Give Buyers What They Want - Results from ITSMA’s How Buyers Consume Information Survey
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Transcript of Give Buyers What They Want - Results from ITSMA’s How Buyers Consume Information Survey
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 1
David MunnPresident & CEOITSMA
Give Buyers What They WantResults from ITSMA’s How Buyers Consume Information Survey
Paul Writer Great Indian Marketing Summit | 1 February 2013Leela Palace, Bangalore
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 2
ITSMA works with marketing leaders and their teams to
provide research and insight on marketing practices;
advice and guidance on key initiatives; peer sharing opportunities with other
marketers; and professional development to advance knowledge and impact.
About ITSMA
Follow us…Online Library
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 3
ITSMA’s 2012 How Buyers Consume Information Study explored the preferences of Social and Traditional Buyers
Survey invitations were emailed to Business and IT Executives during September/October 2012
299Executives completed the survey from the US, UK, France, Germany
Marketers responded to the Huunu Gamification invite
ITSMA Analyzed the Data Seven WaysBy Social Media UseBy CountryBy AgeBy Job Role
By TitleBy Size of CompanyBy Industry
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 4
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 5
There is a
disconcerting lag
between
changing
buyer behavior
and marketers’
perceptions,
budgets, and
programs
Buyer behavior is changing so fast that it is hard to keep up
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 6
Last year’s ITSMA buyer research uncovered surprising revelations about the changes in buyer behavior
2011• The rise of the B2B social buyer
• The decline of traditional peer influence
• The elevation of solution provider credibility
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 7
With the 2012 ITSMA buyer research, we now have validated trends
Solution providers are a credible and influential source of information, even more so than peers
B2B social buyers and traditional buyers do consume information differently
2011
2012
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 8
New in 2012
Buyers rely on sales at allstages of the buying process
Stage 5.
LOYALTYStage 4.
CONFIDENCEStage 3.
INTERESTStage 2.
AWARENESSStage 1.
EPIPHANYKeeping up with
industry/technology news
and events
Learning more about potential solutions and
solution providers
Identifying a shortlist of
solution providers
Evaluating and selecting a
solution provider/ Making the final
decision
Building ongoing relationship with solution provider post-purchase
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 9
Three topics for today
Marketers’ perceptions vs. buyer behavior
B2B social buyers vs. traditional buyers
The new 70%
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 10
1.Marketers’ Perceptionsvs. Buyer BehaviorThere is a gap between
actual and perceived
buyer behavior
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 11
We asked 86 consulting and technology services marketers to “predict” buyer behavior
1 Management consultants (e.g., McKinsey, Bain, boutique firms)
2 Universities, research institutes, think tanks
3 Sourcing advisors (e.g., Everest, TPI)
4 Peers/colleagues
5 Industry analysts (e.g., Gartner, Forrester, IDC)
6 Technology or solution provider sales people
7 Technology or solution provider subject matter experts
Which of the following
SUBJECT EXPERTS will be the most
influential source of
information in the IT
purchase decisions
during 2013?
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 12
Marketers say…
Which of the following SUBJECT EXPERTS will be the most influential source of information in IT services
and solutions purchase decisions during 2013? (Marketers’ perceptions of buyer behavior)
Peers
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 13
29
27
27
23
21
12
10
Technology or solution provider subject matter experts
Technology or solution provider sales people
Peers/colleagues
Industry analysts
Management consultants
Sourcing advisors
Universities, think tanks
Buyers say…
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
What were the first three sources of information you turned to when you began your information search?% of Respondents (N=299)
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 14
1. Solution provider websites
2. Solution provider subject matter experts
3. Web search
4. Solution provider sales people
5. Peers/colleagues
36
29
28
27
27
Peers are also no longer the #1 source of information during the early stages of the buying process—solution providers are!
