Here at FPX, we spend a lot of time discussing the importance of trying to understand and tap into the desires and expectations of modern buyers. We talk about the need for seamless, pleasurable and value-driven buying and selling experiences, but one thing we haven’t delved into is precisely who these buyers are.
Over the past few years, many businesses have experienced a generational shift in the workplace. Gradually, Millennials are taking over decision-making positions, or at the very least now carry more influence as key stakeholders within B2B companies.
Even for those companies that are experiencing changes at a slower pace, a transition is indeed on the way as recent studies indicate that Millennials will account for over 40% of the workforce by 2025.
This transition has presented some challenges for B2B sellers as they map to a new kind of customer; one who sees the world (and B2B transactions) differently from their predecessors.
How are Millennials Influencing B2B Engagements?
Forrester Research recently released a report exploring an emerging buyer demographic entitled, “Millennial B2B Buyers Come of Age” (available for free to Forrester subscribers). In this report, Forrester points to some key factors that B2B sellers would do well to pay attention to as they attempt to map to Millennial decision makers.
For example, Millennials see business differently from generations past. According to Forrester, some characteristics of Millennial buyers include:
- Prefers to negotiate engagements informally
- Desires to gather consensus across teams and stakeholders
- Values corporate and social responsibility
- Appreciates efficiency
- Places value on transparency throughout the engagement
- Responds well to authenticity
As great as it is to understand that B2B buyer profiles are skewing to Millennials, it doesn’t really help unless you have a plan to deliver on what these buyers expect.
What Steps Can My Business Take to Connect with Modern B2B Buyers?
At FPX, we have watched as buyer demographics have changed over our 30+ year history. And with those changes, we’ve stayed on the cutting edge of Configure-Price-QuoteⓇ (CPQ) application innovations to make sure B2B enterprises are able to provide the seamless, personalized, and pleasurable buying and selling experiences needed to attract and retain today’s buyers.
So how can CPQ help B2B companies map to Millennials? The following are just a few ways undertaking a CPQ project can yield game-changing returns for your business:
1. Allow your sales team to leverage Millennial values.
These values include efficiency, transparency, consensus gathering, etc. Any of those terms sound familiar to those who have read our previous posts?
If you know anything about CPQ, you should know that the core values CPQ brings to a sales team are the benefits noted above. By connecting the front and back office and creating a central location for all your business and customer data, you can power more efficient, accurate and personalized transactions from end to end that will appeal to Millennial buyers.
2. Create a more impactful digital footprint.
By now, most B2B enterprises understand that they need an ecommerce presence to reach today’s buyers. It’s a massive opportunity to attract new customers and better service existing clients.
With enterprise CPQ, your company can effectively take your entire organization online while managing complexity quickly and simply. Millennial buyers will make decisions based on the quality of your ecommerce presence, so it’s important to ensure your ecommerce solution is backed by a CPQ application that has the power and agility to deliver the goods.
3. Get personal with your customers and prospects.
At FPX, our CPQ solution is driven by your organization's data. Product and pricing catalogs, customer data, business logic and rules, all of it is essential to creating what we call a “Master Commercial Definition” of your business.
With this resource, you can extend the power of your CPQ solution and other tech investments by offering guided buying and selling, a more powerful ecommerce solution, upsell and cross-sell, automated approvals, workflow and renewals, and numerous other features that allow you to create a more personalized experience for your buyers.
FPX Helps Leading Companies Map to Millennial Buyers
At FPX, we know that buyer preferences are always changing. We know because we’ve experienced them time and again throughout our history. And we strive to help our customers leverage our experience to their advantage as we guide them toward a CPQ solution that drives the core of their direct, indirect and ecommerce strategies.
To learn more about enterprise CPQ, our history, customers or how we can help your organization in this era of Digital Transformation, reach out to us by completing our online contact form.