A new study published by Google and Millward Brown Digital brings to light the changing nature of Business to Business marketing. By mirroring a study published in 2012, this study (which was conducted in 2014) was able to capture the B2B decision making landscape two years later.
One of the most notable changes captured in the study is the demographic shift of decision makers and influencers. Almost half of those researching and making decisions are now between 18 and 34 years old. With an astounding 81% of non C-suiters now having a say in the decision making process, millennials’ influence will only increase as their presence increases in the workplace.
The study also uncovered the changing process in which information is being found by purchasers. While online search continues to be the purchaser’s #1 resource, what the purchaser is searching for is changing. In 2014, 71% of purchasers searched with a generic query. Researchers and decision makers are now learning more about B2B products and services before learning about the associated brands. This poses new challenges for B2B brands, requiring them to market their products in new ways before the researcher even reaches their website.
Based on these trends, there are two important considerations that B2B brands should be making when marketing their products. First, millennials are driving the adoption of mobile as a space to search for their B2B needs. Brands must begin to consider their mobile presence and it’s appeal to the millennials who are increasingly conducting their research on mobile. The second consideration is the increasing value of video. According to the study, “seventy percent of B2B buyers and researchers are watching videos throughout their path to purchase.” With that many influencers watching videos, it’s important for B2B brands to understand the value that their videos bring to them.
What Sparks Our Fire: The need to redefine marketing tactics and strategies to reach the maturing millennial audience.