Source: How B2B Buyers Consume Information Study, 2012
Q. What were the first three sources of information you turned to when you began your solution research? % of Respondents 2012 (N=299)
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 15
To some, solution providers are more credible than peers
Which of the following sources of information are most credible? (Rank order 1st, 2nd, 3rd) % of Respondents (N=299)
Technology or solution provider subject matter expertsTechnology or solution provider websites
Industry analysts (e.g., Gartner, Forrester, IDC)Technology or solution provider sales people
Peers/colleaguesManagement consultants (e.g., McKinsey, Bain, boutique firms)
Web search (e.g., Google, Bing)Focused industry/professional online communities
Focused industry or trade mediaUniversities, research institutes, think tanks
Industry events/trade showsSourcing advisors (e.g., Everest, TPI)
General business mediaLocal or national professional trade associations
Social media/networksBlogs
3328
2726
2422
2119
16161515
1211
95 1st 2nd 3rd
Note: Respondents were asked to rank order top three. Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 16
Buyers want access to your subject matter experts—
make them accessible
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 17
Which of the following
INDUSTRY resources
will be the most
influential source of
information in the IT
purchase decisions
during 2013?
1 Technology or solution provider websites
2 General business media
3 Focused industry or trade media
4 Industry events/trade shows
5 Local or national professional trade associations
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 18
Marketers say…
Which of the following INDUSTRY resources will be the most influential source of information in the IT
purchase decisions during 2013? (Marketers’ perceptions of buyer behavior)
???
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 19
Buyers say…
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Technology or solution provider websites
Industry events/trade shows
Focused industry or trade media
General business media
Local or national professional trade associations
36
19
14
13
9
% of Respondents selecting information source as one of first three would use during the purchase process (N=299)
Solution Provider Websites!
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 20
Buyers wantto find relevant information on your website—
create a customer-centric web experience
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 21
Which of the following
SOCIAL marketing
tools will be the most
influential source of
information in the IT
purchase decisions
during 2013?
1 Web search (e.g., Google, Bing)
2 Blogs
3 Social media/networks (LinkedIn, Twitter, Facebook, SlideShare, YouTube, etc.)
4 Focused industry/professional online communities
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 22
Marketers say…
Which of the following SOCIAL marketing tools will be the most influential source of information in the IT
purchase decisions during 2013? (Marketers’ perceptions of buyer behavior)
Communities
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 23
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Web search (e.g., Google, Bing)
Focused industry/professional online communities/social networks
Social media/networks
Blogs
28
17
8
6
% of Respondents selecting information source as one of first three would use during the purchase process (N=299)
Buyers say…
Web Search
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 24
There is a gap between actual and perceived buyer behavior
Most important: Marketers Say… Buyers Say…
Subject Experts Peers Solution Provider SMEs Solution Provider Sales Peers
Industry Resources Inconclusive Solution provider websites
Social Marketing Tools Communities Web search
Use for Social Media Source New Ideas Build Relationships
Keep up with industry news and events
Are marketers out of touch?
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 25
B2B Social Buyers vs. Traditional Buyers
B2B social buyers and traditional buyers
consume information differently
2.
