B2B Sales decision factors

The BuyerSphere Project states -

1. More Risk Averse
• "B2B buying decisions are usually driven by one emotion - fear. 99% of B2B buying is about covering your butt
• Identify what your buyer's fear is. If something goes wrong, what would happen to them - would their company lose money? Would they lose their job? Find ways to reduce risk, both for the organization and the personal risk of everyone involved in the decision.
2. Multiple Influencers
• "In organizational buying, you have many people - all with their own agendas, all trying to reach a common decision."
• Don't focus only on the main buyer. Find out who else is involved in the decision making process and make sure you address each one's needs and fears.
3. Power of Word of Mouth
• "Another common risk mechanism is the gathering of opinions. the opinions of others, expressed as word-of-mouth recommendations can be hugely influential. When the objection is the elimination of risk, a known quantity is always preferred over an unknown quantity."
• Make every effort to become a preferred vendor. Share the experience others (similar to your current prospect) have had with you. Facilitate ways to have current or former clients share their opinion of you and your work.
4. More Complex Process - Longer Sales Cycle
• "With each additional person (in the decision process) the complexity has the potential to raise exponentially, because each person has his or her own personal risks that will factor into the final decision. This leads to a greater need for information, with different information required for different people. It leads to longer sales cycles."
• Be prepared for a longer sales cycle. Have a system to nurture leads along they way. Be quick and thorough in your follow up. Be a trusted educational resource and thought leader. Make it easy to find information. Be less transactional and more relational in your selling
5. Importance of Personal Relationship with Sales Person
• "Looking at the primary reasons to do business with vendors, first is price and value, but nearly as important is the relationship with the sales representative. It's the second most important factor in successful sales"
• Nothing can replace face-to-face interactions with your clients. Build those personal relationships and build that trust.