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3 Ways To Connect With Today’s B2B Buyers

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This is part 4 of a limited series on why buyer choice modeling is the new view B2B Business must adopt to improve revenue performance and develop long lasting relationships with buyers.

Connecting with today’s B2B buyers is on the minds of most CEO’s and their teams today.  Not too long ago, reaching and connecting with B2B buyers was a straight forward proposition.  Depending on surveys from such sources as IDC, IDG Connect, DemandGen Report, Forrester, and more, we know that buyers are remaining invisible to B2B businesses and spend only a quarter of their time talking directly to sales when making purchase decisions.  The idea of connecting to B2B buyers has gone from straight forward to major league complex.

There are plenty of debates regarding the best tactical means to connect with B2B buyers.  The effectiveness of these tactical means, as reported by once again the likes of IDC and etc., show that many B2B leaders believe these tactical efforts such as content marketing and marketing automation may only be effective about a quarter of the time.  It does represent a big gap and it begs for a rephrasing of the challenge – this a big disconnect with B2B buyers.  Enough to keep any sane B2B CEO and their senior management team scrambling for answers.  Part 1 and part 2 of this series pointed out that conventional funnel thinking is woefully inadequate in today’s B2B buyer landscape and is limited in the ability to address new and evolving complexities.

Determining new strategies as well as tactics that can meet the challenge of connecting with today’s B2B buyers revolve around understanding new buyer psychology and dynamics that are in a state of continuous evolution.  B2B businesses can do three things to help grasp the connection issue and make plans that close the gap:

Buyer Modeling To Understand Buyer Choices and Scenarios

Business executives today are using the concepts of buyer modeling to understand as well as visually illuminate buyer choice.   Buyer modeling incorporates the elements of attitudes, beliefs, values, goals, perceptions, needs, and motivations.  By modeling buyers, buying scenarios, buyer experience, and decision journeys, B2B executives can then map strategy as well as tactical marketing and sales activities that enable them to connect with B2B buyers on a relational level.  Buyer modeling is based on qualitative research that addresses choices being made versus inadequate interviewing that is done in the context of the funnel.

Focus On The Total Brand and Buyer Experience

B2B businesses are learning how to think outside the context of the funnel and how to encompass the total view of the brand and buyer experience.  The invisibility of buyers who are in explore and network mode of the buyer choice model makes it an imperative for B2B businesses to better understand how different buyers interact with different channels that create impressionable brand and buyer experience.  The emphasis here is on identifying critical Buyer Moment of Truth™ impression points that contribute to the overall brand and buyer experience.  For example, does the web channel brand and buyer experience stay true to form when buyers interact with either the social media, sales, resellers, partner, or service channels?  HP, for instance, has a strong ecosystem of reseller and partner channels where the brand and buyer experience has many potential pitfalls and has several challenging Buyer Moment of Truth handoff points that can make or break their involvement.  B2B leaders today can conduct buyer experience mapping that identifies critical Buyer Moment of Truth and ensure that the brand and buyer experience stays true to form throughout.

Descriptive Buyer Segmentation Based on Buying Behavior and Opportunity

By integrating the benefits of predictive analytics with that of predictive buyer modeling, B2B leaders are gaining smarts on taking segmentation to a new level.  With the use of visually illuminating B2B Buyergraphics, buyers can be segmented descriptively by explore and buying behavior and also by modeling buying scenarios that identify where the organization can reach a “best fit” level with buyers.  This can be especially useful in industries where there is a strong company or account focus as well as complex buying scenarios that involve lengthy buying cycles.  Descriptive means of segmentation helps to illuminate the many elements related to choice, needs, goals, attitudes, behaviors, values, and experience.  This approach enables both marketing and sales to focus on resonating with buyer segments that have similar goals and buying behaviors where knowledge in doing so is dynamic and enriched with each company or account interaction.  In essence, allowing B2B businesses to build strong connections with B2B buyers in buyer segments that have higher winning percentages.

