Understanding and Optimizing the B2B Buyer Journey

B2B software companies, and the modern buyer

The modern B2B buyer has a fairly distinctive profile:

  • Demographically and geographically diverse, predominantly made up of millennials (!)
  • Grew up in the digital era and are comfortable doing online research via multiple digital channels
  • Still want the option of high-touch customer service at some point in their buying journey; they expect a customized experience adapted to their specific needs and goals
  • Driven by practical factors while making purchase decisions — such as the minimum cost and functional value of the acquisition for the company — but also taking into account emotional factors, as individuals
  • Make decisions as part of a team, with different stakeholders in different roles, but also have their individual preferences
  • Primarily channel-agnostic but very focused on mobile (80% of buyers use mobile phones throughout their B2B buyer’s journey.)) and certainly looking for a consistent brand experience from your business; they expect seamless, responsive, easy service across all channels.
  • Favor online purchases, giving greater emphasis to digital commerce. The total share of B2B sales made through an eCommerce site is expected to reach $1.8 trillion and account for 17% of all B2B sales in the US by 2023. 76% of B2B buyers said the website design of an eCommerce store is the most important factor influencing their buying decision.

The 4 key differences between the B2B and B2C buyer journey

  • With B2B, you’re selling to a team; with B2C, you’re selling to individuals. The B2B buyer journey is complicated by the fact that there are usually more individuals involved — one study showed that almost 80% of B2B buyers had from one to six people involved in the purchase process, with the rest 20% claiming a team of seven or more. This can make the process considerably longer and more arduous.
  • B2B deal sizes are usually larger. B2B transactions are usually bigger than with B2C, both in order amounts and total revenue per customer, making more money per sale. This means your business can be more strategic and particular about leads than B2C, who need a more scattershot approach to gather a greater number of leads.
  • It takes longer to close a sale with B2B than with B2C. Getting decision-makers on board a B2B sale is likely to take longer — between a few weeks and nine months on average for larger deals — and be more effortful, requiring more thought and research on the part of the buyer than with a typically more impulsive B2C purchase.
  • B2B customers are emotionally involved in their purchase, too. Once the functional value, performance, economic, ease of doing business, etc. criteria are met, individual values weigh in the decision. After all, individuals make the purchase decision, even if that decision is made as a team. Overall, it’s more about finding the right vendor/partner “fit” than who offers the biggest business-related value.

Why understanding the buyer journey is important

The 4 stages of the B2B buyer journey

1. The Awareness and Discovery Stage

2. The Consideration and Evaluation Stage

  • Making your online educational content easy to find
  • Participating in online and/or in-person industry events (as allowed during the pandemic)
  • Getting featured in industry reports and publishing benchmarks
  • Using social channels for exposure
  • Asking existing clients for reviews on third-party review platforms
  • Building a referral program
  • Offering solution comparisons

3. The Decision Stage

4. The Loyalty Stage

How defining the B2B buyer journey can impact your bottom line

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

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2Checkout (now Verifone)

2Checkout (now Verifone)

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

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