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The Changing B2B Buyer Cheat Sheet

The Changing B2B Buyer Cheat Sheet



The Changing B2B Buyer Cheat Sheet helps you adapt to the evolving B2B buying process. Including basic and advanced techniques to engage the B2B buyer, this sheet provides insight into the different ...

The Changing B2B Buyer Cheat Sheet helps you adapt to the evolving B2B buying process. Including basic and advanced techniques to engage the B2B buyer, this sheet provides insight into the different buying stages involved in the B2B decision-making process.



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The Changing B2B Buyer Cheat Sheet The Changing B2B Buyer Cheat Sheet Document Transcript

  • The Changing B2B Buyer How has the B2B Buyer Changed? Glossary Terms The B2B buying process has changed, and so has the B2B buyer. Buying Commiee – Refers to all individuals involved in the B2B Gone are the days when salespeople acvely “sold” to prospects buying decision at an organizaon and marketers would parcipate in “interrupon markeng”— Heuriscs – Quick methods oen involved in problem solving, doing their best to get in front of prospecve customers regardless such as gut insnct, educated guesses or “common sense” of their level of interest or qualificaon. Thanks to the Internet, so Interrupon Markeng – A type of outbound markeng that seeks cial media and other major online influences, prospects are spend to capture a prospect’s aenon by forcing markeng communica ing more me on the web doing independent research, obtaining ons in front of them; opposite of permission markeng informaon from their peers and other third pares. Companies Lead Scoring – The process of determining the sales readiness of are meeng prospecve buyers earlier than ever, and they must leads using a predetermined scoring methodology and ranking avoid having sales engage with every earlystage lead that is not them accordingly truly sales ready. Markeng Asset – A piece of markeng content (e.g. white papers, videos, newsleers, webinars, etc.) used to educate and generate interest for a company’s products or services Permission Markeng – A type of markeng that seeks to first Why Marketers Must Reduce Risk in the gain permission from prospects before markeng to them B2B Buying Process Persona – A ficonal person used to represent a specific target Research shows that the B2B buying process is a highly emoonal segment for a company; personas aid in markeng, product one, one that lends itself to irraonal behaviors and heuriscs, or development, usability and other areas quick methods of coming to a soluon that are, at best, educated Sales-Ready Lead (SRL) – A lead that has been qualified by market guesses. The emoon that most impacts the B2B buyer is fear (e.g. ing based upon criteria agreed upon by both sales and markeng job security, loss of professional credibility, monetary loss, etc.) B2B marketers must do their best to minimize this fear by eliminang risk, which can be done only through building trust with prospects. While there is organizaonal risk involved in the process (oen stated in the procurement or RFP process), personal risk is what The Changing B2B Buyer - Analyst Facts marketers must seek to understand best. This type of personal risk “Business buyers are people, not faceless companies. Raonal is oen unstated, dierent for each person in the buying commiee decisions get clouded by emoons, movaons and desires. B2B and a potenal source of internal tensions and ineecve buying marketers must stop pushing out communicaons and start listen- processes. Many qualified leads disappear because of personal risk, ing to what buyers need. Customer research, segmentaon, under- and when sales and markeng don’t acknowledge and tackle this standing the buying process and creang relevant informaon that fear, revenue suers. engages prospects in conversaons – and ulmately long-lasng relaonships – all require marketers to understand their customers deeply.” – Laura Ramos, Will B2B Markeng Become Obsolete? (Part II), The Forrester Blog for Interacve Markeng Professionals, 2008 “Buying 2.0 is a beer metaphor for the buying/selling interacons of today’s selling environment as the hunter has become the hunted. Buyers are more informed and seek informaon independ- ent of sales. Buyers have access to overwhelming amounts of infor- maon, but seek intelligence they can trust to support their decision making process. How sales people want to sell has lile impact on how buyers are choosing to buy. The knowledge-driven buyer has raised the bar for sales people to be more informed and beer prepared to bring value to the interacon.” – Markeng Needed for Sales 2.1, SiriusDecisions, 2009 “The shi from product-led selling to relaonship-led selling calls for a significant transformaon of sales — enabled by a transfor- maon of markeng.” – Sales Enablement 3.0: A Transformaon of Sales Enabled by a Transformaon of Markeng, IDC, 2009
