“The B2B landscape is undergoing significant transformation. Fueled by rapid integration of digital technologies, sellers continue to invest, innovate, and experiment with how they present their offerings. Their B2B customers are shifting toward consumer-like purchasing behavior. They’re also demanding a much more sophisticated buying experience and are willing to walk away if they don’t get it.”
– Five fundamental truths: How B2B winners keep growing. McKinsey.
McKinsey research shows that trends over the past several years have crystallized into five fundamental truths about success in B2B sales:
The “rule of thirds” rules all. At any given stage of the buying journey, one-third of customers hope for in-person interactions, one-third want remote communications, and one-third prefer digital self-serve options. The rule of thirds holds true across all geographies, industries, and company sizes, all types of buying occasions from new to repeat purchases, and across high- and low-value purchases.
Seamless omnichannel is gold. B2B customers use an average of ten interaction channels in their buying journey (up from five in 2016). But sellers offering multiple channels isn’t enough. More than half of our respondents want a true omnichannel experience, one in which they can interact and buy while switching seamlessly across multiple channels. They are likely to switch suppliers if they don’t have a smooth experience across these many touchpoints.
E-commerce is indispensable. In-person sales is no longer the top revenue-generating channel among organizations that offer e-commerce as an option. E-commerce is now on top, with more than one-third of revenue coming from this channel for those that offer it. Meanwhile, in-person revenue has dropped five percentage points year over year. Customers’ comfort with remote and self-serve spending has jumped, notably for orders of more than $500,000.
Hybrid work works. Companies where employees work in multiple locations (at home, in the office, or at client sites) are more likely to experience 10 percent–plus revenue growth than companies where employees work from a single location.
Gen AI’s got game. Nineteen percent of B2B sales forces are already implementing gen AI use cases and finding success, and an additional 23 percent are in the process of experimenting with it. Data-driven commercial teams that blend personalized customer experiences with gen AI are 1.7 times more likely to increase market share than those that do not.
The five fundamental truths reveal a clear, actionable, and strategic framework for companies to aim for sustained growth and success in an increasingly competitive landscape. From embracing the rule of thirds and developing seamless omnichannel journeys to investing in e-commerce, encouraging hybrid work, and implementing gen AI, decision makers are looking ahead and taking bold actions. As buyers become more demanding and technological advancement becomes increasingly critical, following the imperatives that arise from these truths will be the key to unlocking growth.
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Five fundamental truths: How B2B winners keep growing. McKinsey. September 12, 2024. https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/five-fundamental-truths-how-b2b-winners-keep-growing