The buying process or “cycle” is an interesting process to say the least. Why do customers buy? What goes through their mind before, during and after a purchase? Why do they choose what they do to buy? How do they process all the information about products and services available to them? Marketers, as well as sales and business development professionals alike all seek to answer these questions to yield success.
The buying cycle can viewed as having 5 phases, as indicated in the graphic below
For the purposes of this discussion, we will focus on the first phase – Problem Identification. (Have no fear, we will discuss the remaining phases in the next series of blogs.)
The buying cycle begins when either (1) the buyer notices a problem is starting to arise, or – which happens more often than not – (2) the buyer begins to see the effects of a problem without knowing what the problem is exactly. For example, a car dealer who wants to communicate frequently and maintain a relationship with customers fails to employ a reputable CRM. They notice that their customer retention is low and can rightlyfully attribute the problem their CRM system. On the other hand, you have a car dealership who uses the best CRM system available in the industry and has a consistent direct marketing schedule but they also notice customer retention is low. This dealership is left scratching their head as to why their customers aren’t returning to their store for service needs and/or to purchase another new car.
This begs the question: how can companies who have products and/or services that can solve a particular issue reach prospects who are in the “problem identification” stage of the buying process? One suggestion that we strongly recommend is to have stimulating and engaging conversations online to get yourself infront of prospects who are in the midst of the buying cycle.
We’re not simply recommending that you jump on the social media bandwagon and create profiles on all the major social networks (i.e., Twitter, Facebook, and LinkedIn). Since a “build it and they will come” mentality does not succeed in social media, we urge companies to get their hands dirty by really getting involved online after profiles are created. You should ask thought-provoking questions to prospects, answering questions posed by prospects online, offer up “best practices” and tips and provide concrete information that will get prospects thinking more about their problem and how it can be solved. This can be done on Facebook, Twitter, LinkedIn and YouTube…and each can drastically improve your business development processes by generating qualified sales leads.
Don’t believe us? According to DemandGen’s recent report “BtoB Buyer Transformation Survey,” social media activity on networks such as those named above are “having a growing impact with business purchases.” In fact, they reported:
Over 20% of buyers connected directly with potential solution providers on social networks
Almost 40% posted questions on social media sites with the intent of looking for suggestions and feedback
A majority of respondents said Twitter and LinkedIn influenced their purchasing decisions during the “Problem Identification” phase
The results of this survey clearly indicate that social media has a significant impact on the b2b buying cycle and provide evidence to our recommendation above. Though “Problem Identification” is still the first step in a sometimes long and frustrating buying cycle, remember that engaging with prospects early in the game and building rapport throughout will improve your chances for a sale in the end.
For more information and recommendations, please watch as Gateway partner Jason Bahnak elaborates in the video below:
A Dedicated Account Manager
In order to successfully connect with a prospect, you need one Account Manager dedicated to developing a business-to-business relationship with them.
Outsourcing your B2B lead generation to a firm that uses dedicated Account Managers will dramatically increase the effectiveness of the campaign by developing one-on-one relationships with prospects.
Using multiple sales representatives to contact the same prospect runs the risk of losing potential partnerships, as the prospect will get the impression they’re being passed around your organization with little concern about them personally.
Collaterals That Stand Out B2B decision makers aren’t always available by phone, and if they are they may not have time to speak with you.
It is imperative to consistently maintain contact with prospects. In cases where the decision maker is unavailable, you must have relevant collaterals on hand [such as videos, emails, and quality direct mail pieces] that can be delivered by a dedicated account manager through a variety of formats.
Prospects are receiving information from many of your competitors, which means your company’s collaterals must stand out to cut through the clutter. Standard html emails and voicemails can get buried amongst your competitor’s collaterals.
Effective Nurture Program Outsourcing to a firm with effective nurture programs is essential in advancing any area of B2B lead generation. It allows a continuous and structured flow of communication, but should vary based on a prospect’s disposition.
Historically, 85%-95% of outgoing phone calls will not result in a live connect, and those who are reached may not yet be in the market for new business-to-business relationships. No matter the situation, even if the prospect won’t be in the buying cycle for 6 months, the nurturing program must communicate to the prospect accordingly.
The Account Manager will be delivering messages to the prospect to maintain awareness over an extended period of time.Outsourcing to a firm who tailors each nurture program according to the prospect’s disposition ensures your company will be in the forefront of the prospect’s mind when they enter the buying cycle.
Although it may not be your company’s style to “tweet”, Facebook, or blog, you need to think about making yourself accessible to other companies who may benefit from your business, and you theirs.
Inbound marketing is a style of marketing that focuses on getting found by customers. And today, Social Media is a leading tool for inbound marketing.
Why Change Now? Adapting to the variations in marketing tactics doesn’t mean you have to give up your current marketing strategy, it just means you need to be available through a few social media outlets.
Social media makes your company accessible online gives other companies and opportunity to seek you for your service.
1)Improving B2B Relationships
B2B marketing makes up a significant portion of overall online marketing activity. Roughly one-third of all commercial searches on Google are business to business related; more than 50 percent of Google’s target advertisers are B2B, and almost 38 percent of Yahoo’s target advertisements are B2B related. Being available online helps your company to extend its lines of communication and stay in close contact with current and potential clients. Using online videos, pictures, and event calendars can help engage possible B2B relationships.
