What are some of the top motivations for B2B buyers to consider and execute a purchase? 1. A fire is actually burning. This one’s probably fairly rare in B2B, yet we often assume that intent implies some degree of panic. Maybe buyers just want to avoid the flames - i.e., the fire is in their heads. 2. They are told to, albeit indirectly. Probably more pervasive than we think. The boss says get this done. You need the tools. 3. Because it’s the stairway to Heaven. Well, at least we’ve heard that buying this will lead to Nirvana, and we believe it. 4. Because it’s the right time. Either #1 is driving the urgency, or it’s more affordable than ever, or you now have the time and resources to do this. Or all three. 5. Because if you don’t… Fear is a great motivator. Imagine how things will be without this new tech or tool. Same as now? Worse? Much worse? 6. Because the neighbors… You can’t help but look at what your competitors are doing. It’s human nature. The only thing is, doing the same thing won’t put you ahead… 7. Because it’s the right thing to do. Nah, really? Yep, really. Taking the high road is a thing nowadays. Just look at Patagonia. So being “armed” with knowing what motivates your customers, what do you do? Bombard them with appropriate messages that feed on their emotions? There’s another way. Be the solution. #sales #marketing #customersuccess
Great question, John! Just because I'm a marketer, doesn't mean I'm buying martech. And even if I have an issue you can help solve, it doesn't mean I'm buying. Buyers go through a long period of doing their best to deal with the issues. Until an internal or external triggering event shifts their priorities to specific challenges or opportunities. Example of the triggering event: - Solution: a fintech solution to hedge risks against currency volatility. - The triggering event: For the second quarter in a row, the CFO of a manufacturing company discovers a loss due to fluctuating exchange rates. - The start of the buying journey: She starts asking around and looking for ways to deal with currency fluctuation. An alumnus from her MBA mentions hedging as a potential solution. Other example triggers: missing forecasts, new suppliers or customers using different currencies, events or peers mention the hedging option. In some cases, the trigger can be a "demand trigger", when the buyer learns about a solution or an opportunity used by their peers or competitors.
There is a firestorm. Find this in the IT space, where there is strong motivation in improving operational efficiencies and cutting costs, as demand on IT infrastructure grows. Witness the increases in remote work, mobile devices, and social apps -- translating into mountains of data and growing concerns on cyber security. Think outsourcing. Managed IT Service providers are the main benefactors. From a marketing standpoint, you need to establish trust in your company's capabilities. Have rich content, a distinctive POV, as well as embrace knowledge transfer, during the buyer's journey. This includes your in-house experts, getting in front of prospects. Love your customers: Satisfied customers become your referral engine. In fact, people may trust peers/colleagues more than you.
This likely fits within #3, but being a trustworthy strategic partner that can help build something unique (new info, insights, products, technology, and/or hand-holding)
This is great. I hit the funny button because half these reasons are ridiculous ones to make a purchase for your business.
Great post-John McTigue I would add 1. Because they trust you 2. Because they heard about you from their vendor or co-worker 3. Because they already learned a lot from your posts and resources. 4. Because they realize you are the though leader
Great list, John. As a research provider, I've seen most of these. Lately, I'm seeing a lot of 1s and 2s - driven by problems and struggles.
B2B Marketing Strategy Advisor With Company, Agency, and Freelance Chops
1yThanks for the share, Rabbi Hasan!