Transforming the BtoB Buying Process
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Hasbrouck Heights, NJ (Vocus) April 5, 2010
DemandGen Report, a leading online publication covering the sales and marketing automation space, has released the findings of a new survey which shows BtoB buyers are significantly changing their buying process. The report, underwritten by Genius.com, “Transforming the BtoB Buying Process,” found the emergence of social media and the need to show ROI for all purchases has re-written the rules of engagement for many sales and marketing organizations.
Highlighting the transformation of the BtoB buying process, 78% of respondents who were involved in the purchase of a solution during the past 12 months said the buying process did not follow a traditional path where a budget was established, criteria outlined and then an RFP distributed to a pre-set list of solution providers.
In fact, only 22% of the recent purchasers indicated budget for the project was approved and allocated during the beginning of the year. Nearly 4 in 10 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 unbudgeted.
“There are a lot more conversations happening outside the traditional sales funnel, which makes it essential for solution providers to be present and engaged with their customers across all kinds of media,” said Andrew Gaffney, Editor of DemandGen Report. “This survey clearly demonstrates that content marketing is a growing part of the puzzle to reach this more fluid BtoB buyer.”
The survey also underscored the growing role social media and peer networks are playing in business purchase decisions. For example:
· 65% of respondents indicated they used social media as part of their research;
· 43% followed online discussions to learn more about a topic/challenge;
· 38% posted questions on social networking sites looking for suggestions/feedback;
· 21% connected directly with potential solution providers via social networks.
Often, even before a buyer is really looking for a solution, they are looking for topical information to help solve business challenges and they want to know how their peers are addressing the challenge,” said Scott Mersy, VP of Marketing and Products for Genius.com, the underwriter for the BtoB Buyer Transformation Survey. “This is where solution providers have the opportunity to help guide the discussion by providing relevant content and responding to the buyer’s needs in real time.”
About DemandGen Report
DemandGen Report, a G3 Communications Publication, is a targeted e-media publication spotlighting the strategies and solutions that help companies better align their sales and marketing organizations, and ultimately, drive growth. The weekly e-newsletter focuses on the sales and marketing automation tools that enable companies to better measure and manage their multi-channel demand generation efforts.
Genius.com is the first SaaS solution that delivers the benefits of marketing automation to both Marketing and Sales, embodying the principles of Sales 2.0 that make it easier and more efficient for Sales and Marketing to close more deals "in the cloud".
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