Do You Really Understand How Your Business Customers Buy?
From time to time, team members will share their views stimulated from a piece by an industry thought leader. Here, our CEO, Lisa Maier, discusses the recent McKinsey Quarterly article, “Do you really understand how your business customers buy?”
This article is about the sea change that has occurred in B2B purchasing. We hear it from clients and prospective clients each day that, “…decision-making authority for purchases is slipping away from individuals in familiar roles—often those with whom B2B sales teams have long-standing relationships.” For many B2B organizations, long used to marketing in old ways and in hiring sales representatives based on the size and depth of rolodex, this is a scary time.
It is the time smart companies are choosing to pivot. And why not? Rarely do old established companies, such as those found in manufacturing and industrial-based industries, have such an opportunity. When the dust settles, there will be new winners with digitally-based competitive advantages, and we’ll get back to smaller skirmishes and incremental gains.
This is a great article that lays out the changes in the buying process (aka, the overused ‘customer journey’), where difficulties are encountered, and most importantly, where new inroads may be found. And, note that the recommendations are cost justified, “Our experience with upward of 100 B2B sales organizations suggests that while the change required is significant, so are the benefits: an up to 20 percent increase in customer leads, 10 percent growth in first-time customers, and a speedup of as much as 20 percent in the time that elapses between qualifying a lead and closing a deal.”
Once you make a positive decision, call us. DirectiveGroup are poised to help. When you are ready to take your stand: 1.866.925.9524.