Faced with evolving markets and technology, marketing specialists must adopt a new approach to attract consumers.
"classic" B2B funnel concept assumed that a single buyer moved through a linear series of choices. Unfortunately, this way of thinking no longer reflects current reality . Now, it's essential to consider the nuances in buyer behavior. Only in this way will you be able to your company's growth
The challenges of B2B professionals
Those who purchase expensive products on behalf of their company face a real challenge. If they don't make the right decisions, it will affect their organization's ability to survive in a highly competitive environment. Yet, making those same decisions can take months, even years.
In practical terms, then, marketing budget cycles will often be out of sync with market purchasing cycles . Naturally, this "slowness" will be unsuitable for finance departments, which scrutinize short-term results. The same will be true for the sales , whose actions will depend on the strategies set at the marketing . Moreover, to define customer expectations , marketing relies on digital channels and thought leadership .
The B2B funnel model redesigned for today's market
The funnel, as it existed, is now redundant. To remedy this, here is a new model divided into 5 stages – each representing a buyer profile . This model takes into account that buyer groups are different at each stage. With it, you will know where to focus your efforts to maximize your chances of success.
- Horizon analysts : buyers assess how the market or technological innovation presents opportunities or threats to current business models. They seek advice to develop their strategy;
- Explorers Buyers know what they need to do and determine whether they need to seek outside help in their decision-making. In other words, they need relevant external advice from people who have faced similar choices;
- The hunters : buyers know the service they need, understand their challenges, and have several solutions before them. They have gone through the first two phases or have already purchased a solution. Now, they want to verify if they made the right choice ;
- Active buyers : These buyers are meticulous and compare a small group of competing suppliers . They need specific answers to detailed questions;
- Existing customers who have already purchased your products: this is an opportunity to build loyalty and keep competitors at bay. You can also use this to sell them more solutions .
The advantages of this new funnel model
This new model will help you in several ways. In particular, it will allow you to:
Create strategies that meet the needs of buyers
During their development, aim to achieve another objective: acquiring information about your buyer . More specifically, this will involve determining where they are in the sales funnel.
Better present the return on investment
Before taking any action, you will need to present your project's return on investment (ROI) purchasing process , on the other hand, could take four months. In this scenario, the ROI only be realized in the second year. However, a recent LinkedIn study showed that 77% of marketers try to demonstrate ROI within a month.
It will then be necessary to have visibility into the buyer's journey . Otherwise, the marketing department risks wasting money on short-term lead conversions. This also compromises awareness among the many buyers who are in the horizon analysis and exploration phases.
Work on your brand image
Branding is a sensitive issue in the B2B . Companies generally seek a balance between brand investment and lead generation . However, branding does impact buyer choices at every stage , albeit in different ways.
Define the priority level of technology investments
funnel model helps assess the importance and priority of technology investments. You'll need to identify areas where you lack information about the buyer's journey. This will allow you to better select the technological resources that will make your marketing more effective.
Clearly define the role of the marketing and sales teams
Today, buyers interact with sales much later in the buying process. But thanks to this new funnel model, no part of the journey 100% marketing or 100% sales anymore . You can now more precisely define everyone's roles at each stage and determine the most important success factors prospecting or for retaining existing customers.
We need a new way of thinking that takes into account the many nuances in buyer behavior. You'll need to ensure that the strategy, tactics, and actions are tailored to the buyer's objectives at each stage. This will allow you to build a genuine relationship with them over time, rather than simply offering them goods and services
