Revolutionizing B2B Research and Discovery

Are you taking yourself out of the running before you know that businesses are considering you as a vendor?

The journey from initial research to B2B vendor selection has grown longer. Businesses often aren’t aware that potential customers are evaluating them. The endgame of the research phase isn’t only about closing deals. It’s also about building lasting relationships rooted in mutual understanding and value.

This phase of the buyer's journey has recently undergone a significant transformation. Self-service is now a key player in enhancing customer experience and driving business success. This shift signifies an evolution in purchasing habits, likely driven by expectations arising from B2C transactions and the requisite shift to digital channels during the pandemic.

Understanding the Landscape

According to Harvard Business Review, B2B buyers spend only 17% of their purchase process talking to potential vendors. Instead, buyers spend most of their time independently researching solutions and vendors.

Research from McKinsey backs this claim. They found that the use of digital self-service channels among B2B buyers increased by more than 10% between August 2020 and December 2022. The percentage of buyers using self-service digital channels to identify new suppliers jumped from 22% to 34%, and those using self-service digital channels to evaluate new suppliers climbed from 22% to 33%.

The 2023 B2B Buyer’s Survey from Demand Gen Report found that anonymous research is the first step in the buying process. When the buyers reach your website, they have clear expectations of your content. Eight in ten buyers state that content significantly impacts their buying decisions. Specifically, buyers are looking for your content to provide:

• Pricing information
• Features and functionality
• Reviews
• Demonstrated vendor experience with and knowledge of the industry
• Deployment time and ease of use

The data underscores the critical role of self-service in the research and discovery phase of the buying journey. Prospective customers should be able to gather all the information they need to narrow down their list of vendors and set up user accounts without talking to the sales team.

Enhancing Digital Interactions

Businesses must prioritize enhancing their digital presence to remain competitive in the B2B landscape. It's no longer sufficient to rely on traditional sales channels alone. Today's buyers demand seamless access to information at their fingertips and easy account management. Here's how to meet those needs:

Streamline Information Access

Today's buyers expect effortless access to the information they need. Gone are the days of gated content and convoluted navigation menus. Provide essential details up front, such as product details, minimum order quantity, pricing, delivery timelines, and so on. Answering preliminary questions will lead to sales conversations that are more likely to convert. Removing unnecessary barriers gives your brand a competitive edge.

Make Buying Easier

Brent Adamson, a renowned B2B author and advisor, points out that buyers are overwhelmed by the sheer volume of information available at their fingertips. Provide high-quality, clear and credible content focused on helping customers overcome buying challenges. Offer practical support with discrete, job-related tools that ease the customer’s buying process.

Reduce Friction at Every Touchpoint

Implement tools such as chatbots for instant assistance to facilitate decision-making while collecting valuable insights to inform future interactions. Chatbots strike a high-tech, high-touch balance. They allow prospects to complete research and obtain instant feedback, while being one click away from a human conversation if necessary.

Optimize Account Management

You’ve provided ample information for prospects during the research phase. They’re ready to create a customer account, signaling a willingness to move the relationship forward. Simplify the account setup process and empower buyers with customization options that cater to each buying organization's needs. Self-service account setup offers prospects a low-pressure initial engagement with your company and opens the door for introductory outreach.

Quality Opportunities

Does increasing self-service research and discovery opportunities negate the need for sales reps?

Not at all. Instead, it lays the groundwork for higher-quality prospects and better-informed purchase decisions. When buying teams spend most of their time researching and talking amongst themselves before reaching out to your sellers, it’s reasonable to expect that sellers will be conversing with high-quality prospects. Sales reps take on the role of guides, ensuring that prospects receive the information most relevant to their needs.

With buyers using ten or more channels throughout the purchase lifecycle, an omnichannel presence with human interaction is key to the sales process. McKinsey reports that orchestrating a quality experience across multiple channels, from digital self-serve to a traditional sales rep experience, will accelerate B2B seller growth.

Embracing the Power of Self-Service

Self-service has become a cornerstone of the B2B research and discovery phase, offering a myriad of benefits to businesses and customers. By prioritizing accessibility, minimizing friction and embracing buyer enablement, companies can position themselves for success in a competitive market landscape. Enabling self-service account management opens the door for high-quality, tailored communication.

In a digital world, meeting customer preferences from the first interaction is imperative. This sets the stage for a mutually beneficial relationship.