Not too long ago, business headlines were proclaiming the death of marketing. CMO roles were being cut from major brands, and some experts warned that CMOs were becoming obsolete, or at best subordinate to Sales.
Of course, marketing is far from dead. It's alive and kicking, but its power is tragically misunderstood—even by many marketers themselves.
New research my team and I conducted quantifies just how crucial marketing is in B2B buying, revealing that marketers own the first 70% of the buying journey. Which means it's Marketing, not Sales, that wins over buyers—or fails to do so.
In this article, I'll explore the research, discuss its implications for revenue teams, and do my best to rally marketers to harness their power in the B2B buying journey.
By understanding and influencing the customer experience during that initial 70%, marketers can become key drivers of pipeline and revenue for their organizations.
The B2B Buyer Experience Research
As noted, the recent B2B Buyer Experience Report found that 70% of the buying journey happens before buyers reach out to sellers. Furthermore, 84% of the time, buyers make their decisions before talking to sellers and tend to buy from the first company they engage with.
However, that doesn't mean sellers should aggressively reach out and push for meetings,; doing so can backfire. The crucial point here is that the first engagement is typically guided by marketing efforts, not those of Sales.
From Current State to Future State
Imagine a typical scenario: a team within a company identifies an issue with the current system and starts exploring potential solutions. Team members begin their research online, visiting vendor websites, attending webinars, and sharing information internally. Despite the initial flurry of activity, many of those interactions remain anonymous.
Six months later, after numerous internal discussions and consultations, the team reaches a consensus on a preferred vendor. They then reach out to set up demos, and opportunities are created for each vendor; however, at this point, one vendor (the preferred one) has a much higher chance of closing the deal, whereas the others scramble to increase their odds.
That scenario underscores the importance of early and continuous engagement. Traditional lead generation has established our content as a trap—a trick to get people's information so we can contact them. But buyers know it's a trick, so they don't do it except under great duress, which explains why only 3% of buyers fill out forms.
Instead of treating content as a conduit to leads, marketers would do better to focus on creating useful resources and making them freely available. The goal, after all, is to help buyers identify how you solve problems for them.
By making content frictionless to access and attractive to consume, marketers can win buyers to their brand and solutions, then create offers and experiences that will inspire them to engage.
At the same time, marketers can help sellers capitalize on those coveted first interactions by equipping them with everything they need to engage buyers effectively before they reach the critical readiness threshold.
Early sales engagement should focus on understanding what buyers want and enabling them in their decision-making rather than merely chasing demos and meetings. When sellers prioritize the buyer, providing information and experiences that buyers value, meetings and demos will naturally follow when buyers are ready.
Marketers have the power to influence decision-making long before buyers are ready to talk to sellers. By understanding and navigating the digital breadcrumbs left by potential buyers, marketers can gain a competitive edge, shorten the sales cycle, and drive revenue growth.
Three Key Principles of Modern Marketing and Selling
Understanding the pivotal role that marketing plays in the B2B buying journey is just the beginning. To maximize the effects of this influence, marketers and sales teams must adopt a strategic approach that aligns their efforts. This involves three key principles: aligning on the best accounts, identifying and engaging with buying groups, and monitoring these groups throughout their entire journey:
1. Marketing and Sales must align on the best accounts
- Ideal customer profile (ICP): Identify and focus on accounts that are most likely to buy, based on data rather than hunches.
- Data-driven decisions: Use predictive analytics and intent data to pinpoint accounts with a high likelihood of being in-market.
2. Identify buying groups, not just individuals
- Buying groups: Understand that B2B purchases often involve buying groups of 10 or more members.
- Multithreading: Engage multiple members of the buying group from Day One. Ensure that contact data for the entire group is ready for Sales, avoiding reliance on form-fills.
- Holistic engagement: Monitor digital interactions to identify and engage with the entire buying group.
3. Monitor buying groups throughout the entire journey
- Timing: Recognize that 84% of buyers have already made up their minds by the time they first interact with sellers. The first two-thirds of their journey is spent deciding what they want and from whom, whereas the last third is spent validating their choice through demos and live conversations.
- Continuous engagement: Maintain visibility and engagement with buying groups throughout their journey, using intent data and deanonymized Web traffic.
The Path Forward
The notion that marketing is becoming obsolete couldn't be further from the truth. Our research highlights a critical reality: Marketers hold the reins for the majority of the B2B buying journey.
Because 70% of the journey happens before buyers engage with sellers, Marketing's influence is paramount in shaping buyer decisions.
To harness that power they can wield, marketers must align closely with Sales, focus on the right accounts, and ensure comprehensive engagement with buying groups. By equipping sellers with accurate, up-to-date information and monitoring buying signals, marketers can seamlessly transition buyers from interest to action.
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Revenue generation is a collaborative effort in which Marketing plays a crucial role. Recognizing their pivotal influence, marketers should embrace their power and take charge of the initial 70% of the buying journey. Doing so will drive pipeline and revenue, securing the future relevance of marketing in the evolving B2B landscape.
More Resources on the Buyer Journey and Marketing's Role
The New Customer Journey: How to Reach B2B Buyers
The B2B Buying Process Visualized
A Framework for Getting Started With Customer Journey Mapping
What People Need at Each Stage of the Buyer's Journey [Infographic]
