The B2B buying process is complicated and lengthy. Therefore understanding the thinking process of decision-makers at your client’s office is vital to successful conversion.
Decision-makers can be easily compared to consumers as they both have emotional and rational needs that suppliers need to fulfill. However, in the B2B marketplace, these needs operate a bit differently and are more concerned with the company as a whole. The most important thing is the time invested by the decision-makers that define their buying process.
- Garter’s research shows that B2B companies spent 17% of their time meeting prospective suppliers and just 6% engaging salespeople
- 82% of B2B decision-makers find sales representatives to be mostly unprepared.
- Decision-makers use at least 45% of their time researching offline and online sources before opting to purchase a product.
- The Harvard Business School wrote an article that shows that B2B buyers consider a minimum of 40 value elements when making purchase decisions.
Thus it is clear that buyers evaluate a wide range of factors to determine how obtaining a specific product affects employee efficiency or business operations.
Logichron wants you to increase conversions; hence we have compiled a list of some of the factors that the top B2B companies evaluate before making a purchasing decision so that you can always stay one step ahead of the competition.
Value
The value of a product or service is a vital factor for B2B decision-makers whenever they want to make a purchase. Evaluating the following product features help purchasers understand the importance of the products:
- Performance
- Features
- Benefits to the firm
- Support given
- Personalization (Services)
Buyers use these metrics to assess how well and efficiently your product/service solves their problems.
To understand the value of your product B2B decision-makers look at product demos, product/service descriptions, and white-papers. They also take the time to look at previous customer reviews, testimonials, and case studies about the performance of your product/service.
Statistics reveal that 77% of B2B buyers in the evaluation stage recognize case studies and testimonials as the most effective forms of content that influence decisions.
Product Durability
Another significant factor that influences business decisions is the durability and sustainability of your product.
Having a durable and sustainable product will show buyers your product quality. Durability is how long a product has to last before it starts to deteriorate and require maintenance or complete replacement. Having a long-lasting product goes a long way in reducing waste and conserving resources. This is incredibly important to clients as durable products improve sustainability and reduce cost.
B2B buyers want the best value for their business; therefore, they thoroughly examine the efficiency and functionality of a product, also the warranties and upgrades available.
Clients can learn about the durability of your product throughout the buying process in various ways; these include:
- Studying customer testimonials and case studies
- Examining white papers
- Understanding product descriptions
- Inspecting manufacturer certifications
Pricing
When a B2B buyer chooses your product/service, they are not just investing in your product, but they are buying several functional, economic, and emotional benefits.
Decision-makers in B2B firms consider the cost of a product relative to its physical performance, the value and psychological effect the product evokes amongst users, and the efficiency that the product offers.
In most cases, buyers and purchasers place more importance on value or service offers; however, they are still interested in the price and if the product/service represents value. They take into account:
- Discounts
- Credits
- Allowances
- Transparency in product pricing, i.e. checking whether there are any hidden costs.
- Incentives
B2B buyers will also compare rates from your competitors and other similar suppliers. Suppliers with the most competitive prices and no hidden costs typically have the most sales.
Customer Service
Due to the current market situation, consumers expect and demand the best customer service possible, and it has become an essential aspect of the B2B buying process. Clients and consumers want to be given a guarantee that they can get help with the products and services they purchase as soon as they need it.
Having a good customer service team is vital as it is the contact point for anyone with any queries or needs pertaining to your product/service. Most importantly, statistics show that B2B buyers are valuing experience more than they value product and pricing.
Several buyers are unwilling to wait for days before their dilemmas are solved. B2B decision-makers assess the customer service options that firms provide before deciding on their purchase. They consider:
- The suppliers’ ability to personalize their services according to their client.
- Availability of a live chat option.
- Possibility of self-service via help centers.
- If a dedicated account manager is assigned to them.
Return Policy
Buyers anticipate to use the products they purchase for an extended time, however not all products are perfect, there is bound to be some type of malfunction or manufacturing defect, in these cases the goods will need to be returned. During the buying process, B2B buyers are usually interested in finding out the returns policy that suppliers have. They would want to find out if the potential seller accepts returns and what the process entails, whether refunds or replacements are provided. Another essential factor would be the time the return process would take; a shorter time frame would keep customers satisfied.
Where do you stand in the buying process?
The B2B buying process is highly complex and tedious; potential clients look at everything you as a business have to offer before making their decision. Therefore, you as a supplier would have to think about:
- What sets you apart from the competition?
- How is your product/service different?
- What makes your product/service better?
In order to understand how decision-makers think you would first need to target the right clients and people for your business. With Logichron, we focus on providing you with the best leads and conversion advice so that you can grow your business faster with a higher ROI.
