If you’ve worked in B2B marketing for any amount of time, you’re sure to be familiar with the marketing funnel, a tool commonly used to understand the buyer journey. But as B2B buyers’ expectations and behaviors shift, many marketers are wondering if we need to adopt a new model. Today’s B2B buyer journey is full of nuance - with twists, turns, loops, groups and difficult-to-navigate B2B buyer committees. But is the funnel really dead? Let’s discuss!
The funnel’s enduring utility
The funnel is still around because it provides a clear, visual representation of the buyer's journey from becoming aware of a problem all the way to becoming a customer. Traditionally, the funnel includes stages such as awareness, interest, consideration and conversion.
Some models extend to include loyalty and advocacy, emphasizing that the journey doesn't end with a single contract. Instead, it continues as customers become loyal advocates, expanding their use of your products and services and recommending your brand to others.
A funnel - with its wide mouth and increasingly narrow spout - helps illustrate the concept that while many people might be aware of the problem we solve - and even the products that solve it - not all will be in a place to buy, have the organizational support to make the purchase, or ultimately select our brand.
The modern B2B buyer journey
If B2B buyers acted alone, our jobs as marketers might be more straightforward, but at Alloy we’ve noticed that today’s B2B purchases can include up to 10 decision-makers or just people who need to be “in the loop,” and an average of 7-9 touchpoints. Interestingly, however, large buying groups don’t always mean slower sales timelines. If the purchase is considered core to the organization, even a large group can operate very quickly.
The modern B2B buyer journey is also far from linear. With access to endless information, buyers are more informed and self-sufficient than ever before. According to research by Gartner, 75% of B2B buyers report they prefer a self-guided sales experience (without a representative).
Specifically, buyers are doing a lot more desk research on their problem and possible solutions before ever reaching out for a conversation, meaning they’ll come to that conversation well-informed and ready to get down to business. But although they spend a lot of time researching solutions and consider an average of four suppliers, 84% of the time, the vendor they contact first is the one that ultimately wins the business, according to research from 6sense.
We know the buyer journey can stall, loop backward, or unexpectedly accelerate based on business needs or budgeting decisions, making the journey more of a winding path than a straightforward funnel.
Don’t start with the funnel. Start with the buyer.
So is the funnel still a useful way to depict the B2B buying journey? The answer is, of course, it depends on your buyer. Rather than think about adapting the funnel to fit our needs, we should instead start by getting to know our buyers and the buying groups in which they operate. From there, we can design our marketing programs to align with that journey - whatever shape it might take.
Here are a few things to consider:
Build in time to get smart: Let’s talk to our buyers about their experience. Start by identifying some customers you’d love to clone, and ask them to describe their journey - from when they first became aware of a need all the way to the loyal customer they are today. If you can’t speak to them directly, try interviewing the sales person who ultimately closed the deal, reading through CRM correspondence, or observing online behavior.
Tailor content to the appropriate buying stage: Once you’ve modeled your buyers’ journey, focus on creating content that addresses each stage to facilitate their self-directed journey. This might include something like top-of-funnel content to build awareness, mid-funnel content to nurture interest and assist with narrowing, and bottom-of-funnel content to drive conversions. Often, brands find themselves overlooking one of these areas, which could lead self-directed buyers to drop out. When you anticipate your audience's needs, address their concerns, and showcase your expertise, they’re more likely to move through the funnel without getting stuck.
Don’t underestimate the awareness phase of the journey: We know B2B buyers do a lot of research before they contact a salesperson, but typically, the first brand they contact wins the business. This means, being top of mind when it comes time to buy is crucial. In addition to advertising, consider thought leadership content, practitioner communities, and educational events to build trust and credibility. You’ll also want to consider the medium. Where is the best place to reach buyers in this awareness phase of their journey?
Whatever shape your buyers’ journey takes, understanding it clearly will always help you get ahead. By adapting your B2B marketing program to meet their evolving needs, you can drive meaningful engagement and long-term success for your business. Learn more about Alloy’s full funnel growth marketing approach.