How GTM Strategies are Changing with B2B Buying in 2024

For commercial leaders looking to make the most of 2024, Q2 seems to be the perfect time to accelerate growth. However, based on our findings, many companies are also concerned about the changing state of B2B buying ­– buyers today are increasingly unfamiliar with their processes, slowing down deals and delaying decision-making. Commercial leaders need more than just positive demand to take the lead; they must make the right business decisions to ensure sustainable growth in 2024.

To provide commercial leaders with the insights they need, we have compiled several key talking points from our recent President and CCO Growth Forum, where we brought together industry-leading business leaders to share perspectives on the future of B2B go-to-market (GTM) strategies, as well as the best ways to drive sustainable growth.

Accelerating Demand Creates New Strategic Questions

Based on our discussions with top business leaders, it is widely agreed that demand going into Q2 and beyond is expected to accelerate. However, our observations also highlighted new trends that indicate that the market is somewhat fragmented, with some customer segments moving faster than others. For others, it is industry-dependent and heavily based on geography (Europe has softer demand) and company size (enterprise coming back faster).

However, what is true for most companies observing this trend is that most demand uptick results from previously paused decisions. Whether additional latent demand comes through remains unknown, creating a reality where pipelines remain unpredictable. Regardless, companies are increasingly focused on balancing growth and earnings in their value creation plans, with many intending to capture efficiencies through thoughtful budget trade-offs and generative AI implementation.

However, this increased demand has also prompted new discussions at the strategic level ­– what kind of growth do we want? Is it more from the base or new customers?

For most commercial leaders, the answer to these questions is a balancing act of managing the tension between high customer acquisition costs and high churn from the base. While capturing growth from the base is an attractive proposition, high churn also keeps commercial leaders on a constant lookout for new customers, with a similar scenario happening when the inverse is true. For now, business leaders continue to rely on existing customers, but they need another approach to achieve growth goals for Q2 and beyond sustainably.

Growth Imperative: Target Customer Whitespace with Upskilled Sellers

The key to navigating this roadblock is adapting the commercial approach to new buying realities. Since most commercial leaders agree that the rising cost of customer acquisition results from segment saturation, businesses must ensure they are agile enough to target customers as issues arise, matching new challenges to their solutions.

The factor that underpins the company’s ability to do this is talent capability. By ensuring that sellers are equipped with the critical skills and processes to personalize and differentiate their offerings, commercial leaders create a framework of success where sellers are provided the best chances of winning deals, combined with a consistent benchmark on which managers could be trained on to drive high performance within their teams.

Changing B2B Buying Behaviours Are Slowing Down Commercial Productivity

When asked about the challenges to commercial productivity in 2024, respondents agreed that buyer factors, such as consensus requirements, executive involvement, and vetoed decisions, were the greatest challenge to their growth goals. It’s clear that the B2B buying environment has changed significantly, and based on similar discussions with buying groups, sellers are struggling to keep pace.

Buyers today are more risk-averse and are looking for suppliers that can help them navigate an increasingly confusing buying journey. The state of B2B buying is one of a maze: even decision-makers have lost track of how to navigate the buying journey. They are worried about making the wrong decision, combined with the issue of solution bloat from prior engagements. This means that sellers will need to adapt to the rapid changes in their buying needs and help them make the right decisions with every purchase.

Growth Imperative: Smooth Deal Friction through Tailored Commercial Approaches

Gaining clarity from unpredictability begins with a clear commercial strategy tailored for each buyer. Ensure that sales teams are aligned on the next steps when moving buyers between touchpoints, removing the friction felt and building up confidence in the buyer that the commercial teams “get it.” Creating a positive buying experience also drives deal velocity since buyers no longer second-guess their decisions, confident that the supplier has their best interests at heart. This accelerates deals and potentially captures more wins.

Discover more insights from our President and CCO Growth Forum Notes (here) to help you accelerate commercial success.