A recent survey has revealed important lessons about the B2B buying process. Once the need is triggered, the average buyer immediately has five potential suppliers in mind. What’s more, the vast majority (86%) start out with a clear preference for one of these suppliers – and most (94%) end up buying from them. That means that in around eight out of 10 cases, the winner has been preordained and the sale is theirs to lose.
This preferred supplier is often the incumbent. If that’s you, then most of the hard work is already done, but don’t get complacent. To retain that advantage, it’s essential you invest in customer experience, as 61% of B2B buyers say poor service from their incumbent would heavily influence the likelihood of buying from them again. Poor customer service will also reduce your chances of winning business with prospects too. Some 41% of B2B buyers who are unhappy with customer service will talk negatively about the offending supplier.
Prospective suppliers can take advantage of these lapses by providing an alternative offering. B2B buyers suggest three complementary ways of doing it. Some 68% advise reaching out through face-to-face channels, 51% suggest advertising in trade media, and 47% recommend sharing content through whitepapers, webinars and supplier magazines.
You also need to ensure buyers can find you. Invest in SEO/PPC (39% of buyers find suppliers online), and invest in building referral networks (34% ask professional advisers to recommend suppliers and 33% consult with peers).
Of course, you need to persuade prospective customers that you’re the best choice. Other than price, two ‘hard’ factors are critical – product quality and after-sales service (17% and 14% of buyers respectively say these are the most important drivers of choice for them). Four ‘softer’ factors also have a very important role – brand reputation and trust (21%), personal relationships (7%), perceived ease of doing business (5%), and the way you engage with them during the sales process (5%).
While the buying process will differ between markets, the above is certainly food for thought. How well does your strategy fit with this blueprint?