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 26
The market has divided into B2B social buyers and traditional buyers
Note: Mean rating based on a 5-point scale where 1=not at all useful and 5=very useful.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
How useful are social media channels and networks such as LinkedIn, Twitter, Facebook, SlideShare, etc., during the purchase process? % of Respondents (N=299)
Not at All Useful1
2 3 4 Very Useful5
12 13
28 27
19
Social Buyers: 46%Traditional Buyers: 54%
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 27
B2B social buyers are young senior executives with clout
18–34
35–44
45–54
51
36
14
31
33
36
Traditional Buyer (N=160)
B2B Social Buyer (N=139)
Decision maker
Evaluator
Influencer
83
13
4
53
25
22
IT
Business
73
27
51
49
Age*
Manager
Director/Assistant VP
VP/Senior VP/Head
C-level, GM, President
19
17
25
40
31
19
22
28
Job Title*
Job Role*
* Indicates a statistically significant difference. There were no significant differences found by size of company, industry, or gender.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Purchase Involvement*
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 28
Both types of buyers have robust appetites for information, but the B2B social buyers spend more time consuming content
Average number of hours spent each week keeping up with the industry and/or technology:
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
6.5hours
4.3hours
TraditionalBuyer(N=160)
B2BSocialBuyer(N=139)
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 29
B2B Social Buyer (N=139) Traditional Buyer (N=160)
Both types of buyers consume the majority of content online, but the B2B social buyers are shifting more of that time to mobile platforms
* Indicates a statistically significant difference.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
62
38 OnlineOffline
63
37
67
33 PC
Mobile device
77
23
Time spent online vs. offline
Time spent online accessing information from a
PC vs. a mobile device*
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 30
B2B Social Buyer (N=139) Traditional Buyer (N=160)
The B2B social buyer is more “hands on” and less likely to delegate during the early stages of the buying process
When you have a business problem that requires a technology solution, what percentage of the time would you say you or your staff initiate research and find appropriate solution providers versus they contact you first? % of Respondents
* Indicates a statistically significant difference.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
I do the research and find the appropriate solution providers*
My staff does the research and finds the appropriate
solution providers*
The solution provider contacts me first
The solution provider contacts my staff first
38
36
14
12
49
23
17
11
Vs.
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 31
B2B Social Buyer (N=139) Traditional Buyer (N=160)
28
29
23
1072 2
24
15
17
11
13
136
B2B social and traditional buyers use different methods to access their peers
Note: Differences are statistically significant.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
How do you typically reach out to the peers and colleagues whose counsel you typically rely on most about technology solution providers? % of Respondents
68%89%
24
15
17
11
13
13
6 Via blog commentsVia public communities such as
LinkedIn, Facebook, Focus
Via a membership-based or private online
community website
At a tradeshow, seminar, or other event
Personal telephone callIn person
(other than a tradeshow, seminar, or other event)
Personal email
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 32
B2B Social Buyer (N=139) Traditional Buyer (N=160)
Beyond research reports, B2B social buyers and traditional buyers favor different marketing vehicles
Note: Respondents were asked to rank order top three channels.*Indicates a statistically significant difference.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
2825
221919
17171717
15131312998
66
Research reports Social media*
Email newsletters* In-person seminars/conferences/tradeshows*
Print journals/magazines Virtual seminars/conferences/tradeshows*
Webinars Sales calls or private briefings
Digital magazines Videos
Website copy Blogs*
White papers Brochures (hard copy)/datasheets
eBooks Direct mail
RSS Feed or other newsfeeds Podcasts
Which information delivery channels or formats do you typically prefer?
32611
4220
282222
119
186
15118117
3
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 33
How do you reach the B2B social and traditional buyers?
B2B Social Buyer Social media networks Email newsletters Blogs General business media
In-person seminars, conferences, and tradeshows
Virtual seminars, conferences, tradeshows
Focused industry or trade media
But some of the preferred delivery vehicles differ:
Traditional Buyer
Both Buyers Rely OnYour website & SEO
Your subject matter experts (SMEs) Sales calls and private briefings
Research reports
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 34
The New 70%3.
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 35
According to conventional wisdom, buyers are waiting longer and longer to engage with sales
70% of the buying process in a complex sale is already
complete before prospects are willing to engage with a live
sales person. – SiriusDecisions
Research has shown that B2B buyers self-educate
during close to 70% of their buying experience,
invalidating the process salespeople have relied
on in the past to build relationships from the start.
– Ardath Albee, CEO, Marketing Interactions, Inc.
But that’s not what we found…
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 36
The New 70%
70% of B2B technology solutions buyers want to engage
with sales reps before they identify their shortlist.
–ITSMA
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 37
70%24 23 24
1614
According to ITSMA’s research results, 70% of buyers want to engage with sales reps before they identify their shortlist
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Stage 5.
