Long-time readers and colleagues well understand that when data is published which vindicates what I've long been saying, blogging, writing, WOMming, tweeting, nudging and all-out urging of B2B marketers... I tend to get a little bold in my advice.
Let's call it 'tough love'. Because I love B2Bs, and I've no hesitation in getting tough about the changes needed from them to better serve their business audiences, and their bottom lines. After all, rallying our businesses to change is a big part of a marketer's job, one might say our reason for being. And where some businesses move more quickly on change imperatives, other companies fail to ever truly adapt—and that never ends well (but certainly makes for many a cautionary tale).
After clocking many years in
this profession, I know if there's *one* thing that moves B2Bs to action,
it's data that shines a glaring light on the wide chasm between where they
presently are vs. where they need to be in relation to their buying
audiences. So you can imagine my delight when I came across this new study, conducted by DemandGen Report and Genius.com, titled Inside The Mind Of The New B2B Buyer. Why so delighted am I? Because the findings are proof positive of the vast changes occurring across the B2B business environment and confirmation of how, in particular, social media tools and technologies are driving a new set of purchasing patterns by today's business buyers.
I've highlighted many of the study's data points below, along with giving my take on the implications for today's B2B marketers. But before we start, it's important to note that it's not only the dramatic changes in B2B buying patterns that are remarkable... but the fact that they have occurred in just a *handful* of years. Because if we're already seeing patterns emerge that prove a sea change across many decades-old, staid purchasing processes, I assure you that we're only witnessing the tip of the proverbial iceberg. On that note, let's dig in:
*The Way That B2B Purchases Are Budgeted (And Approved) Is Changing.
- Less than ¼ indicated budget was approved/allocated during the beginning of the year
- Nearly half of the respondents indicated they determined “the potential impact through other adopters and built a business case for immediate adoption,” then received approval although the project was un-budgeted.
- 23% noted that budget was allocated after ROI was proven
- 9% indicated budget was taken from another line item
What do these changes signal for B2Bs?
Gone are the days of the set-in-stone budget that doesn't budge until the next fiscal year/calendar year. While buyers are more economically conscious in their spending, they are far more fluid in realizing their needs. Even budgeting has become more real time! This is good news for B2B marketers, because their efforts won't hit up against the "we-didn't-budget-for-that-this-year" objection. But with that said, now more than ever, B2B marketers must be prepared to build a bulletproof ROI case BEFORE the sale: if you can deliver on that data, you'll open a lot of doors and, perhaps, a place in the budget.
