The third B2B Superpowers Index from Merkle reveals significant changes in the B2B market and offers helpful recommendations for fostering growth and competitive advantage through top-notch experiences.
Merkle, the industry’s top data-driven, technology-enabled CXM company, has released its global B2B Superpowers Index, which serves as a roadmap for businesses looking to provide outstanding B2B experiences and expand their customer base. The report was created by Merkle B2B, a company that offers a comprehensive suite of specialised capabilities that are suited to the requirements of international B2B organisations.
This global research report combines quantitative and qualitative data from B2B buyers in key markets around the world and across a range of industries, including technology, financial services, manufacturing, and professional services. The Superpowers research survey, now in its third year, tracks yearly trends and aids B2B brands in formulating long-term business plans.
“B2B brands and customers expect more from their vendors and business partners. A poor experience no longer suffices, as we’ve seen in the consumer space, and B2B is now officially entering the CX space, according to Patrick Hounsell, global activation and B2B lead at Merkle. “We’ve noticed a growing similarity between our strategies for fostering B2C and B2B loyalty, with customer experiences taking centre stage. B2B sales and marketing teams must elevate CX for their customers in the same way that marketers are doing so for consumers.
Deprioritizing B2B relationships may ultimately harm brands as the economy continues to face difficulties. Providing context, key takeaways, and suggested applications of findings, the B2B Superpowers Index serves as a resource for B2B teams by outlining the critical elements that affect purchasing decisions and ensuring that business leaders have a clear path to success. These are some key findings from this year’s Superpowers Index:
- The 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 continued to narrow between leading brands and second place contenders. This divergence underscores the increased competition in B2B markets, and the critical importance of continuous innovation. More and more B2B buyers are making decisions to eliminate existing suppliers or make changes to their vendor roster.
- The need for buyers to feel safe: One concern that didn’t surface in the inaugural 2019 report is the importance of feelings of safety in signing a contract with a supplier. Safety as a decision factor has been skyrocketing to the top of many buyers’ lists, and is now one of the most important factors influencing vendor selection.
“As B2B experiences a period of growth, it can be intimidating for leaders to foresee and comprehend the needs of buyers,” continued Hounsell. This invaluable index offers easy access to information about the top priorities of today’s B2B buyers. Focusing on the customer experience will not only strengthen bonds in the short term but also foster long-term relationships.