B2B marketing and sales need a 21st-century upgrade

When COVID-19 made in-person sales and marketing impossible, buyers and sellers responded positively. By summer 2020, nearly half of marketers reported that the new model was more effective than their old methods, with only about a quarter reporting they were less effective.^[4]

Buyers are increasingly willing to make big purchases without in-person meetings. About 70% are willing to make purchases of more than $50,000 online. More than one-fourth are willing to spend more than $500,000.^[5]

Today's labor force has grown up with new expectations. Millennials make up nearly half of all small business owners,^[6] and over 10% of Gen Z'ers plan to start their own business in the first half of 2023.^[7]

This younger generation of business leaders is less interested in phone calls and sales pitches over dinner than in texting and self-direction. Three in four millennials stay away from phone calls, viewing them as a waste of time.^[8] Gen Z is similarly phone-averse.^[9]

Surprisingly, the life sciences sector, otherwise known for rapid innovation, has been among the laggards in adopting digital marketing and sales. Until recently, many research labs were able to order snacks for the break room with a few clicks - but had to fax in their orders for everything from pipettes to advanced diagnostic equipment.

The pandemic helped change that. A majority of pharmaceutical industry professionals believe COVID-19 accelerated digital transformation efforts by at least three years, according to a GlobalData survey.^[10]

We've certainly seen as much at QIAGEN, the molecular diagnostics and life sciences firm where I work. We've been able to tailor our digital marketing efforts to the specific needs of individual buyers. The feedback from customers has been positive; finally, they can buy diagnostics tools as easily as they do home goods on Amazon.^[11]

For over a decade, even traditional brick-and-mortar retailers have viewed online consumer marketing and sales channels as existentially important - a way to reach customers that lack the time or desire to visit stores in-person or call in an order. Yet many firms that cater to other businesses have stubbornly resisted that trend.

But resistance is no longer viable. B2B firms must take actionable steps to update their marketing strategies, or risk falling behind the herd. First, many B2B firms could benefit from better aligning their marketing efforts with the digital sales cycle. For instance, we've found that capitalizing on digital practices that have traditionally been oriented toward consumers - like Cyber Monday sales - has been surprisingly successful for B2B transactions.^[12]

Another common B2B digital marketing strategy is asking web visitors to create an account and provide their email address in exchange for valuable information behind the login - such as handbooks or recorded webinars. Reliable contact information can help B2B firms learn more about the visitor's employer and its potential needs, while also making it easier for sales staff to follow up on potential leads in the future.

Lastly, it's critical to remember that digitizing B2B marketing doesn't mean deprioritizing customer relationships or eliminating in-person sales roles. Moving administrative work online can free up more time for sales staff to focus on customer experience. Some firms have even explored the idea of giving B2B sales employees a more "advisory" role, helping new clients integrate B2B purchases as successfully as possible.^[13]

These are just a few ideas. How B2B marketers adapt their practices to the digital transformation will depend on a variety of factors, like product offerings, geographic footprints, and sales budgets.

One thing is certain: When B2B firms ultimately make the leap to digital marketing and sales, they'll soon find their only regret is they didn't act sooner.