  • Engaging the Changing B2B Buyer – Basic Techniques Changing B2B Buyer Comparison • Pay aenon to the emoonal needs and cues of B2B buyers and have sales engage with only salesready leads. • Provide prospects with sucient amounts of relevant informaon to help guide and educate them during the buying process. • Encourage sales to approach every meeng armed with as much knowledge about the prospects and their organizaon as possible. • Leverage facetoface sales meengs to help build trust and ongoing relaonships with prospects. • Be where the prospect wants to be – parcipate in social media. • Make best use of markeng tools like markeng automaon and CRM. Buyer Stages – Dierent Perspecves With the changing B2B buyer comes new ways of looking at the Engaging the Changing B2B Buyer – Adv. Techniques dierent buying stages involved in the B2B decisionmaking process. By evaluang these dierent approaches and perspecves, you’ll be • Eliminate risk by developing thought leadership through relevant able to formulate the stages that make the most sense for your own markeng assets, blog posngs and more. By becoming a leader organizaon. in your category, you build trust with prospecve customers. • Consider the various feelings of risk felt by every individual in the • Tradional Buying Stages buying commiee and how personal agendas and internal tension • Stage 1: Awareness – Idenfy a business need can aect decisionmaking. • Stage 2: Consideraon – Determine possible soluons • Create markeng personas for key decision makers to promote • Stage 3: Research – Evaluate dierent soluons more relevant and consistent markeng and sales interacons • Stage 4: Purchase – Select a soluon and negoate the purchase with prospects. • Strive to establish yourself as a “preferred vendor” in your • Buying Stage Framework (according to analyst firm, SiriusDecisions) industry by dierenang your product or service and building • Stage 1: Loosening of the Status Quo brand awareness. • Stage 2: Comming to Change • Stage 3: Exploring Possible Soluons • Stage 4: Comming to a Soluon • Stage 5: Jusfying the Decision Social Media and the Changing B2B Buyer • Stage 6: Making the Selecon Social media plays a key role throughout the enre revenue cycle, • The BuyerSphere (according to research firm, Enquiro) beginning before prospects are even idenfied (while they research According to B2B research firm Enquiro, the buying process is or follow thought leadership on social media sites), to aer they not a simple logical, raonal and linear process where a prospect become customers, (as they remain loyal customers through moves neatly from one stage to the next; rather, prospects move retenon and crossand upsell opportunies). Marketers can use chaocally forward and backward through the process as they social media to reduce feelings of risk and build trust with prospects, balance raonal decision making with the emoonal impacts and ulmately drive revenue and new business. Here’s how: of fear and risk. • Listen to what unidenfied prospects are saying through social media, in which valuable relaonships are built through blogs, Twier and other nontradional markeng vehicles. Top Resources • Engage prospects with greater relevancy by using what they say on social media sites to enhance profiles, trigger more targeted • Modern B2B Markeng Blog: blog.marketo.com nurturing flows and provide deeper insight into their • Enquiro: www.enquiro.com conversaons with sales. • Funnelholic: www.funnelholic.com • Lead Sloth: www.leadsloth.com • Connue to build profitable relaonships with new customers • BtoB Magazine: www.btobonline.com through more informed retenon markeng and cross and • MarkengSherpa: www.markengsherpa.com upsell acvies. • MarkengProfs: www.markengprofs.com Informaon for this B2B Markeng Cheat Sheet was taken from Marketo, SiriusDecisions, and Enquiro thought leadership including: • Mapping the BuyerSphere – www.enquiro.com/b2bresearch • Integrated Persuasion – www.enquiro.com/whitepapers • B2B Branding: Why Branding Maers in B2B Markeng – blog.marketo.com/blog/2007/03/b2b_branding_wh.html www.enquiro.com www.marketo.com