12 Must-Know Data-Backed Stats for B2B Industrial Marketing
Having a healthy sales pipeline is key to running a successful business in any industry. However, in the industrial sector, these B2B pipelines often need a different approach, particularly as the sales cycles tend to be much longer.
At TCB we’re big believers in sharing knowledge, so we’ve compiled some must-know B2B industrial marketing statistics, giving you data-led insights on buyer behaviours and more.
1. 80% of B2B buyers demand quick responses
When it comes to responding and interacting with B2B customers in the industrial sector, data shows that 80% of them expect quick, real-time customer service - similar to the B2C sector.
Modern B2B customers conduct their own research into suitable solutions, just like they would for a personal purchase, meaning they demand the same level of service. So it’s no longer acceptable to keep them waiting. Those hours, days, and possibly even weeks, will only serve to push potential customers into the arms of your competitors.
2. B2B purchases involve six to ten decision-makers
In B2B environments, the buying decisions aren’t taken lightly and typically involve multiple decision-makers, which can make the purchasing process far more complex.
Reports show that the average B2B purchasing process involves 6 to 10 people, making it even more challenging for marketing and sales to ensure they’re engaging with the right people.
This is where lead qualification is key, looking to identify whether a prospect has the budget, authority, need and timeline to be passed over to sales.
3. B2B sales journeys are no longer linear
Traditional linear sales cycles are becoming a thing of the past in B2B sectors. Instead, B2B customers tend to come back to different stages of the sales exploration process at least once before progressing to purchasing, particularly when multiple decision-makers are involved.
Viewing this process as a fluid, cyclical structure rather than linear can help you to better meet customers' needs at every point of their purchase journey.
4. 44% of Millennial buyers are primary decision-makers
Figures show that nearly half (44%) of Millennials involved in the purchase process are the primary decision-makers and 33% of them say they’re key decision influencers. This means that online research plays an even more important role as these digital natives turn to their computers to inform their business buying decisions.
5. 49% of B2B Millennial buyers use online reviews for decision making
To meet their demands, B2B markers should provide them with the right information (and formats) to put their brands at the fore.
A recent survey showed that nearly half (49%) of B2B Millennials used review websites as a source of buying research, with web search (43%) and demos/trials (38%) coming in second and third place, respectively.
This highlights the importance of content marketing that engages with the customers during their research phase.
6. 62% of engineers only speak to sales after completing half the buying process
With independent online research, reviews and social media becoming an integral part of the B2B buyer’s journey, it’s not surprising that nearly two-thirds of engineers don’t speak to a sales team until they’re at least 50% of the way through the buying cycleto ensure they’re reaching engineers earlier in the sales cycle, providing them with valuable insights and resources where they spend their time online.
7. 74% of buyers choose sales reps who offer value and insight
The modern B2B buyer is no longer just focused on solution selling, where a sales rep matches their problem with a solution. Instead, buyers are looking for brands to offer them expert insights and value before they pitch a solution, nurturing them through the buying process.
Termed ‘insight selling’, figures show that 74% of buyers prefer sales reps who use an insight-first approach, making it an important consideration for any B2B business sales strategy.
8. Only 20% of new leads convert into a sale
Lead generation is a fundamental part of the marketing and sales process, but a staggering 80% of those leads won’t convert into paying customers.
It’s important to remember that customers who download content or submit a contact form aren’t qualified leads and may not be ready to buy yet. This is where lead qualification and customer nurturing are crucial - allowing you to identify the hot leads from those that need coaching through the sales funnel.
9. Lead nurturing can lead to 50% more sales and costs 33% less
Taking the time to nurture potential leads early in the sales cycle is a highly effective way to boost your closing ratios and even lower your costs.
Figures suggest that companies who implement a lead nurturing strategy generate twice as many sales as those companies who don’t.
But that’s not all, taking the time to keep in touch with those warm leads can also cost 33% less, as they’re more likely to convert and are said to have a 23% shorter sales cycle.
10. Marketing automation has increased leads for 80% of brands who use it
80% of brands who have introduced marketing automation software have seen increased volume and quality of their lead generation.
But that’s not the only benefit of marketing automation. 36% of brands cited time-saving as one of marketing automation’s top benefits, quickly handling repetitive, labour-intensive tasks.
11. Nearly 50% of industrial companies don’t have defined online lead-generation strategies
Measuring the success of lead generation and qualification is key to understanding what techniques are working and refining those that aren’t. However, statistics indicate 48% of industrial companies don’t have defined goals, and metrics in place for their online lead-generation strategies.
12. 35% of industrial marketers aren’t using a CRM system
A Customer Relationship Management (CRM) system is the cornerstone of an efficient sales process. Providing a centralised database with up-to-date information on customers and prospects throughout the sales pipeline, CRMs can help streamline your sales process, save time and improve customer service.
Incredibly though, over a third of industrial marketers don’t use a CRM, which can leave knowledge gaps and lead to missed opportunities.
In B2B sales, knowledge is power, so hopefully these statistics can help you refine your approach to ensure you’re effectively engaging and nurturing every potential client, wherever they are in their customer journey.
If you’re not sure where to start though, TCB can help. From first-line engagement to turning lapsed clients into advocates, our experienced, multilingual team is on hand to help you turn marketing leads into qualified sales leads.
Get in touch with TCB today and tell us more about your specific needs.