How do B2B suppliers stay on their A-game in B2B marketing today? Well, it’s much more complex than ever as new digital methods and media have completely changed B2B buying behavior. Now cold calls get the cold shoulder as more and more of the B2B industry is warmly embracing online options to research and purchase products. Since there’s no escape from this digital landscape, B2B suppliers need to evolve and must seek out new opportunities to engage their high-tech targets. For a look at the digital patterns and preferences of today’s business buyers, MDG Advertising analyzed a 2014 B2B procurement study by Acquity Group and compiled its findings into an infographic. It displays buyers’ new ways of doing business, from where they’re shopping to how they’re spending, to help B2B suppliers engage and convert them. Take a look and learn today’s new way to take care of B2B business.
Opting for Online Buying
The Web has a wealth of B2B products that the B2B industry can pick with a click. That’s why a growing number of U.S. B2B buyers are spending more time buying online.
- In 2014, 68% purchased products online versus the 57% last year.
- 18% spend a whopping 90% or more of their budgets online, which is twice as many as last year.
- 46% will increase their online purchasing in 2015.
The Internet is Netting a Higher Share of B2B Buyers
The B2B industry is already browsing and buying products online, yet the momentum is mounting as the industry intends to spend even more on online purchasing over the next few years.
- A total 46% of B2B professionals spend more than half of their budgets online.
- One-third of B2B buyers invest from 10% to 50% of the dollars toward online products and services.
- Experts figure they’ll find even higher figures in the future.
The Strategy for Searching and Shopping for the Best Prices
B2B buyers are even more cost conscious than the average American because their budgets are somebody else’s business. This drives them to research before they reach for their dollars to ensure that their spending makes sense and saves cents. But gone are the days of the single supplier who dropped by their business and wrote down their order. Now, the Web has a world of B2B options and it’s where they go to find the best deals.
- Price is the primary purchasing factor, but other corporate considerations play a role.
- 94% of B2B buyers do online research before making a purchase.
- One-third research a full 90% of their online purchases.
- While 83.4% compare products and prices on supplier websites, only 37% think these sources are most helpful in research.
- Yet Google is the go-to for 77% of B2B buyers conducting research.
- More than 40% consult their peers by turning to product user review sites.
- Only about 10% check industry blogs and social media sources.
How B2B Suppliers Can Click with Buyers
Digital is the way to dollars today, so suppliers must optimize their website’s online experience.
- Ensure extreme ease and efficiency from research through purchase.
- B2B buyers are willing to convert and return to supplier sites that are fast and user friendly.
Mobile is the Key to Connection and Conversion
Mobile is a must in the corporate world since business never sleeps. This makes mobile a great way to reach B2B buyers with product updates and sales opportunities since their devices are always in reach.
- Mobile is moving up the corporate ladder among B2B buyers in both research and purchase.
- Mobile has been used for B2B research by 44% of overall buyers and 55% of buyers who are 18 to 25 years old.
- Tablets are also rising to the top, with 37% of B2B buyers using them for product research and 25% making corporate purchases on their tablets.
Just as business is constantly changing, B2B suppliers must follow suit and follow their target market online. They need to meet their demands for digital ease and maximum value with an optimal online experience. By delivering on this digital promise, B2B suppliers can stay in good company.
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MDG Advertising is a full-service advertising agency and one of Florida’s top branding firms. With offices in Boca Raton, FL and New York, NY, MDG’s core capabilities include branding, logo design, digital marketing, online advertising, print advertising, email marketing, media planning and buying, TV and radio advertising, outdoor, newspaper, video marketing, website design and development, infographic development, content marketing, mobile marketing, B2B marketing, social media marketing, and SEO. To stay up to date on the trends in advertising and branding, contact MDG Advertising today at 561-338-7797.
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Written by Michael Del Gigante