The B2B industry is undergoing a major revolution. Due to digitalisation, customer preferences and behaviour are changing rapidly. However, many traditional CRM systems only provide a fragmented picture of B2B buyers, lacking the context to effectively architect database understand and serve their needs. In an ever-changing environment, these systems risk becoming obsolete.
The four most important changes in the market
There are currently four major trends transforming the B2B market: self-service, trying a product before buying it, B2B e-commerce and pay-as-you-go.
1. Self-service
A B2B purchasing study published by Forrester in 2021 found that self-service purchases are more common than those that require interpersonal interactions. Another recent study by McKinsey & Company indicates that most buyers are willing to spend more money when purchasing through self-service systems than when purchasing through traditional channels. Overall, consumers are looking for independence and greater control over their purchasing choices.
Today's customers want to shop for themselves, and only ask companies to intervene if they deem it necessary.
2. Try the product before buying it
This strategy involves allowing users to try out the product for a trial period in order to help them make a purchasing decision. However, to allow this type of access to the product, companies must adapt their sales processes.
With this system, sales opportunities and monetization are no longer measured in clicks or visits, but in more active interactions with the product or the company, such as downloading demos or subscribing to trial periods.
Ideally, these trial options should be part of the purchasing process from the beginning, without customers having to ask for them. Trial-based strategies accelerate the purchase journey through the sales funnel and allow brands to scale faster. They represent an opportunity that B2B companies should not overlook.
3. B2B e-commerce
E-commerce has already dramatically changed the way businesses interpret and serve customer needs. Buyers have immediate access to reviews, feedback from other customers, and technical information about products. All of this shortens the purchase cycle and, therefore, the sales cycle.
The preference for electronic purchases is something that is already being seen in many countries and that is forcing companies to enhance their e-commerce capabilities as soon as possible if they want to take advantage of the possibilities of this trend 4. Pay-as-you-go
One of the logical consequences of e-commerce is that consumers have a much larger product offering at their disposal, which in turn complicates decision-making. To simplify the process, buyers seek to reduce the costs of evaluating, testing and adopting products.
In pay-as-you-go models, customers pay based on the resources they use. For organizations, offering this payment system is a challenge, as it involves a continuous review of fees, revenue model, and other metrics. But the benefits are clear: with this more transparent, usage-based approach, companies can attract more customers.
