Digital owns 90% of the buyer journey*
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The digital space now owns 90% of the buyer journey
According to Lori Wizdo, Forrester Research Analyst, today’s buyer is anywhere from two-thirds to 90% of the way through their journey before they reach out to the vendor. This buyer dynamic changes the role of marketing in a fundamental way.
Understanding the buyer journey
Understanding the buyer journey becomes critical to the well planned and thought out multichannel strategy. Lori also said quite clearly that “without debate, business from business buyers is already much more multichannel than the sellers are”.
In an even more recent report entitled “The Multichannel Maturity Mandate” Forrester Consulting revealed that even the most mature multichannel marketers still have opportunity to improve.
A mere 40% of respondents identified themselves as having achieved multichannel marketing maturity. While they are said to be aggressive adopters of technology, are more inclined to work with IT and to collaborate with sales on setting goals, even those who have achieved a certain level of multichannel maturity still have to deal with huge obstacles.
Obstacles to multichannel success
Marketers still face obstacles like loosely integrated processes, lack of alignment with sales and even legacy organizational silos that are completely counterintuitive to what multichannel marketing is setting out to do.
Filling the skills gap
As someone who sits right at the intersection of Marketing, Technology and Sales I’m well aware of the dramatic proliferation of available channels and the diversity of devices buyers use in the new buying process. The speed with which technology is advancing is creating an ever widening skills gap that impedes the progress not only of in-house marketers but even impedes progress within the external agencies they depend on. It’s quite alarming that 60% of marketing practitioners still haven’t been able to keep up with what the market is doing.
Multichannel marketing is a proven discipline that leverages technology quite significantly and engages via the digital and social channels that now own the lion’s share of the buyer journey; 90% as stated earlier.
My strongest recommendation to marketers today is to find an external partner whose business it is to consult, strategize and implement a strong multichannel strategy for your business that will hinge on the digital space.
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*source: Forrester Research