Technology is continuously evolving. To keep up with innovation and advancements, the B2B market has to develop too in terms of strategy, marketing, and technology. The secret to staying competitive in a competitive and cluttered high-tech B2B market is by establishing a strong digital presence. Tech buyers are more critical of their investments. As a high tech B2B company, it’s important to understand the evolution of a tech buyer journey. To meet the expectations of a tech buyer, a high-tech B2B company is expected to have a global digital presence. When it comes to high-tech products and services, clients expect the same experience they have while investing in other things.
The dramatic shift in the technological landscape has made consumers familiar with e-commerce. This territory is a massive game-changer in the tech world. To understand the level of competition in the high tech B2B market, it’s important to evaluate the significant impact of the digital transformation. Due to extreme competition in the B2B high-tech landscape, margins and prices have dropped considerably, commoditization of products and services has accelerated incredibly, and clients are becoming more open to new vendors. This enables new vendors to enter the market to create profitable opportunities.
It all comes down to one question. How are tech companies standing out from the intense competition in the B2B high-tech market? The answer is simple. Know your buyers. To understand more, it’s important to create a solid digital strategy to serve clients better. B2B clients are quite different from B2C customers. They invest because of professional reasons, and tech products and services are quite different from the rest. If buyers are investing in your products or services, it means you have to meet their expectations to create a lasting relationship.
Top Firms believes, now more than ever, there is intense pressure for tech companies to stand out. Listed below are five incredible stats about High-tech B2B:
Millennials Are the Game Changers
When it comes to decision making in the tech world, millennials have the highest intellect and authority to make smart purchasing decisions currently. The tech buyer journey is always changing. Around one-third of Millennials are taking full control of shortlisting technology solutions as they are power searchers. Their technology purchases add up to more than $10,000+ as they have the authority and budget to make it happen. Compared to the 27% of Gen X and 23% of Baby Boomers, Millennials have the most authority in boosting digital sales of the tech market. (Source: Arketi Group)
Many Millennials are finally coming on board with decision-making roles. Considering each and every individual has their preference, it’s important to focus on their different expectations as well. When it comes to online research, it’s impossible to beat them.
They filter through every piece of information to find what they want on technology. It’s how they’re becoming influential decision-makers. They target every social media platform, search engine, website, and content online to ensure a smooth buying experience.
59% Tech Buyers Avoid Salespersons
When reviewing tech purchases, people rely heavily on expert opinions and honest reviews. 59% of tech buyers avoid engaging with the salesperson when making purchasing decisions. (Source: Forrester). The enterprise technology market is evolving, and individuals use their own strategies and research to make informed decisions.
Around 38% of Millennials refer to industry experts, around 36% of them rely on face-to-face meetings with vendors, and around 33% refer to company websites for details. Comparatively, 50% of Baby Boomers rely heavily on industry analysts, while 49% of them discuss with colleagues and vendors. 40% of Gen X strongly trusts the opinions of colleagues, and 40% of them refer to company websites. 38% of Gen x refers to experts and industry analysts. (Source: Arketi Group)
These stats only prove the incredible popularity of the high-tech B2B landscape currently. While most activity in this space is expected from Millennials, it’s surprising to see Babe Boomers and Gen x actively engaging in the industry.
78% Tech Marketers Believe Content Is the King
Digital marketing is essential in expanding global outreach and meeting buyer expectations. While tech buyers won’t engage until they’ve conducted their research, they’re actively looking for something to hook onto. Creating an engaging digital environment boosts the decision-making process, and for that to happen, having an effective digital marketing strategy is important.
It’s stated that by 2020, most B2B tech marketers are expected to have a certain skill set to be a certified marketer. 80% of tech marketers believe that writing skills are essential, while 78% believed content marketing skills should be highly prioritized. 77% believed data analysis skills and digital media skills are extremely important, and 65% think email marketing skills are necessary for digital marketing. These skills are considered invaluable in the B2B space.
B2B Tech Industry Allocates 15% of the Budget to Marketing
Going digital is key to staying relevant in the B2B technology space. It’s stated that around 15% of the total budget is allocated to marketing every year by the B2B high-tech industry. (Source: Deloitte). Following a digital marketing strategy will not produce results overnight. Creating a website, posting content, gaining traffic, and optimizing
Nevertheless, this process delivers long-term results. More than half of the high-tech B2B industry will produce digital sales by 2020. Limited budget or resources is no longer considered an excuse to avoid going digital anymore.
70% of Tech Marketers Focus on Engaging Content
Tech marketers strongly believe content is equal to revenue. The more valuable the content, the higher the revenue generated. Without the right content, targeting the right audience becomes impossible. Content marketing includes blogs, whitepapers, infographics, articles, videos, etc. Producing high quality and engaging content is the biggest marketing challenge a B2B tech company faces, said by 62% of B2B tech marketers. (Source: Content Marketing Institute).
To create compelling content, knowing your buyer is essential. To make them feel heard and valued, grasping their attention in the first place is necessary, and content is the only engine that drives curiosity in the B2B tech landscape. Around 70% of tech marketers focus on creating interactive content. (Source: Content Marketing Institute).
An extremely saturated B2B market makes it seem impossible for tech companies to gain recognition, but the evolution of technology has shifted the perspective towards a more positive outcome. These stats are proof of the incredible importance and impact high-tech companies have in the industry.
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