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B2B software firms are grappling with slower sales. Customers worry about making the wrong decision. I believe CMOs must build a data strategy to decode the B2B buying journey, creating a competitive advantage in the AI era.
McKinsey notes gradual data collection can lead to up to 40% higher revenue growth through:
🎯 Define Meaningful Interactions:
Identify what’s valuable to the customer with measurable business outcomes.
🧩 Understand Customer Context:
Whether it’s a regulatory requirement, a leadership change, or a need to improve efficiency, the data collected at each point of the customer journey can provide context about each customer segment.
🤝 Gradual Trust Building:
Identify methods for demonstrating your value at key touchpoints of the customer journey.
In addition to data collection, the quality of the interaction is important. Why? According to Gartner’s B2B Buying Journey study:
📊 Increased Complexity:
77% of buyers said their last purchase was very complex. Emblaze notes buyers revised the problem statement 3.1x during the purchasing process.
🔄 Non-linear Purchasing Process:
Buying committee members also revisited earlier stages in the buying process multiple times. Each member’s research generated 4-5 pieces of information, or a total of between 24-50 pieces of information.
⏳ Longer Sales Cycles:
6Sense found that 72% of buying teams used a consultant during the decision-making process. G2 noted that 79% of CFOs made the final decision.
📢 Different Channels:
Millennials and Gen Z start their research with social media channels, while Baby Boomers and Gen X are more receptive to sales cold calls.
How can forward-leaning CMOs leverage data to generate larger deals?
🌱 Build Trust Early:
Start early and leverage peer communities. Use AI to listen to signals and identify patterns, problems, and behaviors. Offer suggestions or quick conversations to answer questions.
🎮 Lead with On-Demand Content:
Provide cost reduction calculators, efficiency gap analysis tools, or demos. These will allow you to collect and analyze data with AI, segment customers based on where they get stuck, and align solutions.
👥 Engage Multiple Stakeholders:
Deliver buying committee workshops and map value to better understand the problem the first time.
When CMOs act on the signals and align on context, they can provide personalized, substantive content that builds customer trust quickly. When complexity is reduced, customers buy faster.
How are you using data to drive faster conversions?
Ready to discuss how to begin your AI journey or navigate the challenging moments? Schedule a Discovery Session, and together we can build your growth strategy.
