The following is an excerpt from John Ellett's blog for Forbes. To read the full article please follow this link.
There is a widening trust gap in the B2B marketplace that should ring alarm bells for CMOs. In a recent study from TrustRadius, 85% of B2B vendors said they were open and honest about their product during the sales process. Yet only 36% of B2B buyers believe they got the full picture from their vendor. That is a problem because buyers are twice as likely to be influenced by vendors they believe are transparent and trustworthy.
“There is definitely a tectonic shift that's happened in our industry,” said Vinay Bhagat, CEO and founder of TrustRadius, a customer voice and insights platform that delivers reviews for B2B technology. “Buyers are bringing habits that they have developed as consumers into the workplace, and they have an expectation that they ought to be able to get the same amount of transparency and intelligence about products they buy in the workplace as they do in their personal lives.”
“The reality is that buyers have already changed, and vendors have to adapt,” added Bhagat. “The status quo of trying to control the message and using traditional forms of customer marketing, like highly-crafted case studies and gated references, is increasingly anachronistic. It simply is not the path forward for B2B vendors.”
John Ellett is the CEO of Springbox, contributor to Forbes CMO Network, and author of "The CMO Manifesto: A 100-Day Action Plan for Marketing Change Agents." Over the course of his career, John has partnered with marketing leaders at some of the world's most respected brands and is leading the discussion on marketing transformation. To read more of John's articles for Forbes, click here.