Friday, 24 July 2020

B2B Marketing Statistics you Need to Know

With more online businesses than ever before competing in the B2B space, gaining a competitive edge is the ultimate challenge. On the plus side, recent studies have illustrated exactly what’s needed to stand out from the crowd.

Specifically, a series of statistics from Forrester, Google, Digital Commerce 360, Growth Point, HubSpot and Bizible have brought some interesting findings to light. Anyone looking to succeed in the B2B space would be wise to take note of the following:

Nine out of 10 B2B customers begin with a search

Firstly, evidence suggests that around 90% of customers in the B2B space use search engines when sourcing products and services. This in turn suggesting that SEO strategies should be given the highest possible priority by those looking to get ahead.

B2B customers make multiple searches before going ahead

Specifically, the average B2B customer carries out a full 12 searches, before making their final decision and engaging with one specific website. Those in the B2B space almost always going the extra mile to compare options and find the best deal.

Multiple brands are considered before each purchase

Again, approximately 90% of B2B customers research up to seven different online businesses, before going ahead and making a purchase. Along with being found in the first place therefore, this highlights the importance of delivering the highest-value user experience possible. While at the same time, differentiating yourself from your competitors.

B2B customers research offline purchases online

Even when B2B customers plan offline purchases, around 75% conduct the vast majority of their research online. Providing as much information as possible to highlight the value of your offer being the key to closing the sale.

Telephone is the preferred communication channel

Incredibly, more than 90% of all customer interactions in the B2B space take place via telephone. That according to Salseforce, highlighting the importance of high-quality telephone service provision at all times. This differs from the B2C space, where live-chat is fast becoming the preferred communication channel among modern consumers.

Callers convert more quickly than web leads

Furthering the relevance of the points above, Forrester reports that B2B calls result in 30% faster conversions than standard web leads. This suggests that an investment in B2B telephone marketing could drive a faster profit than some traditional web marketing channels.

Direct calls are highly influential

Last up, telephone calls in the United States alone are expected to influence consumer spending worth more than $1 trillion this year. Some demographics may have switched to more modern communication channels, but direct calls are still where it’s at in the B2B space.

Just a handful of interesting statistics to highlight of what’s going on in the B2B space right now. Particularly in an era of such heavy competition, taking into account statistics like these could be instrumental in gaining a competitive edge.

Wednesday, 1 July 2020

Study Highlights Gen Z’s Retail Preferences and Expectations

Just for the record, Generation Z applies to anyone born from the mid-1990s to the early 2000s…in case you wondered!

While much of the world continues to focus on Millennials, a recent study carried out by Marketing Dive highlighted the expectations and preferences of Generation Z. At least, in terms of retailers and brands in general, from whom it seems they expect quite a lot! 

This is a generation that’s made it clear on countless occasions that they prefer experiences to products. There are all about engagement and the overall experience, rather than simply buying whatever’s cheapest or most readily available. In terms of online shopping, they show huge preference to product recommendations and reviews, mobile optimised websites, free shipping, simplified returns processes and access to coupon codes. All the kinds of things retailers should be taking note of, if looking to attract, engage and retain Gen Z audiences.

One of the most interesting findings of the study is the apparent revelation that Gen Z doesn’t hate mass-marketing to the same extent as other generations. Just as long as the ads in question are of relevance and provide value, almost 50% of Gen Z consumers appreciate the informative nature of the ads in question. So it’s hardly surprising that around 44% expect the ads they encountered to be relevant, or pay them no mind whatsoever.

In particular, they show greatest preference to ads in reference to products or services they either purchased or browsed previously, which may provide them with some kind of reminder or discount code to incentivise their conversion. Once again, food for thought for anyone working in digital marketing.

Another interesting finding clearly illustrates the fact that the High Street is by no means dead and buried. Quite the contrary, as a huge 80% of Gen Z consumers stated that they genuinely enjoy the opportunity to shop in physical stores when time permits. Nevertheless, 75% tend to do most of their shopping online, due to simple accessibility and convenience. Despite the fact that 65% stated that they prefer to physically examine and inspect products before buying them, they still make most of their purchases online.

When Gen Z consumers decide to hit the High Street, almost 70% use their mobile devices to research products and services, before going ahead and purchasing them from the respective store. As for motivating factors on the High Street, Gen Z shoppers were found to respond particularly strongly to creative displays, unique merchandise, attractive store design and the ability to try out products and services before making purchases.

Back with online retail, almost 40% of this enormous and lucrative demographic believe it’s often difficult to find what they need on the web. In addition, around 35% stated that they are still somewhat uncomfortable buying products online. They’ve become accustomed to online retail in general, though don’t necessarily trust online retailers and will typically compare the products of at least a handful of sites, before making any final purchase decisions.