The New B2B: What CMOs Need to Know

If you’re always on the lookout for insights that can give your team an edge in today’s competitive B2B landscape, the 2024 Buyer Experience Study from 6sense has just dropped some crucial findings across North America, Europe, Middle East, and Africa (EMEA), and Asia-Pacific (APAC) that can help us refine our strategies and engage buyers more effectively.

The New Buyer Reality

First off, let’s talk about the most striking takeaway: B2B buyers are nearly 70% of the way through their purchasing process before even talking to sellers. That’s right—by the time they reach out, they’ve already done a significant amount of homework. In fact, 85% of buyers have defined their purchase requirements before making first contact. This means we need to shift our thinking and strategies to meet buyers where they are in their journey.

Key Insights to Guide Your Strategy

1. First Contact is Buyer-Led: Buyers initiate contact with sellers over 80% of the time. This is a clear indicator that we need to focus on building relationships and making our brands more visible and appealing well before they’re ready to engage.
2. Preferred Vendors: A staggering 81% of buyers have a preferred vendor before even starting conversations. In North America, this figure is even higher at 84.6%. What does this mean for us? It underscores the importance of creating awareness and preference long before a buyer reaches out.
3. Engagement is Key: On average, buying group members have 17 interactions with each vendor they’re evaluating, with APAC buyers engaging even more. This is a reminder that our efforts shouldn’t just stop once a buyer shows interest; we need to provide valuable touchpoints throughout their journey.

Navigating Regional Differences

While the study reveals consistent global trends, there are still notable regional variations. For example, buyers in the APAC region evaluate an average of 5.2 vendors, compared to 4.1 in EMEA. Understanding these nuances can help tailor your outreach and engagement strategies based on the specific dynamics of each region.

The Role of the C-Suite

Interestingly, when the C-Suite is involved in the buying process, cycles tend to be shorter, and buying groups are smaller. However, this wasn’t observed in North America, where C-Suite involvement is relatively consistent. Engaging with executives effectively can speed up decision-making, so ensuring your messaging resonates at the highest levels is crucial.

What Drives Decisions?

So what really influences buyers’ decisions? The study highlights that price and product features are the top factors, with ease of implementation following closely behind. As CMOs, we must ensure that our value propositions clearly communicate these aspects to potential buyers.

Rethinking Our Approach

Given these insights, it’s time to rethink our traditional demand generation tactics. Here are a few strategies to consider:

• Build Awareness Early: Create content and campaigns that engage potential buyers before they reach out. Think of educational resources, webinars, and thought leadership pieces that resonate with their needs and interests.
• Focus on Relationship Building: Develop strategies that foster genuine connections, whether through social media engagement, personalized emails, or networking events.
• Leverage Data and Signals: Utilize buying signals and analytics to identify potential buyers and optimize your marketing spend. The more informed you are about buyer behavior, the better you can tailor your approach.
• Integrate Your Efforts: Move toward integrated marketing strategies that align sales and marketing teams. This ensures everyone is on the same page and working toward common goals.

Conclusion

The 2024 Buyer Experience Study offers invaluable insights that can help us navigate the evolving B2B landscape. By understanding buyer behavior and adapting our strategies accordingly, we can enhance engagement, drive preference, and ultimately improve our revenue outcomes. Let’s embrace these insights and lead our teams to success in the year ahead!

Here’s to smarter marketing and more meaningful connections with our buyers!