How do B2B tech companies stay competitive?
How do B2B tech companies stay competitive? The tech buyer has changed – they expect companies to have a digital presence to meet their expectations. Companies must understand how tech buyers have changed and adapt to meet their needs. Embracing and implementing a digital strategy will create a competitive advantage.
The High-Tech B2B Market Is Cluttered!
The high-tech B2B market is cluttered! The level of competition in this space is massive, and it will only increase with the access available for new companies to get up and running quickly. There are so many different tech companies out there now that it’s overflowing and overwhelming to buyers.
The competition is fierce and has affected several fronts (Adobe/Ovum):
- Margins: 75% of respondents said prices and margins have been squeezed as a result of the current competitive landscape.
- Product: Firms are having to reconsider their value propositions. This is against a backdrop in which 73% of marketers said their products and services are becoming commoditized.
- Customer: Customers are moving more frequently between vendors, and 67% of respondents report an increase in churn rates. This is leading the same proportion of vendors to accelerate entry into new markets to seek additional revenue opportunities.
So, how are high-tech companies in the B2B space supposed to stand out in a sea of competition? It comes down to knowing your buyers and having a B2B digital strategy to meet their expectations.
How Have B2B Tech Buyers Changed?
You’ve heard from many sources that today’s B2B buyer has changed. Now, that’s a blanket statement for all B2B spaces. For B2B tech buyers, we’ve got some stats to back it up.
Millennials are taking the lead when it comes to decision making and they have the pull to shortlist technology solutions because they leverage the power of research.
One-third of millennials have the budget and authority to make enterprise technology purchases of $10,000+. Baby Boomers are only at 23% and Gen Xers at 27% (Arketi Group).
More and more millennials are taking on these decision-maker roles, and they have different expectations when it comes to the buying experience. Oh and remember how I mentioned they have pull when it comes to shortlisting technology solutions? Yeah, they are on their game when it comes to research. That means they are online looking for every bit of information on tech solutions to help them make an informed decision.
They’re looking at your website, social, content, search engines, etc. Today’s buyer is all about digital conveniences. They want a frictionless buying experience, and they want it now.
If your site looks dated, loads slowly, or has a bad user experience, they will move on to your competition.
If you don’t offer up some content that adds value and helps them make an informed decision, they will move onto your competition.
If you don’t have a social media presence they can engage with, they will move onto your competition.
If you are not optimizing your site for search engines, they will find your competition instead.
How Do B2B Tech Companies Adapt to Buyers?
Simply put, you must implement a digital strategy. As I said, these buyers are doing their research online. In fact, 59% of buyers prefer not to interact with a sales representative as their primary source of research (Forrester).
If you have no digital marketing happening, then you’re not reaching your buyers and meeting their expectations. They don’t want to talk to you until they’ve done their own research. To make it in the running, you’ve got to offer them something of value.
Create a digital environment they can engage with and absorb information to help them make an informed decision. Developing a good user buying experience can go a long way with your potential customers. To do this, you need to implement a strong digital strategy.
A solid digital strategy includes:
- Fresh Looking and Optimized website
- Content Marketing – blogs, eBooks, whitepapers, videos, etc.
- Engaged Social Presence
- SEO strategy
If you incorporate the above into your digital strategy, you’ll be on your way to creating a buying experience your buyers expect and appreciate. And it’s not just millennials that are looking for this type of sales experience…Baby Boomers and Gen Xers are too.
A robust digital strategy will increase lead generation and take your company into the future of B2B high-tech sales.
B2B Tech Companies Need a Digital Strategy NOW
Maybe you’re thinking, “I don’t have the budget now,” “I don’t have the resources,” or “I will just wait to tackle that at the beginning of 2020.” If any of these excuses or others popped into your head, you need to shake them out right now.
Here’s the thing…
The future of high-tech B2B sales is digital. The same study forecasts that more than half of high-tech B2B sales will come from digital by 2020. (Adobe/Ovum)
We are almost halfway through 2019…2020 will be here before you know it!
If you want to remain relevant and competitive in the B2B technology industry, it’s imperative to get your digital strategy in place now
Why now? The truth of the matter is that getting results from your digital marketing efforts isn’t an overnight process. It takes time to:
- Build a website
- Create content
- Build an audience on social
- Get results from your content and website on SEO
Some companies claim they can get you results tomorrow, but it won’t be long-term. Start preparing for 2020 now. Hire a digital marketing agency that specializes in digital marketing for the B2B saas and tech industry or hire an in-house digital marketer. Just make sure you get a digital strategy in place so you don’t get left behind.
Does your business have visible executive and employee brand advocates? Listen to this episode of The B2B Mix Show to find out why you should.
We mentioned the possibility in episode 10. In episode 11, we did it! We changed our name. This short episode talks about what’s next for The B2B Mix Show.