How manufacturers can cut sales cycles in half in today's marketplace

Take advantage of how manufacturing purchasing processes have changed

B2B manufacturing has historically been one of the industries that has been the slowest to adapt to technological changes. This also applied to tech companies and startup manufacturing companies. Traditionally, the purchasing process usually required a lot of sales touch and business development. Trade fairs, events, golf tours, and nice dinners were essential to sales.

But that doesn't mean these things have completely disappeared. However, major changes have taken place in the past 10 years. Buyer expectations changed as older industry buyers retired and a new generation of buyers took on leadership roles. Also, many manufacturers are struggling to adapt.

Since the pandemic, the situation has worsened as purchasing cycles for high-tech products and high-value products have lengthened. According to an extensive survey, more than 50% of B2B buyers said that their purchase period increased over the past 12 months.

As we emerge from the pandemic, a combination of longer purchasing schedules and completely different buyer expectations has curtailed growth in many manufacturing industries.

Therefore, failure to respond to this reality could lead to disastrous situations. Let's take a closer look at these trends, including their impact and how top manufacturers are responding.

Modern buyers have completely different expectations

Until now, for many manufacturers, marketing was secondary to sales. This was consistent with the purchasing process. Purchase decisions for particularly expensive B2B products were often determined by a series of face-to-face exchanges through events, trade fairs, face-to-face meetings, site visits, free meals, etc.

Over the past decade, this approach has completely collapsed, and that change continues to accelerate. Two major factors contributed to this change:

First, websites like Amazon have become commonplace. These days, B2C consumers can do all of their research online without having to interact with a salesperson. Also, once you're ready to buy, it's easy to prepare for a website that invests billions of dollars each year to improve the user experience. And once it became the standard for B2C buying, B2B buyers soon began to expect the same at work.

This has been further accelerated by a generational shift in the workplace. As traditional buyers retire, a new generation of leaders and decision makers has emerged. These buyers grew up using computers, shopping on Amazon, and using smartphones. They didn't want to talk to sales people. They wanted to find and deal with vendors that would make the entire buying process seamless online.

In fact, it was almost 10 years ago that Forrester predicted in its “The Death of a B2B Salesman” report that 1 million B2B salespeople would be moved by digital shopping. This trend continues and is accelerating further.

Manufacturers must adapt to this by providing a great purchasing experience full of content for each stage of the funnel. A simple information website with specifications and data sheets is no longer enough. And this expectation is doubly true for manufacturers that make expensive high-tech products.

Major changes in purchasing schedules in the post-pandemic world

Selling B2B products, particularly complex and relatively expensive products, has always required long purchase schedules and lots of practical sales and marketing. However, after the pandemic, these buying cycles became longer than ever before.

In fact, according to a recent Demand Gen survey, 55% of respondents said they had a longer purchase period over the past year. Only 6% said their timelines had been shortened.

In other words, this 6-month purchase cycle is now 9 months, and the 12-month purchase cycle is now 18 months.

And even with the best of hopes, there's little you can do to speed up this process. Sadly, no matter how many sales follow-ups and great marketing campaigns you do, you won't get buyers into the market faster.

This is the second half of why manufacturers need to build rich libraries of informational and educational content. From blog posts to white papers to case studies, this content is essential for a successful business, even during long sales cycles. Once you've created content, it's also essential to deliver it in the right place and at the right time in the buying process. For instance:

• When buyers visit your blog, it's important to ask them to download “next steps” content and clearly communicate your call to action.
• “Drip” fosters emails that are sent to prospects over weeks to months, so prospects can always be kept in mind while providing the necessary content to inform and enable the purchase process.
• Whether it's LinkedIn ads targeting specific buyers or retargeting buyers who have visited your website before, you can get useful content directly into the hands of buyers.

Still not convinced? Well, ask the buyers! According to the same Demand Gen survey, 63% of B2B buyers said the most important criterion for evaluating vendors is “easy access to relevant content that speaks directly to the company.”