B2B brands need to address marketplace shifts | WARC | The Feed

B2B brands need to address marketplace shifts

There are profound changes taking place within the B2B sector, says a new report which highlights safety, trust, and customer experience as being crucial to future success in what is an increasingly competitive B2B marketplace.

These are some of the findings of the B2B Superpowers Index* from customer experience management company Merkle. 

Why it matters

As the economy continues to face challenges, deprioritising B2B relationships could hurt brands in the long run. B2B companies need to think in terms of matching their B2C counterparts and elevating buyer experience to new levels. 

Main insights 

• There’s a growing competitor landscape in B2B. On average, B2B buyers are evaluating a higher number of potential partners when making purchase decisions, and are taking longer to make their final decisions – creating further obstacles for B2B brands looking to win new business.
• The B2B performance gap is narrowing. The performance gap continues to shrink between leading brands and second-place contenders. More and more B2B buyers are making decisions to eliminate existing suppliers or make changes to their vendor roster.
• Buyers need to feel safe. Safety has been skyrocketing to the top of many buyers’ lists, and is now one of the most important factors influencing vendor selection.

Key quote

“Experience is now critical to every business. The pressure is firmly on B2B brands to enter the CX arena and deliver growth in new and innovative ways” – Rob Gold, UK CEO at Merkle B2B. 

*The Index combines quantitative and qualitative data from B2B buyers across different industries and markets around the world and tracks year-on-year trends.  

Sourced from Merkle