B2B buying, if carried out successfully, tends to be more profitable than with individual customers. Knowing the exact needs and prospects of B2B buyers’ helps improve your sales and the chances of converting potential buyers into regular customers.
The B2B buying process generally goes through a number of phases. However, to most companies, it revolves around the three – Awareness, Discover and Validation. For a business to make a purchase from another, they have to make important decisions with people, have clear prospects of what and who to buy from, and have a higher level of accountability since the purchases are larger in number. This makes the process more intricate and needs to be carefully planned before executing.
Identifying your Potential Buyers
The Worldwide B2B Marketplace makes significant use of technology to help identify their target buyers in the buying process. What can you do to identify?
- Behavioural Insights
Find out the prospects’ behaviour through their web searches, website visits and keyword search. Did they seem interested? Did they attend any of your workshops?
- Keep them in Contact
The most safest and easier options are to directly ask what stage your buyer is on and what they are looking for.
- Make offers to them
Companies usually don’t leave their buyers until they make a purchase. Make unique offers, involve them more through webinars, phone calls and self-assessment checklists.
Tips to make Buyers Purchase from you
Despite the strong efforts made by vendors and their digital marketing agencies, more than 50% of B2B buyers still have incomplete or poorly defined benchmarks when considering new dealers. When they are unsure about their own prospects, the B2B buying process, overall, gets affected too.
Find out some genius tips on how to turn B2B buyers into your potential customers:
- Add Optimized Content on your Website
When a B2B buyer is not clearly assured about his business needs, he may look for it, in the information provided on your website. For a business retail company, it is important to have well-optimized content that not only gets your buyer’s attention but also provides the information he needs to move to the next step in B2B buying.
According to an estimate, 42% of buyers only have partially defined business objectives and tend to look towards vendors’ services before researching a purchase.
- Keep your Buyers Engaged
A buyers’ journey throughout the B2B buying process is never completely defined neither it moves from one point to another. Instead, over 53% of B2B buyers suspend or stop their purchases for a period of time or just permanently. On the other hand, from a vendors’ perspective this might be considered as a business downfall since, during that time, you could lose your potential buyer, see a decrease in profits or most importantly just fall out of the increasing competition.
Therefore, business vendors must always be working on keeping their buyers fully engaged and keep them under connection regardless of the pause in the buying process. Introduce new and innovative ways to communicate, find out what you can do improve your services and compel your buyers to make the purchase again.
- Make Early Contacts
When B2B buyers begin their buying process, they are usually sceptical about their business needs at that particular time. Communicating them earlier in the process can help buyers identify their vendors while also give vendors a better idea of how their service can fulfil the needs of a business.
According to a survey, about 47% of B2B buyers find it more convenient when vendors make early contacts during the time they begin to research and explore their potential business needs. If the vendor is able to help them state their needs, there is a 50% chance of a business collaboration between the two.
- Challenge your buyers
If you challenge a buyer and their way of thinking when they are in the early stages of exploring their business needs, there can be a positive business impact.
When it comes to making a buyer re-think about their business decisions, there are high chances of them trusting you and believing that you can be reliable to deliver a good service. Don’t just challenge your buyers, offer them new solutions so you can be considered when making B2B business.
Benefits of Identifying the Buying Process
From a vendors’ point of view, staying prepared in the buying process at all times is very important. You must be ready to deal with situations that may arrive before, at the start or towards the end of the buying process.
On the other hand, if you identify the B2B buying process of your potential buyers, there is a high probability that you can make early contacts, stay in touch or send significant content that a prospect may be interested in. For instance, if a B2B buyer is looking at your webpages, making frequent searches about your business, then he may likely be in the ‘Awareness’ stage. At this particular point, you can use your marketers to send optimized content, educational material to raise more awareness about your business objectives.
Alternatively, if a B2B buyer researching about a specific product or its pricing, they are more likely done identifying and now moved to the ‘Discovery’ phase. Now, at this point, you must send product related content to educate more about your services, pricing and purchase options. This will only strengthen your relationship with the B2B buyer and make the purchase faster.
The buying process is complicated and understanding it better at all stages will help you grow your brand, improve communications with your buyers and make you stay ahead in the competition. More importantly, it will give clients and B2B buyers a reason to believe in your services.
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