The need for content is paralyzing B2B teams as they struggle to compete in multiple channels and markets, according to a new study from inRiver, a provider of product merchandising and management services, conducted by Savanta.
It starts with product information — 58% of businesses have been hit with returns or other forms of customer dissatisfaction because of outdated or inconsistent content on their offerings, the study says.
In addition, 51% of decision makers say poor product information is their biggest obstacle to stocking -- or convincing distributors to carry -- their merchandise.
And 28% struggle to meet standards for new markets or channels.
On average, 45% of global businesses spend from six to 11 months creating and updating product content when entering a new channel or market. And 21% spend between one and two years doing so.
No wonder that 58% rely on product content software to help them manage the content process.
They have little choice, given that 51% operate in six to 10 markets and 32% operate in more than 10. Moreover, 45% have 10 to 15 competitors, and 30% have more than 15.
And the field is getting more crowded — 71% face more competitors than they did five years ago, and 62% blame new global rivals.
The study also found that 29% of global product launches are unsuccessful because limitations in technology.
Savanta surveyed 333 senior decision makers in various B2B industries in several countries.