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

Understanding the B2B Buyer - 4 Rationales of a Purchase Decision

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.