3 Key Figures to Understand how Industrial Buying has Changed
The chaos of B2B buying in today’s business landscape is creating more new challenges than ever before for manufacturing companies. In three figures, we tell the tale of how industrial buying is changing and reveal how you too must adapt in order to survive and thrive.
16 months is now the average length of the sales cycle
For sellers, for whom an average sales cycle is 7.4 months, it all starts with that first customer call. But buyers spend an average of 9.3 months conducting extensive anonymous web research BEFORE picking up the phone to potential suppliers. And they are legion: investment in high-value industrial products is typically decided by groups of 12 or more. This means that the buying cycle has lengthened, with sales teams getting to customers late in the game. This turns sales into a price war, potentially harming both revenues and customer relationships.
80% of B2B companies using ABM cite it as one of their top revenue-generating strategies
Account-based marketing holds the key to lifting the veil on all these anonymous buyers. Account sensing allows manufacturers to understand invisible buyers and address them with targeted content that speaks to their needs upstream in the purchase journey. When marketers identify the right people to target inside accounts and make messages relevant, conversion rates and marketing ROI increase. In fact, when marketers focus activity on specific accounts showing a predisposition to buy, conversion rates double.
40% of marketers are now evaluated on the metric of revenue
The way we buy is wildly different from 10 years ago, and marketing teams are now central to helping companies overcome the challenge of independent global anonymous buyers and to influence them ahead of competitors. These transformations in the market are creating a major opportunity for B2B marketers to demonstrate their value add via their impact on revenue.
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