Have you ever been frustrated by a website that’s hard to navigate, doesn’t give you the information you need, or makes it difficult to find the right price? You’re not alone. As it turns out, B2B buyers have been experiencing these same issues, and they’re demanding a better experience when it comes to purchasing products and services.
Evolution of the Buyer Experience
In the past, B2B sales were dominated by high-touch interactions between buyers and salespeople, and pricing was often revealed only after significant back-and-forth negotiation. But times have changed. Buyers are increasingly shortlisting vendors without interacting directly with salespeople, and they’re expecting prices to be transparent and readily available during the self-discovery phase of their research.
In fact, a recent survey found that the sales experience is becoming more important than traditional differentiators like brand, product features, and value to price. This means that companies need to focus on providing a frictionless buying experience that’s fast, self-service, and market-relevant.
The New Buyer Experience
One key element of this new sales experience is speed. Buyers expect quick responses to their requests for quotes, and research has shown that companies that respond within 4 hours have a much higher win rate than those that take longer. This means that pricing processes need to be streamlined and efficient, so that companies can deliver market-relevant prices quickly and effectively.
Another important factor is trust. Many buyers prefer pricing from suppliers that use algorithms, which are perceived as fair and trustworthy. In fact, a survey found that 60% of B2B buyers prefer pricing from suppliers driven by algorithms rather than prolonged traditional price negotiation.
So, what does this mean for companies? To stay competitive in today’s B2B landscape, it’s crucial to invest in pricing capabilities that align with the changing demands of buyers. This includes providing market-relevant prices that are transparent and readily available, as well as ensuring that pricing processes are fast, self-service, and efficient. By doing so, companies can capture an increasing share of the market and drive revenue growth.
In Part 3 of this series, we’ll explore how companies must adapt to customers’ demands for efficient and fair transactions with market-relevant prices. To keep up, businesses can shift to low or no-touch digital channels, use data and algorithms to adjust prices quickly, provide a consistent pricing experience across all channels, and build a more nimble pricing organization. By making these changes, companies can meet customer demands and remain competitive in the market. Stay tuned.