McKinsey & Company’s latest Global B2B Pulse reveals that market share winners are going all in on omnichannel, even in uncertain times.
In particular, companies that reported a 10+ percent increase in market share last year deployed five specific omnichannel strategies in concert:
- Hybrid sales teams and capabilities
- Highly personalized marketing
- Advanced sales technology usage
- Third-party marketplaces strategies
- Ecommerce excellence in owned platforms
Each strategy is valuable on its own, but they are most powerful when combined. Companies who invested in all five were twice as likely to gain market share than companies who adopted only one.
The Global B2B Pulse research analyzed responses from nearly 3,800 sales and marketing leaders across 13 countries. Since 2016, the B2B Pulse has gathered insights from almost 25,000 decision makers globally. This year’s Pulse reveals that omnichannel is now a must-have requirement in B2B marketing and sales.
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Additional insights and trends include:
Personalization shifts up a gear
77 percent of companies using direct 1:1 personalization saw an increase in market share. But companies showing the strongest market share growth – more than 10 percent a year – were overwhelmingly investing in sophisticated tactics that go beyond account-based marketing, like hyper-personalization. This form of personalization is growing most in Brazil, India, and the US, and driving market share growth particularly in the global energy and materials (GEM), finance, banking, and insurance, and telecommunications, media, and technology (TMT) sectors.
Market share winners are also investing in new sales tools that aid hyper-personalization. For example, 64 percent of share winners are using bots. Tools like these are increasingly used to accelerate and sharpen personalization for every customer at each stage of the buying journey. Stronger personalization helps ensure customers are presented with the right message, the right call to action, and the right products and solutions, all at the right time.
Appetite for high-value e-commerce transactions on the rise
The Pulse research also showed that, like last year, ~70 percent of decision makers are prepared to spend up to $500,000 in a single e-commerce transaction. Meanwhile, the number of buyers willing to spend up to $10 million in a single e-commerce transaction rose by 83 percent. This trend is particularly prominent in China, India, and the US – and especially within the global energy and materials (GEM); telecommunications, media, and technology (TMT); and advanced industries sectors.
B2B marketplaces present clear growth opportunity
In a significant shift from legacy methods, 35 percent of B2B decision-makers now rate e-commerce as their most effective sales channel. The companies winning the most market share enable their customers to buy online through multiple channels. For instance, 48 percent of growing organizations sell via industry-specific marketplaces, while only 13 percent of organizations losing market share do. E-commerce comes ahead of in-person sales (26 percent), videoconferencing (12 percent), email (10 percent), and telephone (8 percent). The best results demand investment in experimentation and optimization over time. Strong execution requires consistent optimization, experimentation, and training for internal teams.
SOURCE: GlobeNewswire