7 Interesting Facts About the Cost of B2B Marketing

The Business-to-Business (B2B) world is fiercely competitive and ruthless. Keeping abreast of the latest trends in B2B marketing is not an option if you want to survive and do better than your competitors. This is one reason why B2B marketers have to always stay abreast of the latest trends and techniques.

Guest author Conrad Brennan shares some interesting facts as he looks back at how B2B marketing was done versus how it is carried out today. He presents seven interesting facts about the costs of B2B marketing. This will give B2B marketers a roadmap for what the B2B industry is likely to experience with their marketing campaigns in the coming years. Learn more about Conrad Brennan.

1. B2B sales today take 22% longer

The wealth of information available online means that your average B2B customer is sharper than in previous years. As a result, B2B purchasers take longer to finalize their purchases, with Biznology revealing a 22% increase in the time taken. 

B2B companies must therefore take into account the longer duration of standard transactions, to allow their sales forces more time to close deals. 

2. There are fewer B2B managers today than ever before

The average size of one B2B sales team is larger than ever before, which means managers are tasked with more responsibilities than in previous years. In 2010, the rate was one manager per 17 sales people; this later ballooned to 29 sales people for every manager in 2015. 

3. Sales controller positions are accelerating

Though B2B companies are cutting back on their managers, they are doubling down on sales controllers. These people handle the vast influx of data and analyze it to reveal the best courses of action for the company’s future. In the last few years, sales controllers are becoming a hot commodity among B2B job-seekers.

4. Social media represents a major chunk of B2B commerce

The next wave in B2B marketing will definitely be located in the world of social media. Even Germany, which has a long reputation of being late to B2B sales trends, now handles 75% of its B2B transactions through social media.

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5. Sales lead fluctuate in value depending on industry

Sales lead rates to differ widely among various industries. In the tech world, each lead is worth around $31, which puts it at the lower end of the spectrum. Healthcare leads are generally the most expensive, at $60 a pop. 

6. The bulk of B2B buying occurs online

Even before the online shopping trend became mainstream, most of B2B buying took place over the internet. B2B purchasers are some of the most stringent out there, and internet shopping works well for consumers who like to research exhaustively before committing to a single product.

You might already know this, but you might be surprised to learn just how much of B2B commerce takes place online. According to the B2B Path to Purchase study by Google and Millward Brown Digital, 89% of all B2B purchases are conducted online.

7. Most buyers say “no” before saying “yes”

According to a study cited in the famous marketing blog “The Marketing Donut” 80% of B2B buyers give negative answers around four times before they answer “yes”. Whether this is due to angling for a better deal or to high standards, most B2B purchases can be difficult to close without a previous longstanding relationship.

The vast majority of B2B sales staff fail to follow up on such leads, preferring to go for fresh leads instead. This is a mistake that leaves a lot on the table. B2B sales managers should train their team to withstand negative answers and follow up until B2B buyers definitively go with someone else.

Conclusion: 

The costs of b2b marketing are going to continue to change rapidly as the b2b market becomes more competitive with every passing year. If you want to be successful at b2b marketing and drive your business forward, it is important for you to get either one or a team of experienced b2b marketing professionals who will know how to collect data analytics, analyze them and make important decisions on how to tweak your b2b marketing campaigns for the future.