How do you as a vendor get selected in 2024?

It all starts with articulating a clear value proposition.

This fancy term basically boils down to “Does this solve my problem and make my life easier?” B2B buyers are looking for solutions that offer a clear return on investment (ROI).

·    Will this new printer save time by handling high-volume printing jobs?

·    Will it reduce costs by using less toner?

Vendor reputation and expertise

1) Trust is key.

Buyers want to partner with vendors who have a proven track record and the necessary skills to deliver.

Think about it – if you’re buying a complex software system, you want to know the vendor has a team of experts who can help you implement and troubleshoot any issues, right?

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2) Product or service features

This one seems obvious – the product or service needs to have the functionalities the buyer needs! Going back to our printer, example features like automatic duplex printing, mobile printing capabilities, and enhanced security features might be important considerations.

3) Pricing and total cost of ownership (TCO)

While price is a factor, B2B buyers are also looking at the bigger picture.

The starting price may seem low, but remember to factor in additional costs like fees, hidden charges, and software subscriptions. Understanding the total cost of ownership (TCO) helps buyers make informed decisions. Deals are being lost or won over this point.

4) Security and data privacy

In today’s digital age, data security is paramount. B2B buyers need to be confident that the vendor has robust security measures in place to protect sensitive information. If you’re thinking about using cloud-based accounting software, make sure to prioritize data privacy and security.

These are just some of the factors that influence B2B buying decisions.

In the B2B industry, it’s important to focus on building relationships and finding solutions that benefit both the buyer and seller. To successfully navigate the buying journey, align your B2B products and services with key factors that resonate with buyers.

Guiding B2B Buying Decisions

1) Why is the B2B buying process changing

The B2B buying process is evolving rapidly, and it’s important to understand why. Here are a few key reasons:

·    Digital Transformation: Today, buyers rely heavily on online research and self-service tools. They prefer to find information and evaluate options on their own before contacting a sales rep.

·    More Complex Buying Committees: It’s not just one person making the decision anymore. Often, several people are involved, each with their perspectives and needs. Companies with cross-border activities have also different cultural backgrounds. Open and transparant communication is therefore  even more important.

·    Focus on Value and ROI: Buyers want solutions that offer clear, measurable results. They are looking for data-driven solutions that demonstrate a solid return on investment. A value driven approach is a stronger seller than just offering a solution for a business pain.

2) How to adapt your sales and marketing efforts to the changing B2B buying process

To succeed, you need to adapt your sales and marketing strategy. Here are some practical tips:

·    Develop Content for Every Stage: Create content that addresses the needs of buyers at each stage of their journey. For example, offer educational blog posts for those in the awareness stage and detailed case studies for those in the consideration stage.

·    Leverage Social Proof: Use case studies and customer testimonials to show potential buyers that your solution works. Real-world examples can be very convincing.

·    Offer Educational Resources: Provide thought leadership content, such as white papers, webinars, and articles, to establish your expertise. This helps build trust and positions your company as a knowledgeable leader in your industry.

·    Foster Trust and Transparency: Be open and honest throughout the sales process. Clear communication and transparent practices build trust and make buyers feel more comfortable with their decisions.

3) How to increase your chances of being selected at each stage

Increasing your chances of being chosen by potential buyers involves a few key strategies:

·    Align Sales and Marketing Efforts: Ensure that your sales and marketing teams are on the same page. Consistent messaging across all touchpoints helps create a unified brand experience.

·    Personalize Interactions: Tailor your approach to meet the specific needs and challenges of each buyer. Personalization shows that you understand their unique situation and are dedicated to providing the best solution.

·    Provide Exceptional Customer Service: Excellent customer service builds trust and shows your commitment to long-term success. Be responsive, helpful, and supportive throughout the buying process.

·    Offer Flexible Solutions: Buyers have different needs and budgets, so offering flexible solutions can make a big difference. Be willing to customize your offerings to better meet the diverse requirements of your buyers.

Adjust your sales strategy to match changes in the B2B buying process. This will help you lead customers in the right direction more effectively.

Think of it as helping a friend make an important decision – be knowledgeable, supportive, and always focused on providing value.

At Salmön+Salmön we have been gathered specialist across the full chain of B2B buying processes. We guide companies with addressing decision makers in an integrated marketing and sales approach. Increased number of qualified leads across Europe is what our clients can count on.