LOYALTYStage 4.
CONFIDENCEStage 3.
INTERESTStage 2.
AWARENESSStage 1.
EPIPHANYKeeping up with
industry/technology news
and events
Learning more about potential solutions and
solution providers
At what stage of the buying process do you find it most useful to engage with sales reps? % of Respondent (N=270)
Identifying a shortlist of
solution providers
Evaluating and selecting a
solution provider/ Making the final
decision
Building ongoing relationship with solution provider post-purchase
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 38
Stage 1: Epiphany
Provide unique perspectives on the market and solutions
Challenge my thinking
Educate me on issues and opportunities in my industry
Educate me on new issues in technology
Stage 2: Awareness
Provide me with product or service information
Tell me where on the website to find information
Put me in touch with the subject matter experts
Stage 3: Interest
Provide me with benchmarks and best practices
Help me navigate among alternative solutions
Stage 4: Confidence
Provide advice to help me make the right decisions
Provide references for me to contact
Help me build the business case
45
40
41
51
57
43
53
49
39
43
50
42
44
43
45
41
35
43
39
39
48
45
39
42
12
18
14
8
8
14
8
12
14
13
12
16
Significant Value Some Value No Value
For many, sales provides significant value at every stage of the buying process, not just the negotiation and close
When you are interacting with solution providers' sales reps during the purchase process, what value do they provide? % of Respondents (N=299)
Source: ITSMA, How B2B Buyers Consume Information Study, 2012
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 39
Educate me on new issues in technology*
Provide me with unique perspectives on the market and technology solutions*
Provide me with product or service information
Provide me with benchmarks and best practices*
Tell me where on the website to find product/service information*
Educate me on issues and opportunities in my industry*
Put me in touch with the solution provider's subject matter experts
Challenge my thinking*
Provide references for me to contact
Provide ongoing advice to help me make the right decisions and avoid land mines*
Help me build the business case*
Help me navigate among alternative solutions*
Interestingly, the B2B social buyers see more value in interacting with sales reps than traditional buyers do, especially in an advisory roleWhen you are interacting with solution providers' sales reps during the purchase process, what value do they provide? % of Respondents Reporting Significant Value
*Indicates a statistically significant difference.Source: ITSMA, How B2B Buyers Consume Information Study, 2012
63
61
60
58
56
55
55
54
53
52
50
48
40
30
54
42
32
28
51
27
46
34
34
30
Traditional Buyer (N=160)
B2B Social Buyer (N=139)
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 40
Buildrelationships
withthought
leadershipselling
Buyers rely on sales, however they want to be educated, not sold to
Buyers are hungry for ideas and information that will help them gain competitive advantage or solve a business problem
Solution provider subject matter experts are the most trusted source of this kind of information
Marketing must:– Facilitate access to subject matter experts and
their knowledge– Help sales become subject matter experts in their
own right
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 41
Buyers want ideas and advice from sales reps—BT’s KAM Live enables more relevant conversations
Buildrelationships
withthought
leadershipselling
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 42
Buyers want ideas and advice from sales reps—
turn your sales reps into front-line subject matter experts
Buildrelationships
withthought
leadershipselling
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 43
Buyer behavior is rapidly changing and you need to be at least one step (if not more!) ahead of them
Solution providers are a credible source of information and to some, more credible than peers
Give buyers what they want! Relevant content on your website and access to SMEs
B2B social buyers and traditional buyers do
consume information differentlyFind the right balance in your marketing mix
Buyers rely on sales at all stages of the buying process
Enable sales to do thought leadership selling
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 44
Remember, give buyers what they want!
Results from ITSMA’s How Buyers Consume Information Survey | 1 February 2013 | E130201 | © 2013 ITSMA. All Rights Reserved. | 45
Thank You!David C. MunnPresident & [email protected]+1-781-862-8500, Ext. 117