2) Increasing Visibility When a potential buyers are in the market for a new product, they will often post a question online asking their peers which products are the best. You need to make sure that when that time comes, your name is mentioned first. You never know where your customers are online; LinkedIn, Twitter, Facebook, etc. Companies who start or participate in these discussions in an informative and helpful manner get instant credibility and a foot-in-the-door with decision makers.
3) Achieving Maximum ROI Adapting to inbound marketing will not only increase your visibility online, it will generate more leads for your business. Getting exposure early in the buying cycle will increase your networking opportunities and profitability.
You Don’t Have To Do It Alone…
Social media is always changing so consider having aspecialistmaintain your sites and work with your company to help determine key steps and strategies. Your specialist can also help you stay ahead of the competition. Specialists can help you:
1) Maintain your social sites.
2) Find relevant conversations pertaining to your company or industry.
3) Author content for your blog and share with online communities.
Many people jump on Google to find the answer to a specific question or to prospect business relationships. Being a part of several key social media sites will help to increase your search engine optimization thus making you more visible online.
It’s time to take the plunge and begin social media marketing to take your business to new heights.
Fact: Social Media has changed how decision-makers search for and analyze information prior to making a buying decision. Where once an individual would place calls to or visit vendor websites to begin their service-provider selection process, now potential buyers are discussing solutions and vendor options with peers first in an attempt to receive real, unbiased feedback regarding an issue. To generate B2B leads using social media, your organization must have a presence in these early-stage discussions and deploy the proper social media marketing tools for each phase of the buying cycle.
Observe the chart below:
Problem Identification Stage: Some business issues are glaring, others aren’t thought about until someone brings them to your attention. The latter is happening on social networks by savvy would-be vendors daily. To prompt decision-makers to recognize an issue that their business may solve, thousands of companies are starting discussions on blogs, forums and video sharing websites. These websites create a forum for discussions whereby the participants don’t feel like they are being sold, but instead joining in a peer discussion about a topic related to their business. They promote ideas on issues and solutions.
Companies who start or participate in these discussions in an informative and helpful manner get instant credibility and a foot-in-the-door with decision–makers. However, it is critical in this stage to position your business as a resource, and not try to “close the deal”. Social networks are about peers talking to peers, not businesses selling to prospects. Jump in the discussions, be helpful, and generate early exposure for your business in the buying cycle.
Solution Development Stage: There are often a variety of solutions for every business issue. In one’s personal life, asking a friend for advice on solving an issue is often the easiest and most trusted way to gather feedback. Social networking websites now facilitate the exact same level of peer to peer communication. As I mentioned in a previous post, decision-makers have abandoned visiting corporate websites to investigate solutions, as corporate sites consistently tout that their solutions are the best…regardless if that is actually the case.
Having your thoughts (as a peer, not a company) on specific solutions published online will communicate that your organization is willing and able to help. To dispense industry advice, you can either publish a blog, or join in discussions on other blogs. To ensure your ideas get seen, search engine optimize your blog, and posts, to ensure major search engines can see your message and attribute it to your organization.
Resource Search Stage: During this phase decision-makers are looking for the best organization to provide a specific solution. Your strategy should be to (1) get seen and (2) stand out amongst the competition.
Search engine optimization and Pay-Per-Click will ensure your business gets found for certain keywords and phrases. Please note: Conversations, and the phrases used within, change constantly. Monitoring blogs and forums to derive what keywords are actually being used is critical to targeted search engine marketing.
Standing out from the clutter requires a quick, impactful delivery of your message. Web video has become the #1 tool used in social media. Video can clearly and concisely deliver your message in a memorable fashion.
Vendor Evaluation Stage: Three very good reasons for choosing a vendor are:
Their breadth of knowledge on a subject
Their success with other businesses like yours
They were recommended by a trusted peer
Clearly communicating your ideas in a video or on a blog will make an impression on key-decision-makers. For example, a blog that discusses an issue from “soup to nuts” proves your company knows its’ stuff. Providing visibility to your answers on issues leaves much of the unwanted “guess work” out of the buying process for a decision-maker.
Providing a case study, preferably in digital format (so it can be forwarded to others), is another impactful way to communicate your success in solving certain issues. Case studies can be discussed within a blog, or portrayed in a web video. Leaving a prospect with the feeling that your company has already successfully solved the same issue for another firm can be the deciding factor in making a buying decision.
A personal recommendation by a peer speaks volumes. LinkedIn, for example, displays personal recommendations made by others who have worked with an individual. It is wise to have your company’s employees attempt to get recommendations from clients they’ve helped. LinkedIn users really do look at those recommendations. If they see your competitors have been recommended, and your business has not, they will notice.
So, some food for thought. I hope this post helps your business decide what social media tools to use for attracting decision-makers. As usual, please let us know if we can help. Please subscribe to this blog for future posts on generating new business for your business.
This blog was created to share our thoughts on B2B customer development in the hopes that this information will be useful for organizations working toward increasing new sales opportunities.
