Recently, I attended the Beyond the B2B Buying Funnel webinar sponsored by Enquiro, with panelists from Google, Business.com, Marketo, Demandbase and Covario. This research focuses on B2B lead acquisition and management strategy, and closing the “Risk Gap” in the B2B buying structure.
According to the study, B2B buying behavior can be categorized into three groups of consumers:
(1) Repeat buyers who continuously buy items all the time with little consideration as to the purchase.
(2) Modified repeat buyers who purchase all the time, but want to reevaluate their purchase decision to find a better solution.
(3) Blank slate customers who are making a first time purchase—these buyers have a huge learning curve.
The important thing to note about B2B consumers is that although these businesses are operated by people who are irrationality and controlled by their emotions. As a result, these B2B clients control their purchase decisions with a variety of mechanisms to mitigate risk. These mechanisms include personal past experiences, word of mouth of others, asking existing vendors, credibility of vendors, online research, and price points.
I think that for advertisers to better target these B2B consumers, advertisers should tailor their messages to the purchaser at the appropriate stage of the B2B buying cycle and to the role of the decision maker. It’s important for B2B advertisers to understand that a poor purchase decision is more detrimental for a decision maker (i.e. risking one’s reputation and job security), than the possibility of potential reward (most probably aren’t rewarded or affected at all) for making the positive purchase decision.
Food for thought--especially for B2B advertisers trying to retain and win new business in this economy.
About Me
- eckramer
- Growing up in Atlanta, GA, I moved to New Orleans, LA to achieve my BBA in Marketing and Management from Loyola University New Orleans. After being displaced by Hurricane Katrina, I spent a semester at Georgia State University, but was able to return to New Orleans to achieve my degree. Following graduation, I returned to Atlanta to pursue a coveted career in advertising. Currently, I am working as an assistant traffic manager at a prestigious advertising agency. I am a self-motivated, organized, detail-oriented, advertising professional with a strong sense of project ownership and proactive approach to issue resolution. Although my background has been primarily focused on online media, I have the ambition to learn and master new technologies, processes, departments, and other innovative facets of the advertising industry including broadcast and print production, public relations, communications, and strategy. I interact with a variety of people, personalities, and overcome unique challenges on a daily basis in a highly-dynamic environment under strict deadlines. I am always looking to increase success for myself, my agency, and our clients.