Gain insights into the preferences and behaviors shaping the future of business interactions
Table of contents
1. Traits of Modern B2B Buyers
2. Adapting to a Mobile-First Generation
3. Connecting with Today’s B2B Buyers
The B2B industry is currently going through a massive revamp, largely driven by the prevalence of millennial buyers with purchasing power. According to Forbes, 73% of people sitting in decision-making positions in various organizations are millennials. This departure is a seismic shift from the earlier millennia, when baby boomers and Gen Xers had control over B2B purchase decisions.
1. Traits of Modern B2B Buyers
The biggest customer group of today’s millennial generation B2B buyers, along with their Gen Z counterparts, heavily affects purchasing trends. Their unique traits dictate the mechanization of modern B2B deals. The buyers are digitally native and use the internet to a greater extent for shopping around for products, evaluating them, and finding out what others think about them. For instance, in a Google study, 81% of B2B purchasers began their buying journey on the web.
In addition, millennials value autonomy and information better than anything; thus, they prefer to explore more on their own before coming into contact with vendors’ representatives. This implies that online resources should be availed of in full, and self-service options should be provided as well.
2. Adapting to a Mobile-First Generation
The widespread use of smartphones has created a mobile-first culture among millennial B2B buyers. Firms need to fine-tune their digital resources, such as websites and communication platforms, for flawless mobile encounters. Neglecting this will have devastating consequences, as can be seen in the fact that 61% of users never come back to an incompatible mobile site.
Millennials are likely to choose brands that are socially responsible. Hence, B2B companies should emphasize their green manufacturing and exploit their ethical practices, not just as a way to contribute to the community but also to improve their brand image. As per Cone Communications’ research, 87% of millennials are likely to purchase products from companies committed to solving societal and environmental problems.
3. Connecting with Today’s B2B Buyers
To be successful in B2B communications, millennial decision-makers need to be connected with a holistic approach based on an exchange of values. This, therefore, means that they should be able to create customized content that addresses the specific problems that satisfy each audience’s unique needs. As an illustration, Adobe ensured the increase in its sales by using a data-driven strategy that personalized each of its content for each purchaser and attained an outcome with a 14% increase in conversion rates.
In addition, adopting cutting-edge technologies based on analytics and AI enables businesses to anticipate consumers’ preferences and tailor their services accordingly. IBM Watson, for instance, provides cognitive solutions that analyze big data sets so as to find insights actionable by businesses, hence making companies interact at higher levels with customers.
The key to success today is to understand the changing dynamics of millennial B2B buyers’ style of consumption, as it is becoming more pronounced in a stiff business environment that is getting more competitive by the day. By focusing business strategies on the digital, mobile, and social awareness tendencies of this demographic, businesses can create a foundation of meaningful relationships and thereby drive sustainable growth.
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