What's the next big thing? What comes after mobile? Where is marketing headed? Mobile has changed everything, but it's only Act One. Machine learning in marketing is set to drive the industry's next revolution. Google's Senior Vice President of Ads & Commerce, Sridhar Ramaswamy, reflects…
B2B marketplace.How mobile changes the landscape?
Things are moving faster than ever.
Despite the complexity of B2B purchasing, more and more buyers use smartphones, and mobile’s influence is reshaping the Business to Business purchase pathway. This constant change creates substantial opportunities for marketers who get it right; although many seem slow to adapt.
But what changed?
In an industry where personal relationships play a pivotal role, the introduction of the smartphone changes that dynamic. The new generation of B2B customers actually prefers not to interact with a salesperson until they are ready to close the deal. These new buyers look for the same digital experiences and features that they encounter as consumers.
Google with the collaboration of The Boston Consulting Group conducted a recent survey with the conclusion that:
Mobile drives, or influences , more than 40% of revenue in leading B2b organizations —in industries that traditionally depend more on sales than marketing to drive revenue.
The research indicates that mobile’s effect on B2B buying is accelerating. B2B buyers are becoming increasingly higher with technology. They do it by using mobile for work, and multitasking across multiple screens.
BCG’s research showes that 80% of B2B buyers use the mobile at work, and more than 60% report that mobile plays a significant role in a purchase.
What about B2B sales?
While the number of actual B2B purchases made on smartphones today is still small, it’s growing steadily. At the same time, B2B online queries shift rapidly from the desktop and laptop to the smartphone.
Google has found that about 50% of B2B queries today are made on smartphones. BCG expects that figure to grow to 70% by 2020. One reason: the amount of time spent on mobile devices at work is increasing.
Numerous marketers point to a lack of direct evidence of mobile’s impact. On the other hand, it is becoming increasingly apparent that those not engaging customers on their smartphones risk losing sales. Leading mobile marketers have a very different approach on how to engage with their customers.
- Investing substantial time and energy in understanding their customers’ purchase behaviors and the role that mobile plays.
- Developing simplified mobile experiences designed expressly for smartphone users.
- And recognizing that the volume of customer data available from mobile and other channels engage customers in the earlier stages of their purchase journey
The speed at which digital technologies drive change tends to punish those who follow a wait-and-see approach. Marketers need to have a first-mover advantage, by prioritizing mobile experiences now or be left behind.
Until next time.