Recent studies are providing B2B suppliers with essential market knowledge.
- Accenture announced in a recent study of B2B buyers that “71% of buyers prefer to conduct research and purchase on their own.”
- Forrester noted in a recent report that self-service will lead to “1M sales people losing their jobs being replaced by e-commerce.”
- Buyers are straying from existing suppliers for not only price, but also the convenience of an easy online experience, reducing opportunities sales people have to engage with buyers and their ability to influence customers.
- Traditional B2B suppliers face a revenue threat from the third-party B2B e-commerce websites, which is compounded by the fact that most B2B buyers do not visit physical stores. They rely on catalogs and websites to research products.
- Corporate buyers have limited loyalty with 85 percent of respondents to a survey stating they will buy the lower cost option instead, despite loyalty to their current supplier.
- Buyers will sometimes choose ease of use over price, with a significant majority of buyers agreeing that they would purchase from a company with a more convenient and efficient website and purchase process—even when price is equal—despite loyalty to their current supplier.
- When comparing price versus customer service and convenience, 32 percent of buyers ranked customer service and convenience over price.
What does this mean for your company and how can you compete?
- Even in mature markets the ability to attract and win clients is evident.
- Potential clients are searching. They must be able to find your website.
- Inbound marketing is dominating marketing. Outbound marketing is dead.
- With salesperson influence waning, online credibility is required.
- Providing comprehensive product information online is mandatory.
- Potential customers want to contact you based on their level of urgency.
- Price matters more than loyalty, so prices must be priced at market rates.
- Your company must also compete with convenience and ease of use.
Your market is changing. Your industry may even be being disrupted. Will you respond as required? Will you win market share? Contact Applied Interactive today to find out how B2B businesses are increasing market share in mature industries and in the face of fierce competition.