Earlier this year Forrester analyzed recent economic and survey data and reviewed the practices of over a dozen companies that have made customer-focused transformations. We found that customers are now more mobile, consume more reviews, and buy more online than ever before.
So do B2B buyers.
Business buying habits have followed closely in the footsteps of B2C counterparts because, outside of "9 to 5", business buyers are consumers too.
To better address the changing expectations and omnichannel appetites of these empowered business buyers, B2B marketers need to think about spending their marketing budgets, energy, and resources in different ways. With budgeting season upon us, it's time to make sure your 2016 plans will keep you thriving in the digital age, not striving to keep up.
In recent research, Forrester's B2B marketing research team points out the four big bets B2B marketers need to make. In this digital age where customer demands and experiences take precedence over all other ways to achieve and maintain competitive advantage, it's time for you to:
C'mon, admit it. How many times have you heard this?:
"We generate a ton of leads for sales, and they barely follow-up on any of them."
"Leads? You call those leads? Send us better leads so we CAN follow-up..."
Despite advances in marketing automation and an increased focus on accountability, the old sales-marketing divide is alive and well. Marketing technology and processes have yet to turn the sales and marketing boxing ring into a night of candlelit dinners.
And similar tensions will likely persist since these teams have different charters and timelines under which they operate. Marketing and sales may share demand creation goals, but they don't get measured in the same way or with the same metrics.
Their perspectives are vastly different. Marketing looks at customers by segment while sales looks at them by name, title, and account. Neither understands completely how customers benefit from what they buy.
On the customer side, B2B purchasing is a complicated team game with decisions made by committee, with players entering and exiting the picture throughout the customer life cycle. As a result, enabling sales remains a contentious problem for many marketing teams.
It's the Thanksgiving holiday here in the US tomorrow. Soon we will gather around the table with family and friends to feast and give thanks for our many blessings and the things we most appreciate in life. If your home is anything like mine, it's also a time when we get together to share stories, both past and present.
What is it about stories that makes them so compelling?
In 2010, we entered a new 20-year business cycle where successful companies will be those that better understand and serve increasingly powerful customers. But what happens when government authorities with very specific rules about how companies communicate with customers regulate these interactions?
Wealth management, insurance, and pharmaceuticals come to mind as example industries where marketers and relationship managers feel this oversight most acutely. How do you thrive in the age of the customer when how you interact — and the data you maintain — is controlled by law?
These are questions that I plan to explore next week with marketing and client experience executives from the financial services industry at "The Forward Thinker" sponsored by EarthIntegrate. Thinking through the issues around how to be more customer-obsessed in an industry where every communication could be monitored or audited, I believe that the main challenge is not to stray outside the regulatory guidelines while meeting growing client expectations for responsive, online, anytime, anywhere engagement — all while maintaining the intimacy that high-net-worth investors, for example, expect of their advisor relationships or that insurance members expect of brokers.