B2B Buying Behaviour Influences

There are many factors that influence peoples buying behaviour, and on the other side of the coin, there are also many factors in how products are marketed that influences the behaviour in sales. High-value B2B trade creates a highly involved sales atmosphere it is affected by several factors including the average sales per person, the decisions of multiple shareholders and then there are the motivations that drive the client’s decision-making process, which is most complicated to understand fully.

The Factors You Need to Fully Understand in B2B Marketing:

• Loss Aversion
• Status Quo Bias
• Decision Paralysis
• Impact of Early Influences

Status Quo Bias

The Novel Prize winner, Daniel Kahneman, which is also the author of Thinking, Fast & Slow, shares that when it comes to the decision making it is the change perceived as risky, recognised by the status quo bias effect. In this, clients will prefer the comfort offered by the status quo unless they have a compelling and urgent reason to act. It is the reason why many promising sales opportunities end in the client not moving forward with the purchase by deciding to just do nothing.

When looking at the implications part of the value of selling, the seller needs to persuade the client into change, and at the same time assist them in recognising that the status quo is not safe. It means the seller must contrast the risks, consequences and threats in their current situation, the inaction cost and the benefits and then show them the significant opportunity available through change.

Clients Stick to What They’re Comfortable With

It is quite simply, should your client not recognise a signed contract between the future potential and their current situation they will always stick to what they’re comfortable with and what they know.

Decision paralysis

The number of stakeholders that are involved in any decision-making process normally decrease the change of a positive outcome. Should only a single person be involved the chance of success increases by 80%, although when six stakeholders become involve the change of reaching an agreement is well below 30%.

The impact of early influence

Timeframe, budget, need and authority are the main means in sales opportunities. These are the factors that most influence the decisions of people. It again makes the task of salespeople clear. They need to encourage and then enable people to see the valuable opportunity, it is always the salesperson going the extra mile to shape the vision of the prospect from a very early stage that ends up with a highly competitive advantage. The recipe for success in sales is to promote the need, focus on how the product can benefit the client, provide the client with the cost of inaction, offer the benefits to follow should the client implement the solution and be sure to influence the clients thinking from a very early stage during the journey of decision-making. Finally be open to adapting your strategy, in sales, it is one of the most important factors as every client response to a different approach.