Research reveals the facts behind B2B buyer purchase decisions
Buyer Behavior -Reshaping B2B Marketing Practices
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Transcript of Buyer Behavior -Reshaping B2B Marketing Practices
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Buyer Behavior Reshaping B2B Marketing Practices
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Buyer Behavior – In Brief
Consumer behaviour is the study of when, why, how, and where people do or do not buy product.
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Testing Strategies – A Comprehensive Model
MARKETING
OTHER STIMULI
&
THE BUYING ORGN.
BUYING DECISION PROCESS
THE BUYING CENTRE
BUYER’S RESPONSE
ProductPricePlacePromotion
OrganizationalInfluences
Product or ServiceChoiceSupplier ChoiceOrder Quantities
EconomicTechnologicalPoliticalCultural
Interpersonaland IndividualInfluences
Delivery Termsand Times Service TermsPayment
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Stages in Buying Process – Ahead
Step
NEED REGOGNITION & PROBLEM AWARENESS
INFORMATION SEARCH
EVALUATION OF ALTERNATIVES
PURCHASE
POST – PURCHASE EVALUATION
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Organizational Buying Situations – Untethered Dynamics
STRAIGHT REBUY
MODIFY REBUY
NEED TASK
The Buyer routinely re-orders the same product or service with out any modification .
The Buyer wants to modify product specifications , price , service or supplier .
The Buyer purchase product or service for the first time .
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Buyer Behavior – Who Controls Engagement ?
I called them directly
They contacted me cold
They contacted me after I asked for further information from their website
I chatted with them on their website via live chatHOW WAS YOUR FIRST POINT OF
CONTACT MADE WITH YOUR SALES REP ?
Less than 10% of Recent Buyers were contacted cold by the solution provider .
More than 80% said they contacted the solution provider directly .
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Discovering Alternatives– New paths to Purchase
How would you describe the budgeting/approval
process for this recent solution purchase ?
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Budget was taken from another line item after need was established
Determined potential impact through other adopters and built a business
Budget was allocated as part of larger line item - once need was established
Budget was determined post multiple bids
Budget for project was approved and allocated at the beginning
Less than 1/4 indicated budget was approved or allocated during the beginning of the year .
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Buying Process – What’s New ?
33% of respondents indicated they determined – “the potential impact through other adopters and built a business case for immediate adoption”, ensuring approval although the project was unbudgeted.
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Time to Change– The New Decision Making Process
48% utilized a wider variety of sources
48% took more time to research
36% did more detailed analysis of costs/ROI
30% had more internal team members provide input
27% relied more on live customer feedback and recommendations
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New Age Connecticut –
TheInfluencers
THE INFLUENCERSHelping Buyers Navigate Through All Stages Of Buying
66% implies to consistent and relevant information
80% indicates timeliness of response
95% confirm on CONTENT
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The After Effects– To do’s Post Purchase
59% likes to share information about the entire buying experience.
FORUMS USED :
o Participated in discussion forums
o One on One discussions
o Tweeted about it
o Blog postings
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Preview – The Elementary Version
CAPTURE
NURTURE, SCORECONNECT
DEALS
$
Drive to Website
Convert via Form (Capture detailed information)
Nurture (Organization based practices)
Alert Rep of Buying Behavior (The final result)
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Breaking Process – Capturing Insights
B2B Marketers relish the Extended Reach
Reach + Response = Revenue + Relationship
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Changing Times – Changing Buyer
Buyers Embrace Collaboration
Behavior
Social and Digital technologies has allowed the influence and interaction not only be grown and widened. In simple terms, the era of collaborative buyer networks has arrived.
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Buyers Want Co-CreationCollaborative networks are in line to co create products, services and for solving problems indirectly exerting pressure on B2B organizations to get in line with flexible offerings giving an upper hand to the buyers.
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Buyers Want Less ContentYes content is important but make it concrete and relevant. Unnecessary content can have opposite effect on customers. So follow the mantra of less content – but smart content .
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Buyers Want 1-to-1Conducting several reviews of lead generation and nurturing campaigns, it is seen that marketing may be inadvertently dripping back to the mode of 1 – to – many as opposed to coveted 1 – to – 1. This really is not the essence and marketers should optimize automation to the best possible way .
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Buyers Want More Than InsightDon’t over use the idea of insight, every item cannot be classified as insight. Be more judicious that can actually counter balance the act of contributing insight .
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B2B Marketing Upgrades
With rapidly changing buyer Behavior B2B marketing practices and tactics has to be upgraded only then a real connection can be established with buyers fostering networking and sales.
Agile = quick = stop watch = Q.
– More Agile, More Adaptive
Resources :customerthink.com
tutor2u.netslideshare.net
kenyaentrepreneur.hubpages.com
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