When B2B leaders can do these three things, they can be better informed on how to guide the overall trajectory of their organization.  Their focus is on identifying the buyers and buyer segments that they can best establish a connection within the context of understanding choices being made.  More importantly, they can learn how to connect with B2B buyers today in ways that resonates and invites participation into the buyer driven world of goals, challenges, issues, uncertainties, and growth objectives that orbit them continuously.

Next up: Transforming B2B Business

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Revenue Growth by Choice and The Buyer Orbit

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This is part 2 of a limited series on why buyer choice modeling is the new view B2B Business must adopt to improve revenue performance and develop long lasting relationships with buyers. 

Growth is getting harder and harder to come by.  With this comes the realization that some of the embedded thinking about how to reach and market to buyers are not working well.  In part 1 of this series we looked at how the funnel is facing a slow death and the limitations of so called funnel thinking.  We are entering a new era of the buyer.  Buyer behaviors are shifting yet we know only a fraction about this shift.  One emerging insight is that of buyer choice.  Simply stated, buyers are making multiple choices prior to as well as well after buying decisions.

Why It Is Important to Understand Buyer Choice

Buyers Have Many Options.  The floodgates have opened on channels, social media, old media, the Internet, and countless other ways to interact, explore, retrieve, and digest information in this new era of the buyer.  With countless options available, buyers are making choices on where to start their exploring.

The Buyer At The Center Of Strategy, Marketing, And Sales.  Conventional funnel thinking has a hard time doing this.  A better way of stating this is that conventional strategy, marketing, and sales decisions are funneled through an old paradigm of the buyer where marketing and sales held the information cards – cards used to target, sell, and persuade buyers.  Today, buyers make the choice on which information cards they decide to deal.  B2B leaders today must find ways to focus strategy on the buyer, the choices they make, and the experiences they have with their organizations.

Experience Determines Choice.  A while back, I made a choice to attend a Broadway musical – of which I am a big fan.  The pre-show experience and excitement was plenty of fun with a great dinner in New York.  The musical started and about 20 minutes into the musical the dread began to overcome me.  I knew this musical production was going to be – dreadful.  We made the choice to leave at intermission and the choice didn’t ruin the entire experience of the evening but it sure changed it.  We chose to find a jazz club and had a great time which meant cancelling out the plans we had after the show.  Buyers today are taking experience cues well before the buyer decision journey and well after.  The buyer experience cues they take-in alter their thinking about the choices they make.  And they could be choices about whether to continue having an experience with your organizations – or – find another.

Understanding Buyer Choice Helps You To Make The Right Choices Available

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Buyer choice anchors five choice elements that can be thought of as continuously orbiting buyers today.  A fundamental shift is happening here.  In the conventional DNA of funnel thinking, we are accustomed to thinking that involves phases or steps.  One phase ends and another phase begin.  What I propose is something we can call the Buyer Orbit.  This is meant to shift the thinking towards recognizing that buyers are continuously addressing goals, challenges, issues, uncertainty, and growth that are in a continuous orbital loop.  This applies to buyer choice:

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Explore.  As mentioned in part 1, funnel thinking usually started with attempts to make buyers aware of a product or solution.  It is still rooted in the thinking of flashing attention-getting means before buyer’s eyes as well as push messaging outwards in the hopes of making buyers aware.  Today, buyers are mapping out deliberate exploration prompted by the orbital loop of the goals and etc. that orbit them.  Confronted with many choices, buyers are taking time to map out where to explore, how to explore, and etc.

Network.  As buyers make progression towards less of a single buyer model to that of a world that includes ecosystems and open networks, buyers are making choices to interact with networks and different ecosystem players to collaborate on addressing the issues orbiting them.

Decide.  The way buyers decide today is becoming increasingly complex.   Choices are being made on such things as the rules for deciding, who is included, checking dependencies, and assessing impact.  Buyers today no longer make decisions in a vacuum.

