The B2B arena is undergoing significant transformations. But what specific aspects have transformed? To shed light on this, we initiated a survey involving B2B decision-makers to decode their purchasing and research behaviors.
The B2B arena is undergoing significant transformations. But what specific aspects have transformed? To shed light on this, we initiated a survey involving B2B decision-makers to decode their purchasing and research behaviors. The outcomes of this survey dismantle many traditionally held views and bear substantial consequences for every B2B marketer.
The B2B market is in a perpetual state of transformation. Although this may not come as a surprise to many, the subtleties of this evolution could jolt some brands into reality. Over the past couple of years, compelling shifts have been observed, not only in the mechanisms of B2B purchasing decisions but also in the accountability for these decisions.
This trend was discerned by Caterpillar when it launched four new videos for its "Built For It" brand campaign last year. Renee Richardson, Global Marketing Services Manager at Caterpillar, noted that they recognized the B2B audience was skewing younger and becoming increasingly digital. Consequently, the company endeavored to render the Cat® brand more resonant, more attainable, and more pertinent.
The digital footprints of the B2B audience are no longer concealed. It is known that 89% of B2B researchers harness the internet during their B2B research process. At first glance, this does not seem to be a substantial shift from 2012. However, a closer look reveals that while the proportion of digital users has remained steady, their activities in the digital space have transformed.
So, what precisely has altered? Google partnered with Millward Brown Digital to discover this. Close to 3,000 B2B researchers were questioned about their purchasing and research habits, as well as their digital usage patterns (focusing primarily on search, mobile, and video). In addition, Google scrutinized 13 months of clickstream data from Millward Brown Digital's desktop panel. The study, carried out in 2014, echoes research from 2012, allowing us to map the shifts over the past few years. The insights drawn debunk many commonly held assumptions and bring meaningful implications for B2B marketing strategies.
Millennials, the digital natives, are making waves in the B2B space. Two years ago, there was a fair spread across age groups in B2B research. In 2014, however, a whopping 46% of all researchers were aged between 18 and 34, a 70% rise. This shift isn't just demographic; it's also a shift in the way these researchers consume information and interact with brands. They're more likely to search online, watch videos, and interact with brands on social media.
As digital natives, they value digital tools and content. For B2B marketers, this means developing strategies that accommodate millennials' digital habits, like optimizing for mobile, utilizing social media, creating engaging videos, and leveraging digital analytics to understand and target this group effectively.
While top executives do have the final say in most B2B decisions, ignoring the influence of non-c-suite employees can be a costly mistake. Our study found that 81% of non-c-suite individuals have a say in purchase decisions. In other words, there are a whole lot of people who aren't in corner offices who need to find you compelling enough to bring you into their decision-making process.
B2B marketers need to broaden their focus and include non-executives in their marketing efforts. They can do this by creating content that speaks to different levels of an organization, not just the C-suite. For instance, detailed product specifications and technical information can be helpful to lower-level employees who are tasked with researching options.
While branded search can help build awareness and recall, our study shows that B2B researchers are beginning their journey with generic searches. This behavior is not surprising, given that the B2B purchasing cycle often involves researching a wide range of potential solutions before narrowing down to a few preferred options.
For marketers, this means focusing on category and product-specific keywords, not just branded ones. It means creating content that can rank well in search engine results for these generic searches and provides value to the researchers. This might involve product comparisons, case studies, and how-to guides related to your product category.
The increase in mobile usage is not restricted to the B2C space. In our study, we found that 42% of B2B researchers use a mobile device during their research process, and this figure has grown by a considerable 91% in the past two years. While the overall usage might not have changed significantly since 2012, the way B2B researchers are using mobile has.
As B2B researchers use mobile devices at different stages of the buying cycle, a mobile-optimized experience is no longer a nice-to-have but a must-have for B2B marketers. It's also essential to consider how your content looks and functions on mobile devices.
Video consumption among B2B researchers has increased by 52% over the past two years. They're not just watching videos for awareness. They're also using them to deepen their understanding of products and services and to compare options.
This trend presents an opportunity for B2B marketers to leverage video at different stages of the buyer's journey. Videos can be used to introduce products, provide how-to guides, showcase case studies, offer testimonials, and give virtual product demos. It's essential to keep in mind that these videos need to be optimized for both desktop and mobile viewing.
In conclusion, the B2B purchasing landscape is evolving, and marketing strategies need to adapt. The rise of millennial researchers, the influence of non-c-suite employees, the shift in search behavior, the increase in mobile usage, and the prevalence of video throughout the purchasing journey are all trends that B2B marketers need to be aware of and respond to in their marketing strategies.
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