In our last blog we took a deep dive into the fundamental ways in which buyers have changed in industrial manufacturing. Today’s buyers are more informed, tech-savvy, demanding and want the same engaging experiences they get from B2C companies.
With so much information in their pockets, buyers conduct extensive research before even considering purchasing, seeking our reviews, product comparisons and expert opinions. Having these critical insights and information has shifted the power balance from sellers to buyer, making it critical for manufacturers to adapt and engage their customers in new ways.
Just like the buyers, the buying process has evolved greatly. The journey used to be much more linear, customers would talk with sales reps, understand the product and receive specs for the product they would purchase. Now the journey is characterized by multiple touchpoints across various channels.
With these various channels, buyers expect a seamless experience, personalized interactions and fast response times. These high demands require manufacturers to reimagine their go-to-market strategies.
Tacton CPQ is enabling manufacturers to reinvent their strategies by creating new and exciting ways for buyers to see their unique products. Let’s investigate the evolution of the buying process, the implications for manufacturers and how CPQ is helping leading manufacturers keep up with the new buyer.
The evolution of the buying process
Digital first approach and a hybrid buying strategy
The days of the buying process being over the phone, or in-person have shifted, today the whole process starts online. Modern buyers conduct extensive research before ever contacting a supplier. They utilize company websites, social media, and industry forums to gather information, compare products, and read reviews. This digital-first approach means manufacturers must put more effort into creating an exciting online presence and provide quality information that is easily accessible so buyers can make informed decisions.
Extended decision-making process
The decision-making process in manufacturing sales isn’t as easy as it once was. It’s more uncommon for one person to make a final decision, multiple stakeholders from various departments are involved in the buying process. Gartner even notes that a new decision-maker enters the buying journey in the last 5% to 10% of the buying experience. Each stakeholder brings their own criteria and concerns when buying products. This extended decision-making process requires sellers to engage with multiple decision-makers, address a diverse range of needs, and provide more detailed and tailored information.
Real-time information is critical
Without up-to-date information it makes it nearly impossible for customers to make a final decision on products. If manufacturers can’t provide accurate pricing and availability prospects will quickly move onto companies who can. They simply do not want to wait for days for a quote or product details. Real-time information is not just a convenience; it’s a necessity.
What are some key features manufacturers can use to address customer needs?
- Self-Service options: Buyers increasingly prefer self-service options, allowing them to independently access information, configure products, and make purchases. Self-service portals empower buyers to take control of their purchasing process, offering convenience and speed without the need for constant interaction with sales representatives. Creating better buying engagement starts with being compelling and consultative. Manufacturers who can provide this type of information and consult online will win more deals.
- Virtual and augmented reality: The use of VR and AR is revolutionizing product demonstrations and virtual tours. Buyers can now experience products in a more immersive and interactive way, gaining a better understanding of the product’s features and benefits without being physically present.
- Analytics: Advanced analytics are transforming the way manufacturers understand and engage with their customers. By leveraging data analytics, manufacturers can gain insights into buyer behavior, preferences, and trends. This allows for more targeted marketing, improved sales strategies, and enhanced customer experiences.
Strategies for manufacturers
Digital engagement and buyer-friendly experiences:
Manufacturers who prioritize having a robust and easy to use digital presence will help attract and retain modern buyers and see improvements in sales.
Real-time data integration:
Integrating real-time data into your systems is crucial to provide up-to-date information to buyers. This ensures that potential customers have access to the latest product details, pricing, and availability, which can significantly influence their purchasing decisions.
Adoption of innovative technologies:
Embracing technologies like VR, AR, AI, CPQ, self-service options, and analytics can dramatically enhance the buyer experience. These tools not only provide a more engaging and informative experience but also help streamline the sales process and meet the evolving demands of buyers.
How is CPQ enabling these strategies?
Manufacturers who have CPQ at the center of their selling process have found it easier than ever to address a diverse array of challenges and opportunities that are being driven by their customers. Here are just a few ways CPQ is helping modern sales strategies succeed:
Enhancing the digital first hybrid approach
With CPQ manufacturers are always able to provide detailed, accurate product information online. This ensures that every product is valid, buildable and deliverable. CPQ also enables buyers to explore different configurations and pricing scenarios, improving their understanding and giving them confidence to make a final purchase.
Supporting the decision-making process
Giving buyers the full picture of a product, complete with comprehensive and precise data, CPQ can offer detailed proposals that can address the concerns of any decision maker in the process.
Providing real-time information:
CPQ systems deliver real-time updates on product availability, pricing, and configurations. This immediacy meets the expectations of modern buyers for instant information, reducing the wait time and increasing buyer satisfaction.
Using visualization and augmented reality for lead generation
It is also possible to use product visualization in your lead generation activities by offering visual configuration software on your website for anonymous users. By offering your full portfolio online you can influence your prospect’s buying criteria before they reach out to your sales reps.
Empowering Self-Service and buyer engagement:
CPQ can support self-service portals by offering tools that allow buyers to independently configure products, obtain quotes, and make purchases. This empowerment aligns with the preference of modern buyers for control and convenience.
Driving insights through analytics:
CPQ collects and analyzes vast amounts of data, providing manufacturers with actionable insights into buyer behavior, preferences, and trends. These insights drive more targeted and effective sales and marketing strategies.
The generational shift in manufacturing is here to stay
Buyers will only become more focused on purchasing products quickly, and online. Manufacturers who take advantage of these new buyers will find themselves in a position to grow their business in the years to come.
Tacton CPQ was built specifically to help the sales needs of leading global manufacturers. Companies such as Siemens and Vantage are using Tacton to revolutionize their sales process. Find out more in our latest eBook “Keeping Up with The Modern Manufacturing Buyer”.