Evolution of Decision Journey

Distribution Channel for B2B (business-to-business) sales refers to the pathway or network through which a company delivers its products or services to other businesses. These channels facilitate transactions between a producer (or seller) and its business customers. The process of making decisions is complex and the number of data points that the decision makers need have grown many fold.

Most of the retail sales and marketing is driven out of platforms such as Tik-tok, Facebook and other relevant platforms. Consumers trust the experience of other peoples experience of the products. This is when relatability of user becomes very important. With a base assumption that the underlying products are all at par, product distribution starts to create a differentiation. The sellers of financial/insurance/pharmaceuticals and other specialized product creators face a unique challenge in creating and maintaining an onmichannel experience.

The number of distinct channels that B2B customers use during their decision journey were 5 in 2016 and are 10 in 2021 according to a paper published by Mckinsey. It's based on 3360 participants across the globe including US, UK, Brazil, India, China, Germany. There will be a continued rise in growth of channels. It will evolve to be about 15 -18 channels by 2026. The concept of omni channel sales and marketing will be a key success measure to enhance conversion rates. According to Gartner 75% of B2B customers prefer self-serve functionality with an ability to have a human interaction. The fact is that it's not just about the decision to invest but continued engagement to enhance the relationship between the supplier and the buyer. Most larger organizations which are distribution powerhouses, are falling behind in this evolution. The ones that get it right will continue the evolution and succeed.

An omnichannel experience refers to a seamless and integrated approach to customer interactions across multiple channels and touchpoints, whether online, in-store, or through other means. The goal is to create a unified customer journey where all channels are connected, providing consistent messaging, branding, and service regardless of where or how customers engage with a brand.

Key Features of an Omnichannel Experience:

Integrated Channels:

Includes websites, mobile apps, social media, physical stores, email, call centers, and more.

All channels work together to provide a cohesive experience.

Consistent Messaging:

Brand voice, offers, and content remain uniform across all platforms.

Personalization:

Customer data is used to tailor experiences, such as product recommendations or targeted offers, regardless of the channel.

Seamless Transitions:

Customers can start an interaction on one channel and continue on another without disruption (e.g., browsing a product on a mobile app and purchasing it in-store).

Unified Data:

Centralized systems ensure customer data (e.g., purchase history, preferences) is accessible across all channels.

Examples of Omnichannel Experiences:

• Retail: A customer browses products online, receives personalized recommendations via email, and chooses to pick up the item in a store where the staff already knows the details of their purchase.

• Banking: A customer starts a loan application on a bank's website, receives guidance from a chatbot, and completes the process in-person at a branch.

• Healthcare: Patients schedule appointments via an app, consult with a doctor through telemedicine, and pick up prescriptions in-person, with all interactions recorded in a unified system.

• Customer Support: A customer raises a query on social media, follows up via email, and resolves the issue over a phone call without having to repeat their concern at each step.

Benefits of Omnichannel Experience:

• Improved Customer Satisfaction: Customers appreciate seamless and convenient experiences.

• Increased Engagement: Unified and personalized interactions drive loyalty.

• Higher Conversion Rates: A smooth and intuitive journey reduces barriers to purchase.

• Better Data Insights: Integrated systems provide comprehensive insights into customer behavior.

Challenges in Implementing Omnichannel Experiences:

• Integrating data from disparate systems.

• Maintaining consistent quality and branding across channels.

• Training staff to handle cross-channel interactions.

• Keeping up with evolving customer expectations and technology trends.

• An effective omnichannel strategy bridges the gap between online and offline experiences, ensuring that customers feel recognized and valued at every touchpoint.