The Power Shift Happening on the Internet
October 1, 2008 | Posted by: Lee Erickson
In the beginning, businesses held the power
Think back 10 years ago to when B2B marketers got this great new tool called the Internet. All marketers regardless of the size of their companies now had the power to reach more buyers in more markets. It was especially powerful for small businesses.
Marketers were quickly adjusting their strategies to include the Internet. Then they started adding online advertising and integrated Email campaigns. The Internet gave marketers additional power to push out the messages they wanted their buyers to hear.
Today, power is shifting to the buyer
Now, fast forward to today. With the explosion of online communities, blogs, and user-generated content, power is shifting from businesses to buyers. Buyers have access to more information from more sources than ever before. They can ask questions, get answers, and start conversations with people they've never met. All on the web, all on their own terms, 24x7.
What does this new power mean for B2B Marketers?
This new power is shifting how B2B buyers find, learn about, and ultimately make buying decisions. Specifically:
1. Buyers expect to be educated not sold
Buyers are using the Internet to get smarter about the products and services they purchase - in advance of contacting vendors. They're looking for a deeper, more detailed level of information and they expect businesses to provide it.
Key takeaway: Focus on truly understanding what your buyer is looking for (forget about what you want them to have for a sec). For example, if your buyers typically want a feature-by-feature comparison with other vendors, provide it on your site. Content that is highly relevant to the buyer (because it answers their questions) will be perceived as more valuable. The more content you provide, the more valuable your company becomes to the buyer.
2. Buyers are listening to what others say
While buyers are coming to your site to hear what you have to say, they're also looking for 3rd party sources to validate your claims. And companies who don't have it are simply less likely to make it to the short list.
Key takeaway: You must identify the influential industry sites that your buyers visit and implement a plan to create a presence on those sites - whether it's by pushing out relevant content, or joining in the conversation.
3. Buyers are more informed, earlier in the process
The increase in the amount of online sources means your buyer is more informed and educated than ever before. And, this is changing the timing of the sales process.
Buyers no longer have to wait to have sales meetings or presentations to get a better understanding of what solutions are out there. And many times, they may not even be looking for a specific solution to a problem but instead come across a solution as part of their daily search of the blogosphere looking to get smarter about what they do.
Key takeaway: When your buyer does reach out to you they'll likely be better prepared than even a year ago. They may even come to the table with specific expectations in terms of pricing. It's important to quickly gauge what information your buyer already has and clarify any misconceptions they may have based on what others have said. If you're engaged in the conversations going on out there, you'll have an opportunity to correct any misinformation much sooner in the process.
It's not just about your site anymore
Your buyers are spending a great deal of time on the web getting smarter about what they do. Their web-centric behavior gives you the opportunity to be seen and to influence your them on a regular basis. To capitalize on this behavior, the web must be at the core of your marketing and communications strategy. Waiting for the buyer to visit your site is just not good enough anymore.
For B2B marketers to be successful at generating awareness, building brands, and driving sales, they must find ways to leverage this web-centric world to their advantage. B2B marketers who understand and capitalize on this behavior will have a competitive edge over those who don't.
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