The Evolution of the B2B Buyer Journey: Why the Traditional Funnel Falls Short
Introduction
The B2B buyer journey has undergone a significant transformation in recent years. No longer a linear path from awareness to conversion, it has become increasingly complex, involving multiple decision-makers and spanning a longer period of time. As a result, many marketers argue that the traditional marketing funnel is no longer fit for purpose. In this article, we will explore why the funnel is falling short in today’s B2B landscape and discuss alternative approaches that prioritize customer-centricity.
The Limitations of the Traditional Funnel
The traditional marketing funnel, with its stages of awareness, consideration, and conversion, has long served as a fundamental framework for marketers. However, as Tom Roach, Vice President of Strategy at Jellyfish Global, points out, it often fails to capture the true nature of the customer journey. Roach believes that the funnel is “all about how you filter people to listen to what you want to say,” rather than truly understanding and meeting the needs of individual customers.
Anouschka Elliott, Global Head of Marketing at Goldman Sachs Asset Management, echoes this sentiment, emphasizing that B2B buyer journeys are far from linear. She highlights research from LinkedIn’s B2B Institute, which reveals that 44% of millennials, who now make up a significant portion of the workforce, prefer no sales interaction at all. Moreover, data from Gartner indicates that only 17% of the purchase process occurs in face-to-face interactions, and there are typically 10 to 15 decision-makers involved in a single B2B purchase.
Rethinking the Funnel: An Infinity Loop Approach
Recognizing the limitations of the traditional funnel, B2B brands are embracing alternative models that better align with the realities of the buyer journey. Anouschka Elliott suggests thinking of the funnel as an “infinity loop” that incorporates elements of the traditional funnel while acknowledging the complexity and non-linearity of the customer journey.
In this approach, the focus is on attracting audiences, engaging with them, and providing relevant content that addresses their needs. The goal is to build long-term relationships and prompt customers to convert. By adopting a customer-centric mindset and understanding who might be in the market at any given time, brands can tailor their approach to meet individual needs and preferences.
PwC’s Bespoke Model: Putting the Client at the Center
PwC, a global professional services firm, has developed its own model to replace the traditional funnel. Paul Beattie, Marketing Director for the Global Marketing Organization at PwC, emphasizes the importance of putting the client at the center of the model. While the stages of the buyer journey may still appear somewhat linear on paper, PwC personalizes the journey for each buyer, taking into account their specific challenges and opportunities.
The model categorizes prospective customers into five stages: horizon scanners, explorers, hunters, active buyers, and clients. By tailoring content and educational materials to address the unique needs and perspectives of each buyer persona, PwC aims to guide them through the buyer journey and build long-term relationships.
A Shift in Attention: Competing with B2C Personalization
B2B brands are facing a new challenge: the need to compete with the volume, effectiveness, and personalization that B2C brands bring to their marketing efforts. As Paul Beattie points out, B2B customers are also individual people who respond to personalized and resonant messaging. He shares his own experience of receiving emails from B2C brands like Mr Porter and John Lewis, which resonate with him on a personal level, leading to higher open and buy rates.
In contrast, Beattie highlights the disconnect when communicating with B2B brands that address customers as corporate entities rather than individuals. To succeed in this new landscape, B2B brands must adapt their approach and inject emotion into their marketing efforts. Building awareness, consideration, and conversion should be driven by a deep understanding of the customer’s individual needs and desires.
The Modified Funnel: Evolving the Thinking
While the traditional funnel has its flaws, completely discarding it may not be the answer. Tom Roach proposes a modified funnel that swaps out the stages of awareness, consideration, and conversion for building, nudging, and connecting. This modification aims to evolve thinking while still aligning with the way platforms sell inventory.
Roach argues that this approach prevents a disconnect between brand and performance and encourages businesses to think in a more emotional way. By infusing emotion into every stage of the funnel, brands can create a more resonant and impactful customer experience.
The Role of Platforms and Independent Thinking
Roach also emphasizes the importance of independent thinking when it comes to marketing strategies. While platforms offer valuable insights and recommendations, blindly following their advice may hinder growth and innovation. Instead, brands should conduct their own research, analyze their own data, and make informed decisions based on their unique circumstances.
The focus should always be on the customer, regardless of whether the brand operates in a B2B or B2C space. Understanding the shift in attention and adopting a more personalized, customer-centric approach is essential for success in today’s competitive marketplace.
The Relevance of the Funnel in Internal Communication
While the traditional funnel may not accurately represent the complexity of the buyer journey, it still serves a purpose in internal communication. Anouschka Elliott acknowledges that the funnel is a useful tool for explaining marketing concepts to non-marketers. It provides a framework that internal stakeholders can understand and connect with, facilitating effective communication and collaboration within organizations.
Likewise, Paul Beattie believes that the funnel can be valuable for explaining the marketing process and how different functions within a marketing team fit together. However, he emphasizes that the client should always be at the center of everything, and the funnel should be viewed primarily as an internally focused model.
Conclusion
The B2B buyer journey has evolved significantly, rendering the traditional marketing funnel inadequate for capturing its complexity. B2B brands are embracing alternative approaches that prioritize customer-centricity and account for the non-linear nature of the buyer journey. By adopting an infinity loop mindset, personalizing the buyer journey, and infusing emotion into marketing efforts, brands can build stronger relationships and drive long-term success. While the traditional funnel still has its uses, it should be viewed as an internal communication tool rather than a comprehensive representation of the buyer journey. By reimagining the funnel and putting the customer at the center, B2B brands can navigate the evolving landscape and thrive in a competitive marketplace.
