Why Digital Transformation Matters to Your Organization [Hint: Millennials]
According to Gartner, 44% of millennials prefer no sales rep interaction at all in a B2B setting. Further, B2B buyers spend only 17% of the total purchase journey with sales reps. While the role of sales will not disappear, it will undergo significant changes. Sales leaders will need to adapt to these changes by providing value through these new digital models and by training sales professionals to guide customers through the decision-making process in new ways.
Millenials Take the Lead
Millennials dominate the demographic landscape: Born between 1981 and 1996, they surpass Baby Boomers as the largest generation in the U.S. with an estimated population of 72.19 million and will continue to shape the nation's population for years to come.
Millennials are increasingly playing a significant role in B2B purchasing decisions. In 2016 (7 years ago, yikes!), 73% of Millennials were involved in some form of B2B decision-making and 1-in-3 were the sole decision-maker in their company. It's important for B2B brands to understand the unique characteristics and motivations of this demographic (and Gen-Z behind it) in order to effectively adapt thier strategies to market and sell to them.
Millenials have grown up in a digital world and are comfortable with technology, so they expect to be able to find and access information quickly and easily through online channels. This means that B2B brands should have a strong online presence, including a user-friendly website and social media presence, among other things, to effectively reach and engage with this demographic.
Adapting to Digital Sales
The world of B2B sales has undergone a significant shift in recent years, as more and more customers are choosing to engage with companies through digital and omnichannel sales processes. If B2B buyers are only spending 17% of the total purchase journey with a sales rep, then your digital purcahsing journey needs to be on point in terms of education, engagement and efficiency.
As more and more customers and prospects turn to digital channels, businesses need to be able to meet them where they are. This means investing in digital marketing strategies that can support prospect and customer engagement, demand generation and lead nurturing tactics that will contribute to a strong pipeline, ultimatley bolstering overall business and revenue growth.
In addition to traditional marketing channels like your website, social media and content marketing, digital tools like marketing and sales automation platforms will be a crucial investment to keep up with the competition and provide an experience that buyers are comfortable with. But your communications cannot be robotic—people still want to deal with people. Make sure to keep it human and remember that businesses are made up of people, and many of those people are Millenials.
Organizations that are able to successfully navigate this shift and adapt their strategies accordingly will be well-positioned for long-term growth and success in the new digital environment.