We are familiar with self-service checkout in our favorite retailers and grocery stores, but did you know that 99% of B2B buyers state they will purchase using a digital self-serve model, with most very comfortable spending $50K or more online, according to McKinsey. As a business owner, are you equipped with the resources to offer this form of B2B commerce to your customers?
As the buyer’s preference moves to an ecommerce website versus the traditional sales representative selling; previous outreach like cold calls and printed catalogs have evolved to digital self-service portals that allows buyers to login and access their account information, view product details and pricing, review past orders and reorder, submit support tickets, check reviews, and more, with little to no human interaction. The top feature buyers want to access by self-service is pricing.
The self-service buying model can benefit both the business and the customer. Businesses will have more avenues to engage and grow through revenue generating activities and have an expanded ability to serve the customer based on the digital analytics and data available through the technologies used. Customers see the benefits of having flexibility in their buying, giving them the opportunity to purchase at their own pace.
Fastener Business Owners Need to Be Prepared
With self-service buying becoming the predominant B2B go-to-market model moving forward for both SMBs and large enterprises, fastener business owners need to be properly prepared and understand the benefits, challenges, and best practices. It is also important that business owners evaluate their current business processes, technology infrastructure, and customer base to determine if they are ready for a self-service model. This gives the business an opportunity to identify any gaps or areas for improvement.
Tools, resources, and technology all must be in place in order for this model to run efficiently and effectively. It is imperative that business owners invest in the right technologies such as e-commerce platforms, CRM and ERP systems, and analytics tools, as well as having teams and personnel in place to support these platforms.
Once in place, continuously monitoring the performance of your self-service model and adjusting as needed ensures you are meeting the customer where they are in the buying journey and identifying areas for improvement.
Equipping Your Sales Team to Support
How has the sales rep role changed due to this new preference in buying? They are embracing an omnichannel or hybrid selling model that combines both in-person techniques, along with an emphasis on ecommerce and digital tools available to their customers. They look to provide new “value-added” services like training and support. This also leads to creating brand loyalty and expert customer users of the product who can then share their experiences and knowledge with peers. This self-serve model has allowed sales reps to develop their skills in areas like trust, personalization, value, and creating meaningful conversations and touch points with their customer.