Buy.  The actual buy choice has become a higher stakes game in the B2B world.  Not only are the rules for deciding more complex, but there are more dependencies related to buying and potential impact as well.  The experience element here is now more critical than ever because of the high stakes.  Making the wrong choice, for example, on a software platform designed to measure quality of manufactured parts could have drastic affects downstream with OEMs and distribution.

Relate.  The word – relate – has more applicability in a B2B context than say engage for example.  The higher stakes involved means buyers needs an organization that can relate to the high stakes and a relational bond is being formed.  In the example mentioned above, there may be many discussions before and after the buy choice to ensure that the software platform meets an intended goal.  The ability for B2B companies to provide relational choices and experiences becomes an important factor.  Does the company provide relational choices whether they are face-to-face, telephone, or complex networking technology that involves exchanging design ideas and specifications?

The new era of the buyer is resulting in a paradigm shift on what is required thinking about the buyer today.  Letting go of funnel thinking is no easy task – especially when you strip away the hyperbole and promotion that can surround strategy, it is still very much about the funnel.  Buyers today have many elements related to growth, goals, and uncertainty orbiting their world.  Making choices as this orbital loop continuously impacts their world is changing the very nature of buyer behavior today.  These changes are rocket propelled by a new world of hyper-connectivity and hyper-competition.

Next up: The Buyerology of the Buyer

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As The World Churns For CMO’s

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The good news is that CMO tenure continues to rise.  Spencer Stuart, the executive search consulting firm, in their study released early last year reported that average tenure rose to 42 months.  Up from 35 months two years ago and up from 27 months in 2007.  The bad news is that the CMO position still churns and remains one of the riskiest positions in corporate business.  Additional bad news is that the rise is largely due to economic instability and CEO’s desire to stay the course during uncertain times according to Spencer Stuart.  Not the best reason for a rise but nevertheless it presents opportunities for CMO’s to succeed in longer tenures.

Economic instability and uncertainty will remain constant variables I believe for the next two years.  Compounding the complexity for CMO’s is the state of the buyer.  Or, a better expression may be - the ever changing and unsettled state of the buyer.  CMO’s can and should play an instrumental role in leading organizations out of economic instability and providing a clear picture of the state of their company’s buyers.  There are several guiding ideas that CMO’s can consider to ensure not only a longer tenure but solidifying a leadership role:

Caught In A Spider Web

The CMO role is first and foremost one of leadership.  Their role defined by the challenge of leading their respective organization and the company as a whole into the future of marketing to the new hyper-connected and hyper-networked buyer.  The cautionary tale here is to avoid getting caught in the spider web of hype and tactics.  The state of the new buyer has sprouted new buzz words, touted tactics, and channels all promising the chance to lift marketing up to higher levels.  When uncertainty reigns, the temptation can be as alluring as rich chocolate to bite into these new tactical measures.  Good CMO’s today will focus on setting the entire course as opposed to thinking about the dessert.

Spinning Wheel

CMO’s today must figure out how to keep the marketing wheel turning.  Looking at what relevant spokes in the wheel will result in the right balance.  Some of these spokes will come from internal while others may come from external.  Sound assessments are needed to determine where it makes sense to bring in outside expertise to keep the wheel balanced and spinning.  External spokes can come in the form of customers, partners, and consultants – all being brought together to help them navigate the risky and uncertain road ahead.  Balancing expertise in new forms of marketing and direction providing is a skill that CMO’s can develop to ensure less churn.

The Vision Thing

For most organizations, CMO’s can shape the role of not only being the eyes and ears of customers and buyers today but also help to give vision of where they are likely to be in the future.  CMO’s today can cause fundamental shifts in buyer understanding through the balance of quantitative predictive analytics and qualitative predictive buyer modeling.  When combined, helping CMO’s to offer a vision of the future buyer and how their company can best respond.

