitive advantage by connecting with buyers and offering experiences that match new demands.
Here are 10 stats showing the new world of B2B CX and what it means for companies:
1 . B2B mobile app ordering increased 250% since before the pandemic. (McKinsey)
B2B buyers have seen the convenience of mobile ordering in their personal lives and business interactions. Companies need to capitalize on those demands with a smooth and intuitive mobile experience that puts answers and easy ordering right in buyers’ hands.
2 . 70% of B2B decision-makers are willing to make new purchases over $50,000 through self-service or online channels. 27% of buyers will spend more than $500,000 online. (McKinsey)
This staggering statistic shows how much trust business-to-business buyers have in digital channels. Personal relationships used to drive B2B sales, but now buyers want convenience and smooth digital channels.
3 . 100% of buyers want self-serve options for at least part of the buying process, up 13% from 2021. (TrustRadius)
Virtually every B2B buyer wants at least some aspect of self-service in the buying process, which is a considerable shift from the traditional B2B sales model. The buying journey isn’t linear, so companies must provide resources and assistance customers can access whenever they are ready.
4 . 43% of B2B revenue comes directly from e-commerce and video conferencing, a 69% increase from April 2020. (McKinsey)
B2B is moving forward and embracing e-commerce and video tools. It’s no longer about meeting face to face but being able to access people and information virtually. Buyers want immediate access to the resources they need at any moment instead of waiting for an in-person meeting to make a purchase.
5 . Buyers who experience a self-driven learning path are 147% more likely to buy more than initially planned. (Gartner)
Business-to-business buyers are more informed than ever, and it’s up to companies to provide resources and personalized learning opportunities. This statistic shows that customers with access to resources to understand the product and how it meets their needs become more valuable.
6 . 84% of B2B executives say it is very important to lean into their new positions as trusted thought leaders. (Edelman)
Buyers increasingly look to business-to-business companies as thought leaders and strategic partners. They have options when it comes to buying a product or service—what makes the difference is how the company helps the customer use the product to reach their business goals.
7 . 60% of B2B tech buyers are millennials, a generation that is twice as likely to discover products online than older generations. (TrustRadius)
Like with all industries, B2B buyer demographics are changing. Now, decision-makers are primarily digital natives who want to research and ask around online before making a purchase. The need for online thought leadership, credibility, and self-service resources has never been greater.
8 . In-person sales interactions dropped 52% during the pandemic, with just 29% of B2B companies now considering it their go-to-market sales model. (McKinsey)
B2B companies are undergoing a complete overhaul in their sales processes and organizational structures. Now is prime time to revamp the customer experience and leverage technology with a digital transformation.
9 . 52% of B2B buyers say the buying cycle for new purchases has gotten longer. (Korn Ferry)
The transforming B2B buyer journey isn’t linear. Customers are in control, and it often takes longer to make a purchase as they gather information and consider their options. Companies must be ready to jump in at any point in the process to guide customers towards a sale.
10 . One-third of B2B buyers say collaboration among decision-makers has increased since the pandemic. (TrustRadius)
Business-to-business sales are now a team effort that requires scalable personalization that can apply to the entire organization. Acting as a strategic advisor and thought leader and providing resources can guide that collaboration and make a company more appealing to customers.