Help ‘em where it matters…the Research Phase
One of the best presentations at the MarketingSherpa conference was given by Stefan Tournquist and Enquiro. In a B2B transaction there are 4 or 5 basic steps that prospects go through to consumate and sale.
- Awareness
- Research
- Market Survey (RFP, RFQ - this is mainly in Govt and is my one “optional” step)
- Negotiation
- Purchase
The study went on to reveal that for a B2B sale, the most critical step is Research. What prospective customers are looking for during the Research phase includes:
Research Phase
- Product Information
- Product Comparisons
- Budget Fit
- Decision Making Criteria
What is interesting is that the first 2, Product information and comparisons can be handled anonymously via the internet. The 3rd and 4th items require more time and effort. Interestingly, most prospects look for the Budget information before going through the process of creating the Decision Making Criteria. Money IS an object and prospects consider it high on their list.
Conclusion
So, in a B2B sale where the prospect can use the internet for the Research phase, Budget Fit can drive the entire sale from that point on. Let’s say that a prospect is researching and has arrived at a vendor short list. The prospect will very quickly get to the point where they want to get a budgetary quote. Providing the quote using a Self-Service mechanism followed by aiding the prospect with Decision Making Criteria that they should look for plants the seeds for a future customer. First vendor in sets the rules!
Still think Self-Service Budgetary Quotes don’t have a place in B2B?
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