B2B buying process

5 stages of the B2B buying process Leave a comment

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When it comes to the buying process, B2B buyers operate very differently than consumers do. The process your leads or prospects go through when making a B2B purchase, is much more complicated and usually involves a lot of back-and-forths, as the seller continues to nurture and drive the leads down the sales funnel.

Now, the B2B buyers’ behavior has changed drastically over the past years, as they are increasingly looking for a consumer-like digitized experience. The outbreak of the COVID-19 pandemic reveals an even bigger shift towards digital and remote engagement.

According to recent findings from McKinsey1, 70%~80% of B2B buyers now prefer remote human interactions and digital service, because of the ease of online scheduling, savings on travel expenses, and safety concerns. And the research also shows that a notably 70% of B2B buyers are now open to place high-ticket orders that exceed $50,000 online through end-to-end digital self-serve. That means digital selling and prospecting has become just as effective as in-person meetings, in reaching and converting your customers.

Savvy B2B sellers are now learning to adapt to the new norm, pivoting to digital means, and finding the best path to stay relevant to the changing B2B buyer behavior. The recent US SMB confidence survey conducted by Alibaba.com shows us that US manufacturers are catching on and looking for ways to ride new waves of digitization.

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