What are the factors influencing the business buying process?

It’s no secret that B2B buyers operate on a very different level from B2C buyers. Sure, while B2B buying behaviour is changing rapidly due to the pandemic and the onset of technological advancements. The B2B buying process still has five distinct stages and four major influencing factors that have stayed the same. Read on to discover them right now in this article!

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• 13 Top B2B Sales Trends to Watch This Year (2022)

What is the B2B Buying Process?

The B2B buying process refers to the 5 essential stages that B2B buyers and buying groups go through to purchase from a supplier. Overall, the term refers to businesses buying from businesses, a much different process than a business selling to consumers (B2C.)

B2B Vs B2C Buying Process: What’s the difference?

The B2B buying process is vastly different from the B2C buying process for many reasons. However the most significant is probably how the purchasing decision differs. B2B buyers are process-driven. Subsequently, they want to improve a particular process by purchasing the solution. Whereas, B2C customers are emotion-driven and purchase solutions to satisfy a specific need. The other ways in which they differ are detailed below:

B2B Buying Process

• Longer buying cycles: B2B buyers take much more time to carefully review business problems, analyse solutions and arrive at a collective and optimal solution.
• Proof is everything: B2B products are often much more complex than B2C. That’s why proof devices like testimonials, case studies, videos and demonstrations are essential in the B2B buying process.
• More decision-makers: B2B buying often involves multiple people and decision-makers who influence the buying decision from buying committees with purchasing agents to various department leaders and potential users. 
• Complicated Payment Process: Not only does payment often take a lot longer for B2B sales, it also often requires lengthy paperwork.

B2C Buying Process

• Individual Buyers: Consumers usually buy individually or at most as a couple, which means the buying process involves a one-on-one interaction between prospect and company. 
• Emotional Motives: While both sectors buying decisions will involve emotion, the B2C buyer is mainly motivated by emotion. Those in the B2C sector have to show much more empathy and understanding with these types of customers to build a trusted rapport. 
• Individual Buyers: Consumers usually buy individually or at most as a couple, which means the buying process involves a one-on-one interaction between prospect and company. 
• Easy Payment Terms: B2C payments are often as easy as payment upfront, or straight forward financing for larger sales.

The 5 Essential Stages of the B2B Buying Process

The B2B buying process comprises five distinct stages and is driven by strategic decision-making necessary to run a profitable business. Let’s delve into each of the stages of the B2B buying process below:

1. Recognising a problem or need (Awareness)

The first stage of the B2B buying process sees the business identifying a specific problem that needs resolving. Often one that needs solving to continue to grow the company. B2B buyers can trigger this first stage of recognising a need or problem in several ways. For instance, lack of stock, unreliable suppliers, or noticing bottlenecks and inefficiency.

2. Commitment to change

Once the organisation identifies their need or problem, the next step of the B2B buying process is to commit to fixing the problem. At this point, the main focus for the buyer is usually determining the proper budget to address their needs. Then identifying whether a solution would impact other areas of the organisation.

Now the buyer is looking at their options. Generally, their first research stage will start with broad search terms as they explore their options, and then they’ll turn to educational resources, reviews, case studies and testimonials.

By doing so, they can begin to filter out suppliers and solutions that don’t meet their needs and start to search for more specific terms. They’ll also be looking to clarify desired outcomes, identify which stakeholders need to be involved, and draft an RFP to start creating a budget.

All potential suppliers now receive an opportunity to complete an RFP. Also known as a request for proposal. It’s a business document that announces a project and receives bids from several contractors to complete it. Responses to the RFP are evaluated against the specific needs and criteria of the company so that they can choose the best solution.

5. Choosing a supplier (Decision Stage)

Now, B2B buyers have to secure a unanimous buy-in from upper management. To persuade their c-suite managers, they’ll start by collating content about the solution’s pricing, ROI, and how it will improve the business’s bottom line.

At this stage of the B2B buying process, buyers will start contacting the supplier’s sales reps to ask specific questions about why they should choose your agency to solve their problem.

4 key factors that influence B2B Buying Decisions

Overall, four key factors influence the B2B buying process, and subsequently, propel B2B buyers towards a specific purchasing decision. Let’s explore them in detail below:

1. Organisational Factors

Business goals, strategies and objectives are the organisation’s roadmap to success. As a result, decision-makers must present a compelling reason why they believe a new purchase will help the company achieve specific goals or milestones. That’s why buyers influenced by organisational factors want to ensure that any product or service they’re planning to purchase is compatible with existing processes, technology and systems.

2. Interpersonal Factors

The type of interpersonal relationships between people in the buying centre can slow down and even restrict the buying process. That’s why companies want to ensure that all members in the buying centre trust each other and operate under full disclosure together.

3. Individual Factors

Even the personalities and characteristics of people in the buying centre can affect the B2B buying process. For instance, factors like age, education, nature, employment tenure, and position within the company all play a role in influencing the buying process.

4. Environmental Factors

Naturally, as industries grow, the operational landscape becomes much more competitive. While these competitive conditions can help a company’s short-term success, organisations are constantly searching for ways to differentiate themselves:

Final word: Go from top to bottom of the sales funnel with SOCO/®

Thanks to the ongoing effects of the pandemic, B2B buyers’ behaviour is changing rapidly—a problem exacerbated by the growing need for virtual interactions and purchases.

As a result, running a productive and profitable sales department depends on having the right employees with the knowledge they need to do their jobs effectively. To get the most from your sales team, members need to continually update their selling skills. With SOCO/’s B2B sales training, you can grow your company faster than you thought possible.