Understanding the B2B Buyer - 4 Rationales of a Purchase Decision

Understanding the B2B Buyer: 4 Rationales of a Purchase Decision (Part 2 of 2)

In the previous article, it was discussed that two of the reasons that influence the purchase decision of B2B buyers are 1) to enhance productivity and 2) for business expansion and growth.

The other two reasons deal more with the technical aspects of running a business, but nevertheless just as crucial in a buyer’s tendency to engage with lead generation tactics, whether via phone calls, email or business websites.

To bring in new technology

Businesses always aspire to leverage new technology to be able to outdo competitors. This is particularly true for companies that have no problem investing big amounts on technological advances. Actually, some of them even allot a chunk of their budget for keeping tabs on the newest trends and software in the industry.

That is your target market right there. Buyers like these usually are more receptive towards email-based subscriptions on product updates and even printed brochures. They like watching videos to review products or ask around to verify the quality of recommended services. And most of all, they are most open to conversations whether over the phone or in person. As marketers, make sure you have inside information about how they do their purchasing process and how they would like to receive information.

Need: To Cut Costs

Businesses are always concerned about their bottom lines and are on the prowl for ways to save. Office equipment, software and costs associated with having a physical location add up – quickly. The need to cut costs as a reason for prompting a new purchase received 32% of scores over 8. Perhaps the reason just about third of respondents feel this way is because it isn’t just a lower cost businesses want; they also want more for their money. As B2B Marketing notes, “Less is good. But more for less is better.”

What This Means for Your Business:

Work with buyers to find a price point that meets your needs and theirs. You should also be creating content, such as whitepapers, blog posts and case studies, which showcases how your product or service can reduce costs for businesses. You know your customers and you can likely gage where they are spending money. If your product or service can reduce costs in those areas, include that information in your marketing materials and sales pitches.

Understanding the B2B Buyer 4 Rationales of a Purchase Decision Part

Understanding the B2B Buyer: 4 Rationales of a Purchase Decision (Part 1 of 2)

 

In order to predict a behavior, one must determine the cause. In a business setup, the purchase process of buyers can be traced back to their inherent or emerging needs to maintain their operations. It’s so basic a principle that marketers actually tend to forget to look into.

We can’t blame them. B2B lead generation is an intricate practice, and most of their attention is built around converting prospects into paying customers and nurturing leads down the sales funnel. But for those who can’t seem to put their finger on why they are failing to close a sale, it’s best to be reacquainted with the essential motives why buyers make a purchase decision:

There are four basic reasons, and the first two are as follows:

To perk up production

For a typical business, enhancing productivity is definitely part of the goal. Owners, CEOs and managers are always finding ways to make their operations efficient, and that includes software, general tasks and data reporting. This is common for large businesses that operate mostly on large scale productions or those that handle a big number of human resources. They would usually go for solutions that aim to make everything fast and efficient.

Now when a B2B buyer has that motive in mind, marketers should highlight these desired features on their products. That means putting forward a mantra of efficiency in all lead generation channels such as content marketing, telemarketing or email. This kind of buyer is interested in statistics and real-world evidence that a product can enhance the way they business runs.

For business expansion and growth

When a business decides to expand, it will definitely acquire help in the form of additional tools and outsourced manpower. Although some companies would rather hire a fresh batch of new employees, it would still need to purchase equipment and software for them to use. That also means there will be an influx of customers in the future, which then leads to more purchases.

Again, to position yourself in front of these expansion buyers, you need to offer something that can aid them in the transition period, especially in terms of delivery, packaging and even throw in a discount for bulk purchases. This is usually a big sales opportunity considering the scale of potential purchases. This type of transaction deserves the best nurturing treatment as they could end up regular customers in more years to come.

The other two reasons for B2B buyers’ purchase decisions will be discussed in the next article.