Does your B2B marketing strategy address the needs and preferences of B2B millennial buyers and decision makers? If your answer is anything less than a confident “yes”, you may find this timely.
Stories of millennials shaping the future are not hard to find. Many, based on fuzzy math and pop psychology, are little more than opining. In a recent story Advertising Week, using hard data, noted a milestone in the transition of the B2B marketplace. Quoting a new study by Google and Millward Brown, B2B millennial buyers now account for 46% of buyers. This is up from 27% in 2012. Each retiring boomer increases this number and it is growing rapidly.
More importantly, these new B2B millennial buyers and influencers are on the front lines, often setting criteria and determining who even gets an opportunity to compete. While they may not hold a preponderance of senior decision making roles yet, they are the point of engagement for B2B sellers and rapidly gaining influence at every stage of the buying process. Attract, influence and covert them – or watch you revenues decline.
The good news is that these buyers want the same fundamental value as their boomer predecessors. The bad news, for many B2B marketers, is that their specific needs are different, as are their conditions of satisfaction. Knowing how to market to this evolving demographic creates new opportunity – and risk. Digital engagement is a must, but it is just a start.
In the next post in this series we will discuss the Millennial B2B Buyer in more detail, as well as digital engagement strategies for earning their trust and business.
To read the full Advertising Age story, click here.