The Industrial Buyer’s Journey
While it is clear that the industrial sales and marketing process was (and still is) significantly disrupted by the COVID-19 pandemic, the industrial buyer’s world has also dramatically changed. Industrial buyers were forced to shift most of their evaluation, negotiation and procurement process to digital tools and platforms.
The multi year trends toward digital purchasing, starting with the pre-qualification of supplies, moved rapidly from an average of 30% to well over 80%. The buyer’s requirements for digital information, virtual meetings, e-commerce and secure private portals are now the primary method for proposals and transactions.
Awareness Phase
The industrial buying process typically begins with the awareness of an emerging business problem or opportunity. Awareness can be driven through internal situations (e.g. recognition of a competitive disadvantage) or discovered through external stimulus (e.g. customer complaint/loss of sale).
Throughout the process, buyers/teams have real time access to relevant websites, blogs, technical documents, user ratings, white papers, ebooks, social media referrals and many other sources of comparative information. Typically, the information is sourced from well-promoted websites and digital marketing content.
Qualification and Comparison Phase
As the industrial buying process transitions from the qualification stage to the comparison stage, more specific information is required: This is usually the point where the internal/external sales staff activities begin. Response time, product/solution information, access to experts, sales representative knowledge, after sale support, product management capabilities and other buyer experiences all factor into decisions made during this phase of the buying process.
Purchase Decision and Process
After the qualification and comparisons are completed, the buyer is in a position to make a decision. At this point, the speed, clarity and responsiveness of the order placement process is essential to validate the buyers’ decision.
Customer Service/Account Management
After the sale, customer service, training, documentation, project management, real time communications and help desk support become critical requirements for the retention and renewal of customer relationships. Throughout the entire industrial buying process, the customer expects a seamless set of digital experiences to achieve and maintain confidence in the supplier’s ability to serve their needs.
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