Using A Periscope

CMO’s will need to rely on the use of customer and buyer insight to guide strategy planning and gain foresight.  Taking care to realize insight gathering should be ongoing and not a static moment in time.  Repeating the refrain of balance, endeavors must include balancing quantitative insight and analysis with that of qualitative insight and analysis.  CMO’s will need to use these twin periscopes to look out above the turbulent waters and gain deep understanding about buyers that informs them where to find land where buyers reside.

Time For Good Behavior

In significant fashion, buyer behavior continues to be metamorphic as the heat of change rises each year.  CMO’s can influence how their company connects with buyers with deep analysis and portrayals of buyers that extend beyond demographics and firmographics.  Instead, focusing their sights on a more penetrating view of Business Buyergraphics aimed at understanding the purchasing behaviors of buyers as well as what tangible and intangible drivers are influencing these behaviors.

Getting All Techie

Understanding new technologies today, especially those related to digital, social, and Enterprise 2.0, remain an important function of the modern CMO.  New technology can either be your best friend or your worst enemy.  Some CMO’s, at least gleamed anecdotally, have had their tenure cut short by placing a big bet on implementing a new technology that turned into a sinkhole with little to show for it.  Careful assessment can result in good choices whereby new enabling technology moves the needle forward.  More profoundly, CMO’s of this era need to engage in the role of determining how introductions of external new technologies change buyer behaviors and what impact they have on their organization.

Don’t Forget Your Best Friend

It might be a good idea to get your office next door to that of the CSO and become fast friends.  Neither can exist without the other in today’s complex world where there is elusive understanding of not only buyers but how to create synergy in go-to-market strategies.  The marketing and sales alignment issue over the years has revolved too much around tactical concepts as opposed to strategic common sense about buyers.  It’s like two assistant coaches arguing about how to get a first down versus how to score points.  Get on the same team and worry about scoring points with buyers.

Going To School

On the job learning is critical to keep up with new understandings about markets and buyers.  This should not be confused with trying to learn all about the intricate details of social media, content marketing, and etc.  The focus on learning should be on understanding buyer behaviors and making sound assessments of what means help organizations best respond to these new behaviors and win over customers.  My sense is that the Spencer Stuart tenure numbers will fluctuate downward each time new technologies are introduced and new economic environments arise – caused primarily by skill gaps.

Can any of these guiding ideas ensure longevity beyond 42 months?  No, that would be a bet worth not making in these complex times.  What I do believe is that it increases the probability and that CMO’s will be better off than when they first started their tenure.  Regardless of how long the tenure, it will also enhance preparedness for the next assignment.  There is a ying and yang that comes with churn – if you are on the exit side you can always be sure that there will be an entry side somewhere waiting.

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Free eBook: How Buyer Trends Are Impacting the Future of Business Thinking

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Recently, I embarked on a series of articles related to buyer trends and how they are changing conventional business thinking as we know it.  These series of articles, referenced as Buyerology Trends, highlighted 7 areas of where buyer trends are challenging conventional thinking.

Business in general has been undergoing the most unprecedented period of economic challenges, social changes, technological changes, and rapid changes in buyer behaviors in several decades.  Pressing business leaders today to not only adapt quickly but to rethink many long-held business beliefs.  The world has become hyper-connected and hyper-competitive.  Making many business concepts rendered obsolete or not as true as they once were.  While some business thinking and management ideas stand the test of time, such as those of Peter Drucker, others will begin to fade as the global marketplace continues to spin and behave differently.

I have compiled this series of articles into an eBook of 65 pages for easy reading and it is made freely available for sharing.  In this eBook, significant buyer trends derived from qualitative research are highlighted.  They are presented in the context of how conventional thinking may need to change to align with new buyer behaviors that are affecting purchase decisions.  Particular focus is made on what the C-Suite must do to respond and how the future may look as a result of buyer trends related to changing buyer behaviors.

