We are living in a world of disruption; a place where technology controls every nuance of our life influences our behaviour and alters our decision-making process. Unlike a few decades ago, today we have a wealth of information at our fingertips which has greatly influenced our buying behaviour.
Modern B2B buyers conduct extensive research on technologies, software products and services before pulling the trigger. Salespersons should know that consumers of today have their quiver full of information when they set out to make a purchase deal. So, playing your shots from a traditional sales playbook won’t cut ice with customers today.
“Buyers dictate the sales process today”-there goes the BOMBSHELL!!
Yes, customers rule the roost of late; sales reps have to accept this truth and line up their tactics according to the preferences and expectations of the customers. Promotions, product design, product launches, everything are influenced by a buyer’s behaviour today.
Change in buyer behaviour
Nearly 57% of salespersons acknowledge that there has been a massive shift in buyer behaviour and that B2B buyers are less dependant on sales reps during the initial buying process. Loaded with stacks of information, buyers today want to cut to the chase and ask for a demo of the product while interacting with the sales reps for the first time.
After they are satisfied with the demo, logistical considerations come into play; here buyers want exclusive information about approx. time for installation or integration, whether the product will be a right fit for their workflows, and the quality of their support services. The price negotiations happen after the buyer is convinced that the product matches their expectations and the deal is a sweet one.
Why knowing buyer behaviour is important?
Know what influences a buyer’s decision-making process and half the job is done. Buyer behaviour provides insights into why buyers purchase certain products and services. Hacking into this psychological information can help you improve your business model and, help your business generate more leads, fine-tune your marketing processes, and retain more customers.
An in-depth research on buyer behaviour can lay bare a truckload of information about whether your business tactics are in sync with the expectations of the buyers; where you have to cut costs, how revenue can be increased and which step of the customer journey needs a revamp.
One of the things which most businesses miss out on is the customer’s perception and personality. Different customers have different expectations and put a value on brand depending on how the product fulfils their expectations. So, sales reps have to take these subtle things into consideration while formulating their strategies.
Measuring buyer behaviour
In today’s world of AI and Big Data, harnessing buyer information is a piece of cake. There are software tools which track a buyer’s moves while searching for a product, analyse their search history and manufacture insights about customer behaviour.
Not only that, AI tools sieve through social media conversations, past records, online reviews and customer surveys to find the most valuable information about buyer behaviour.
So, there you have it! Buyer behaviour is the be-all and end-all of sales strategies; Sales reps have to hook into the intentions of a buyer to drive home their sales goals. By learning, tracking and analysing buyer behaviour, businesses will be able to discover which products and services are giving them a bigger ROI and driving a bigger share of the revenue.