Technology and electronics week: What influences purchase and what should brands be doing about it?
2 September 2020
Author: Linzi McGuire
Continuing our week long series with Client Director, Lindsay Hey, we continue the discussion today by looking at what influences purchase in B2B and consumer markets and what brands should be doing about it.
What factors influence purchase, and are there any consistencies across the Consumer or B2B channels or are they different?
Lindsay tell us, “There is actually a lot of similarity in what influences sales in consumer and B2B. In fact, we can point to 3 areas that are consistent across both channels:
- Execution of product: Whether online, bricks and mortar or a PowerPoint sales presentation, the execution of product draws buyers in. To make a person engage you must first make sure they can experience the product or service and clearly see how it may provide them benefit.
- Advice from staff: A huge reason that people buy via retailers or resellers is so they can get advice. People rely on staff to provide expert recommendations based on their specific needs, it’s a way for them to make sure they’re buying the right product. Staff need to be knowledgeable, skilled at matching needs, and passionate advocates of the products and brands they sell.
- Product demonstration: Buyers want an experience and to be able to get ‘hands on’ with the product they are considering buying - the product demonstration can be the difference between a ‘maybe’ and a ‘yes’ when it comes to purchase.
So, what do brands have to do to win? Can you give us a formula for success in each channel?
Lindsay comments, “The combination of environmental change with consistent purchasing influencers has revolutionised what brands need to do to win.
In the consumer channel, brands must
- Track and influence online execution to the same level as bricks and mortar, ensuring the product story is consistent
- Change the way they engage staff, embracing digital training and influence over a face to face bias
- Engage consumers online through video powered and live face to face experiences, bringing the store experience to their home.
In the B2B channel, the approach brands take needs to be led by a goal of achieving long term success through engagement, rather than hitting short term sales targets. To do this, brands must:
- Create and implement a program of engagement, not just a short-term sales plan
- Engage channel staff in more than the numbers, employing people who can influence and engage business customers on solutions, not just sell boxes and licenses
- Leverage the available data. It’s not enough to just track and measure revenue. Revenue data at a point in time only tells part of the story.
Join us tomorrow for the closing piece of our conversation with Lindsay, looking at what brands should be doing with agency partners and how they chose the right one.
If what we’ve talked about resonates for your brand and you’d like to talk more about how you can revolutionise the approach to success in both Consumer and B2B channels to sell more, talk to us.
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MEET THE EXPERT:
For more information on Lindsay Hey, Client Account Director, specialising in the Technology sector, visit her LinkedIn page.