It is my hope and passion that the eBook will spark dialogue and thinking that helps organizations to better understand buyers.  Rethinking conventions and reshaping them to align better with buyers today and in the future.  The eBook can be downloaded at the following link:

Buyerology: How Buyer Trends Are Impacting the Future of Business Thinking


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Buyerology Trend: Humanize the Buyer Experience

image from www.flickr.comThis is the final article looking at buyer trends that will influence marketing and sales in the near and foreseeable future. Let’s recap the significant buyer trends noted so far in this series:

This final article looks at how buyers desire above all else – a rewarding buyer experience and how businesses today and in the future will need to focus on enhancing as well as humanizing the buyer experience.  (Image “people not numbers” by Kenny Madden © All rights reserved)

Buyer Trend: Buyers desire rewarding human experiences

The concept of Experience in business has undergone a roller coaster ride during the past ten to fifteen years since it was first introduced.  Both the terms customer experience and buyer experience taking on different meanings in this time period.  For buyers in general, there has been a slow but progressing convergence of desiring B2C like experiences in B2B market worlds.  Without question, the rise of the Internet and Social Technologies has shaped and reshaped our concept of Experience in general.  I believe we are at a pivotal moment in business history with respect to buyer behavior and experience.

This pivotal moment is centered on the idea that buyers desire human experiences in the business world and see experience as a two-sided coin.  The two key principles of experience in the modern Social Age are:

  • Contextual: the overriding foundation of customer and buyer experience is engaging existing customers and prospective buyers in relevant contextual experiences – whether they are in social mediums, conversations, or interactions.
  • Learning: rising as an essential component of experience in business is the growing expectations on the part of buyers that undergoing an experience also mean they will learn from the experience.  Knowledge and practical intelligence will be gained by entering into the experience.

Buyers today are redefining the meaning of business experience.  Consequently, integrating their business experience into how buyers are reshaping their human experience in general as a result of the Social Age.  Buyers not only want to “feel good” about the business experiences they undergo, but now also have a higher expectations they will take away knowledge they did not have before.

The seven buyer trends in this article series point to what I call The Buyer Circle of Experience.  As they reshape their definition of what a business experience means and integrate it into their human experience, buyers are expanding their circle of experience in a business context.  The totality of their humanized buyer experience including what has been covered in this Buyerology Trend series:

  • To undergo rewarding and fulfilling experiences
  • To be understood qualitatively – in human terms and not data terms
  • To enable their quest to fulfill knowledge needed; not be seen as object for demand generation
  • To enhance collaborative experiences with expanding buyer networks
  • To be enabled to make informed decisions that align with organizational decision models versus generic buying process views
  • To grow their intelligence and in essence grow their knowledge and practical wisdom in their respective areas and beyond
  • To foster the ability to meet shared corporate values, in addition to needs, as part of the business experience

What Must CEO’s, CMO’s, and CSO’s Do?

A place for C-Suite leaders to start is to rethink their own concept of what experience – customer and buyer experience – means in today’s Social Age.  Guiding the organization to adopt a two dimensional view of experience – contextual and learning – as opposed to one dimensional views.  It will take hard work and deep customer and buyer understanding to turn B2B business engagement into humanized social experiences.  This becomes a new imperative for the C-Suite.  Undergoing think shift – viewing every interaction as one that must become an engaging and fulfilling experience and represent a learning experience for existing customers and prospective buyers.

The implications affect every area of businesses – talent, training, functions, technologies, operations, marketing, and sales.  It will test the resolve and capabilities of business leadership as we know it today.

The Future

In the future, buyer expectations for experiences that engage them contextually and provide learning opportunities will grow.  The open systems of new social technologies fueling the rise in humanizing the buyer experience.  Buyers will be looking to integrate their business experience into their personal human experience.

As the millennial grows into leadership, we will see metamorphoses take place around the concept of business, organization, leadership, and shared values.  This will drastically affect our notions of what is thought of as a business experience.  We may very well begin to see a narrowing gap between the business experience and the human experience happen sooner than we think.

Key questions to ponder for the future are: What is your organization doing today to rethink experience and what it means?  How capable is your organization of providing both engaging as well as learning experiences?  How will your organization be impacted by this evolving trend?

 

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