Around 95 percent of B2B purchase decisions are complex and involve multiple stakeholders. Buying decisions are not purely impulsive. Ideally, they are carefully thought out conclusions to time-consuming and layered decision-making processes.
You may believe that as long as your product or service meets the desired standards of quality, you will be able to make the sale. Unfortunately, this is not true. While the deliverables are important, here are other factors which play a major role in influencing the purchase decisions.
Business Objectives
What are the organisational goals of your prospect? What kind of brand image does your prospect want to create? Is your prospect focused on short-term or long-term benefits? What market position is your prospect targeting?
If your offerings do not align with the business objectives of the prospects, they will not buy from you, even if your products or services meet their requirements on paper.
Technology
You might have the most modern systems in place, resulting in advanced products and services, but your prospect may be on a relatively older platform. Most business owners are shy of adopting new technology, as it involves significant investment. So, if you are not able to provide solutions compatible to their existing system, they will not purchase from you.
Human Resources
Employee qualifications, skill, and experience also play an important role in persuading prospects. For example, if your potential clients cater to international markets, they would definitely prefer a workforce which has international experience.
Psychology
As mentioned earlier, in B2B buying, the purchase decision usually involves several stakeholders. Sometimes, the decision makers have interpersonal conflicts which negatively impact the buying process. You might have the perfect products or services, but due to their office politics your company might suffer.
Competitors
Along with internal factors which influence buying, external factors such as competitors, also affect purchase decisions. Companies keep a close watch on the competition, and if they feel that their rivals are profiting by using a particular vendor, they might follow suit.
Environment
The social, economic and political environment in which you function also impacts the purchase decision. A company will avoid doing business with you, if they feel that your business exists in a volatile atmosphere, with an overly sensitive social milieu, fluctuating markets, and unfavourable political policies.
Selling is not about having the best product or service in the market. The various factors mentioned above strongly influence the purchasing decision apart from the quality and price of your offerings. So, your marketing strategy should consider such factors too, while promoting your products or services.
Most companies do not have the resources required to create a comprehensive marketing strategy which considers all the factors that impact B2B purchasing decisions. It is recommended that you collaborate with a competent marketing solutions provider, who will help you in your journey to become the most profitable company in the market.
By hiring a marketing solutions provider you can concentrate on improving the quality of your products and services, and the task of finding, influencing, and converting leads will be handled by your marketing partner. Thus, you can focus on the tasks that you are good at, and everything else related to promoting your products and services will be handled by the marketing solutions provider.
Why wait to increase your sales? Why wait to have a database brimming with loyal customers? Why wait to succeed? Contact us immediately and let us help you design and implement a rewarding marketing strategy!
