PART ONE: The 70% Statistic.
It’s a question that has been keeping a lot of B2B executives up at night in recent months. Why? Because the way in which we used to do business has finally reached a tipping point; purchase decisions simply are not made in the same way they were a few months ago. Today, 70% of the purchase decision is made before a buyer ever contacts you. Think about that. Arguably, this one statistic changes everything. But what does it mean for your company?
- It means prospects are proactively seeking information about your company and your competitors When They Are Ready to Buy. This dynamic could mean a shorter sales cycle since the prospective customer is well down the road to a final decision by the time your company has the opportunity to engage with them.
- It means your current sales model may need to change from a “rain-making” outside role to a “closing-the-sale/relationship-building” role.
- It means your website and everything you do to promote your company should be less about you and more about providing the information buyers need to make their decision.
- It means your marketing effort needs to be heavily integrated with sales.
- It means you need a serious commitment to ensuring buyers can easily find your company when seeking information relevant to their immediate need.
The big take away; buyers are using the information available through a variety of Internet resources to circumvent the traditional sales prospecting and advertising models. The Internet, social media (LinkedIn, YouTube, Google+ and Facebook), digital advertising, professional groups and rating services, have largely become their primary source of information. If your company has not adjusted to this fact, it is likely losing sales to competitors that have. In today’s world it is the role of marketing to generate and cultivate leads and it is the role of sales to close.
The really good news is: you can do more, more effectively for less today than you could just a few months ago.
In, Your @ WONE part two we will address specific tactics your company can implement to transition to the new world of buyer-centricity.