Closing deals is an epic struggle business owners face. According to the TAS group, half of salespeople only close 40 percent of potential deals. Business-to-business sellers are falling short in closing deals and meeting their quotas because they are not getting to know and understand the type of buyer they are targeting, and that buyer’s personality.
Your ability to grasp how your target audience thinks and acts will directly affect your sales process. Nancy Bleeke, author of “Conversations That Sell,” states that every buyer is different, but if you have an understanding of the buyer’s personality type, you are more likely to close a deal.
Being able to identify the psychometrics of B2B buyers (i.e., their needs, challenges and motivations) will help you effectively tailor marketing messages and sales strategy for what they’re looking for, ultimately winning them over in the sales process. Creating buyer personas gives you an inside look into your target audience’s buying decision process, and what they hope to achieve. This will save time and overhead by allowing you to create the most efficient and concentrated marketing strategy based on your most profitable target and how they act.
4 Types Of B2B Buyers
1. The Economic Buyer
The Economic Buyer’s biggest concern is to boost return on investment and stay within or under budget. This type of buyer takes into consideration examples of work done for past and current clients, and seeks case studies that prove the ROI of a solution. He or she needs to know anything and everything that could possibly have an affect on his or her bottom line.
This buyer is responsible for ultimately signing off on product and service agreements from suppliers, so before entering into a contractual agreement, they are interested in a company’s financial status and the profitability of the organization, including employee turnover.
The Economic Buyer needs to be in control throughout the entire buying process. This type of buyer expects costs breakdowns and uncontestable proof statements to provide justification for spending.
2. The User Buyer
The User Buyer is mainly concerned with the overall customer experience and the impact of the operation. When looking to buy, this personality type bases his or her purchase decisions on his or her buying experience and ease of purchase.
If purchasing online, this buyer likes to evaluate everything your website has to offer to streamline purchases (i.e. the features and functions of payment process). They are influenced by how easy it is to navigate and get information from your website. The User Buyer looks to see how hands-on your website is during the purchase process.
Delivering a superior web experience with informational documents and downloads will help influence this customer’s buying intention. Interactive demonstrations and free trials are also very high in this buyer’s purchase-consideration funnel.
Win this B2B buyer over by streamlining your service offerings to deliver a remarkable experience.
3. The Technical Buyer
This is exactly what it sounds like. The Technical Buyer wants to get down into the nitty-gritty feasibility aspects and specific security settings of your solutions.
The Technical Buyer is interested in how easily your solution can initiate changes. They are characterized as skeptical, critical and hesitant to change. This buyer relies heavily on measurable and quantifiable data before engaging in a purchase, and wants proof that your product or service performs as stated.
Move this buyer through your sales funnel by providing reliable and verifiable claims. Ensure you provide all of the facts upfront.
4. The Coach Buyer
This buyer is all about seeing the actual solution being implemented and how your solutions can be used. They may ask to review case studies and customer opinions before making their decision. This buyer values forming personal relationships with customers. Their main concern is that you understand their needs and can provide the best results for their business.
Capture this buyer’s business by providing engaging information supplemented with demonstrations of your product or service in action. Coach this buyer on what your product can do and let him/her experience it.
When you are creating your marketing strategy, or perhaps just readjusting, make sure to take in consideration these four types of B2B buyers and their personalities. Take a step back from the traditional sales process and really focus on each buyer individually. The more you understand the buyer, the easier it is to drive them to the closing table.