LinkedIn partnered with Bain & Company on a new report that examines the key considerations powering B2B buying decisions. The study also looks at how marketers can better align their messaging with these factors to improve response.
LinkedIn’s data suggests that a key consideration is defensibility, not value or practicality.
Though all of these are elements within the buying process, LinkedIn said that buyability comes down to how decision makers can justify their thinking, which is why marketers need to ensure they address this in their pitch.
As explained by Linkedin: “Buyability is a strategic model for B2B marketing and sales that puts the reality of B2B buying groups first and recognizes that Buying Groups are the unit of decision making in B2B.”
To be buyable, LinkedIn said, a brand needs to win the confidence of key decision makers.
“Being ‘Buyable’ is about reaching an emotional threshold, not a rational one,” LinkedIn said. “Without Buyability buyers do not buy, and marketing does not drive revenue.”
According to the report, 40% of deals stagnate because the buyer group cannot agree, not because a competitor won. “Buyers would rather do nothing than risk a decision that damages their career.” LinkedIn said.
Self-preservation in this context is logical, and it makes practical sense that buyers are going to be looking for justifications that they can point to in order to defend any decision.
LinkedIn’s report suggested that vendors can meet these requirements by boosting customer advocacy approaches.
As per LinkedIn: “Buyers are 3 times more likely to choose a vendor heavily recommended by peers or customers over one that promises a better product or lower price.”
LinkedIn added that buyers are four times more likely to choose a vendor that they have had direct success with before, “because past experience is, in effect, a recommendation from themselves.”
“Customer advocacy is not a nice-to-have content play,” LinkedIn said. “It is the highest-leverage asset in your marketing strategy, especially in final-stage decisions’”
As such, B2B brands need to explore ways to amplify positive customer feedback, and ensure that prospective customers are able to see these recommendations within the awareness process.
Finally, LinkedIn said that socially oriented attributes, including working style alignment and peer recommendations, “outperform rational attributes like being a category leader or being recommended by experts.”
In other words, industry-specific advocacy has a huge impact, and ensuring that customers are aware of how a product has helped others in their niche is a key driver of assurance.
These are some key notes that could help B2B marketers better align their promotions with the primary drivers of decision-making.
