Buyer Behavior -Reshaping B2B Marketing Practices

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http://www.thomsondata.com - Consumer behaviour is the study of when, why, how, and where people do or do not buy product.

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Buyer Behavior Reshaping B2B Marketing Practices

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Buyer Behavior – In Brief Consumer behaviour is the study of when, why, how, and where people do or do not buy product.

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Testing Strategies – A Comprehensive Model MARKETING OTHER STIMULI & THE BUYING ORGN . BUYING DECISION PROCESS THE BUYING CENTRE BUYER’S RESPONSE Product Price Place Promotion Organizational Influences Product or Service Choice Supplier Choice Order Quantities Economic Technological Political Cultural Interpersonal and Individual Influences Delivery Terms and Times Service Terms Payment

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Stages in Buying Process – Ahead Step NEED REGOGNITION & PROBLEM AWARENESS INFORMATION SEARCH EVALUATION OF ALTERNATIVES PURCHASE POST – PURCHASE EVALUATION

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Organizational Buying Situations – Untethered Dynamics STRAIGHT REBUY MODIFY REBUY NEED TASK The Buyer routinely re-orders the same product or service with out any modification . The Buyer wants to modify product specifications , price , service or supplier . The Buyer purchase product or service for the first time .

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Buyer Behavior – Who Controls Engagement ? I called them directly They contacted me cold They contacted me after I asked for further information from their website I chatted with them on their website via live chat HOW WAS YOUR FIRST POINT OF CONTACT MADE WITH YOUR SALES REP ? Less than 10% of Recent Buyers were contacted cold by the solution provider . More than 80% said they contacted the solution provider directly .

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Discovering Alternatives – New paths to Purchase How would you describe the budgeting/approval process for this recent solution purchase ?

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Budget was taken from another line item after need was established Determined potential impact through other adopters and built a business Budget was allocated as part of larger line item - once need was established Budget was determined post multiple bids Budget for project was approved and allocated at the beginning Less than 1/4 indicated budget was approved or allocated during the beginning of the year .

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Buying Process – What’s New ? 33% of respondents indicated they determined – “ the potential impact through other adopters and built a business case for immediate adoption”, ensuring approval although the project was unbudgeted.

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Time to Change – The New Decision Making Process 48% utilized a wider variety of sources 48% took more time to research 36% did more detailed analysis of costs/ROI 30% had more internal team members provide input 27% relied more on live customer feedback and recommendations

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New Age Connecticut – The Influencers THE INFLUENCERS Helping Buyers Navigate Through All Stages Of Buying 66% implies to consistent and relevant information 80% indicates timeliness of response 95% confirm on CONTENT

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The After Effects – To do’s Post Purchase 59% likes to share information about the entire buying experience. FORUMS USED : Participated in discussion forums One on One discussions Tweeted about it Blog postings

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Preview – The Elementary Version CAPTURE NURTURE, SCORE CONNECT DEALS $ Drive to Website Convert via Form (Capture detailed information) Nurture (Organization based practices) Alert Rep of Buying Behavior (The final result)

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Breaking Process – Capturing Insights B2B Marketers relish the Extended Reach Reach + Response = Revenue + Relationship

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Changing Times – Changing Buyer Buyers Embrace Collaboration Behavior Social and Digital technologies has allowed the influence and interaction not only be grown and widened. In simple terms, the era of collaborative buyer networks has arrived .

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Buyers Want Co-Creation Collaborative networks are in line to co create products, services and for solving problems indirectly exerting pressure on B2B organizations to get in line with flexible offerings giving an upper hand to the buyers .

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Buyers Want Less Content Yes content is important but make it concrete and relevant. Unnecessary content can have opposite effect on customers. So follow the mantra of less content – but smart content .

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Buyers Want 1-to-1 Conducting several reviews of lead generation and nurturing campaigns, it is seen that marketing may be inadvertently dripping back to the mode of 1 – to – many as opposed to coveted 1 – to – 1. This really is not the essence and marketers should optimize automation to the best possible way .

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Buyers Want More Than Insight Don’t over use the idea of insight, every item cannot be classified as insight. Be more judicious that can actually counter balance the act of contributing insight .

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B2B Marketing Upgrades With rapidly changing buyer Behavior B2B marketing practices and tactics has to be upgraded only then a real connection can be established with buyers fostering networking and sales. Agile = quick = stop watch = Q. – More Agile, More Adaptive Resources : customerthink.com tutor2u.net slideshare.net kenyaentrepreneur.hubpages.com

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Thanks Mailing List Provider - Thomson Data is one of the fastest growing list providers with an extensive database, which serves all the major industries across the globe . www.thomsondata.com [email protected] 800-385-8221