The evolution of buyer engagement
Remember when sellers had more control of the sales cycle? When a buyer wanted to purchase a product or service, they reached out to a business directly. Then, sellers delivered their pitch and demo and the sales process would move forward from there. These days are long gone. Now, we’re in a digital-first world where buyers have more control than ever before as they have access to more information and resources right at their fingertips. So, it should come as no surprise that buyers are more than halfway through the sales funnel by the time they engage with a company directly.
To better understand how buyers engage with businesses and make a purchase decision, consider these stats:
These preferences put pressure on sellers to be trustworthy experts who can help buyers navigate the decision-making process. However, with fewer opportunities to engage with buyers directly, organizations need to better equip sellers to build authentic and meaningful relationships when they have the chance. To do this, sellers need access to the right content, tools, and resources to engage with buyers in the right way at the right time.
What is buyer engagement today?
Buyer engagement describes the interactions between buyers and your organization throughout the sales process. Given the changes in buyer behaviors that we’ve already covered, it’s important to understand that engagement starts before they talk to a seller. After all, most buyers are already accessing your social media, website, and review sites to gather information about your company, product, and services.
Once buyers finally reach out to your organization and talk with a sales rep, engagement depends on how well sellers can provide an interactive, helpful, and inspiring experience. To do this, it’s up to sellers to provide a personalized and unique experience that considers where buyers are in the sales process and what they’re looking to achieve. When it comes to monitoring buyer engagement, measure, and track buyer activities that include:
- Opening an email
- Responding to an email or phone call
- Accessing content and sales collateral
- Sharing sales assets with other decision-makers
- Asking product-specific questions
- Scheduling follow-up meetings
Why is buyer engagement so important?
Effective buyer engagement is critical to winning and retaining business. As buyers rely more on digital channels, the sales journey can quickly become complex and include more touchpoints. However, research shows that engaged buyers go through the intricate sales process faster than less-engaged buyers. Gallup also found that buyers who are fully engaged account for a 23% increase in revenue.
But why is there such a correlation between buyer engagement and revenue? First, engagement helps buyers become more knowledgeable about your business, product, or service. It’s also a great way to make them feel connected to your organization in a way that inspires them to make a final purchase decision. If sellers are not fully prepared to engage with buyers effectively, they’re more likely to get stuck in the buying cycle which results in smaller and lost deals.