If you’re in the business of selling to other businesses, then you know that the B2B buying journey is a complex process. From the initial research to the final purchase, there are numerous stages that a buyer goes through before handing over their hard-earned cash. As a seller, it’s crucial to understand these stages and what your potential customers are looking for at each one. In this blog post, we’ll break down the six stages of the B2B buying journey, so you have a better understanding of what your customers are going through and how you can navigate them towards making a purchase.
What are the 6 stages of the B2B buying journey?
Here at FunnelFuel, we break the B2B buying journey into 6 stages, which we identify as:
- Identifying the problem: at this stage, the prospect has identified that their organisation has a challenge to solve. The problem may ell be novel enough that they have no understanding of the solutions landscape. Alternatively they may have varying degrees of awareness around what companies have services which could provide their required solution, or have some brand names that would be a logical starting point on step two, the commencement of their research journey.
- Research journey: The organisation knows they have a problem and now they will be actively researching solutions. This research will aim to uncover a solutions landscape of product or service providers who could help them alleviate their problem.
- Solutions evaluation: This is the stage whereby an organisation starts directly engaging with solutions providers. This is perhaps the first time that you start to see prospects coming onto your website, filling in your forms, viewing your educational content and so forth
- Purchase justification: Having gathered RFPs and otherwise gone through the sales cycle with solutions vendors, this is the stage where the organisation needs to justify that their identified solution will alleviate their problem, and that the cost of alleviating the problem is proportional to the size of the problem for the organisation
- Completing the purchase process and on-boarding: Depending on the complexity and how customised the solution is, this can take a significant proportion of the overall sales cycle. Some solutions have a heavy on-ramp process and need a lot of custom work.
- Post purchase evaluation: Customers will be continually evaluating their solutions, whether formally on a cadence of say quarterly, or more informally with their team keeping their eye on the solutions landscape.
Now we know the process, lets dive in!
What is the B2B Buying Journey?
The B2B buying journey refers to the entire process that businesses go through when they purchase products or services from other businesses. This entails a series of steps where businesses identify their needs, research potential solutions, evaluate different vendors or suppliers, negotiate terms, and eventually make the purchase. Making the purchase is the end goal of this journey, but it involves multiple decision-makers and requires considerable investment in terms of time, resources, and budget. Moreover, the B2B buying journey is highly complex and involves a long sales cycle, where product education, relationship-building, trust-building, and customer service play crucial roles in influencing the final purchasing decision. Overall, understanding the B2B buying journey is essential for businesses to optimise their sales and marketing strategies and deliver a seamless customer experience.
Again, the B2B buying journey involves numerous stages, from identifying a business need to making the purchase. However, the ultimate goal of this journey is to reach an agreement between buyer and seller. This can be achieved through extensive research on the products or services available in the market, setting a budget and timeframe for their purchase, and identifying the right vendor to work with. Once the buyer is satisfied with the terms and conditions proposed by the seller, they can proceed to making the purchase. This marks the end of the buying journey, but also the beginning of a long-term partnership between the two businesses. With careful planning and execution, both parties can benefit from a successful b2b buying journey.
Identifying the 6 Stages of the B2B Buying Journey
The buyer journey itself is not mind-blowingly hard to understand, the stages are quite logical and simple to follow. However the real trick in the B2B marketing game is being able to identify these stages early in the journey – how can we identify, for example, when a prospect is at the start of their research?
The research journey, stage 2, is increasingly done online. Sometimes it can be initiated quickly, merging stage one and two at say an event or conference where the company finds a solution which identifies the problem, ie the vendor tells them their problem, they agree, and then they get talking with the vendor about the solution. More often though, the journey begins on trade press, trade content sites and Google research.
This is why here at FunnelFuel, we digest huge blocks of what we call bidstream data, data that comes into our programmatic Demand Side platform which shows the available ad impressions across thousands of the worlds leading B2B publishers. This lets us get a first look at which pages are being read by which companies, in real-time, as the pages are read. Combining this with our company deanonymisation data and our 169 level B2B content taxonomy, we can bulk pages by their detailed context and we can tell which companies have been reading about which context. This lets us jump the research phase, and get a really early understanding of which companies are showing intent for which solutions.
Understanding the journey that a B2B buyer goes through when making a purchase is vital for businesses seeking to develop effective marketing strategies. This involves identifying the six stages of the buying journey, which includes problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation. By recognising the stage at which a potential customer is at in the buying journey, businesses can tailor their marketing messages to meet the specific needs and requirements of that particular group. Moreover, companies can also ensure they provide adequate support and service to customers after a purchase has been completed. Evaluating the purchase and post-purchase stages are crucial parts of this process, as they enable businesses to assess customer satisfaction levels and identify ways to improve their products or services. By adopting this approach, businesses can build stronger relationships with their customers, boost customer loyalty, and increase sales and revenue in the long run.
The B2B buying journey is a crucial aspect of any business that deals with other businesses. Understanding the 6 stages of this journey is essential for any business looking to succeed in the B2B market. The first stage is awareness, where businesses become aware of the product or service they need. This is followed by the consideration stage, where businesses evaluate their options and narrow down their choices. The third stage is purchase intent, where businesses are ready to make a purchase and start looking for suppliers. The fourth stage is the purchase decision, where businesses select a supplier and finalise the purchase. Delivery is the fifth stage, where the product or service is delivered to the buyer. Finally, there is the post-purchase evaluation stage, where the business evaluates the purchase they made to ensure they received what they paid for. Evaluating the purchase post-purchase is important as it helps businesses ensure they got their money’s worth and identify areas for improvement. Understanding these stages and evaluating post-purchase will help businesses succeed in the B2B market.
Thus, it is imperative for companies to understand that the B2B buying journey is not a linear process, but a complex web of touchpoints and interactions. Researching the solution is a key stage in this journey and providing relevant content at this stage can help companies build trust, establish credibility, and position themselves as industry experts. By tailoring their content and campaigns to each stage, companies can not only capture leads but also nurture them through the decision-making process, ultimately leading to increased conversions and long-term customer loyalty. In a competitive market where customer experience is the key differentiator, taking a customer-centric approach to the B2B buying journey is crucial for success.
Understanding the Buyer’s Process and Needs at Each Stage
Understanding the buyer’s process and needs is crucial when it comes to executing a successful b2b buying journey. To comprehend the buyer’s goals and objectives, it is essential to have a deep understanding of what they are trying to achieve and the problems they’re attempting to solve. Having this knowledge enables identification of where the buyer is in their purchase process, as well as what may be required to move them closer towards making a successful purchase. This procedure is particularly important when evaluating options during the b2b buying journey. By evaluating options, the buyer can examine alternatives before making a final decision, taking into account their goals and objectives. Effective evaluation of options requires a thorough understanding of what is important to the buyer and what they hope to achieve. As such, having a detailed understanding of the buyer’s goals and objectives is crucial for any seller looking to establish a productive relationship with their customers.
In the world of B2b buying, understanding the buyer’s needs is the key to success. As a seller or marketer, you need to know what motivates your prospects and what their goals are. Once you have this information, you can tailor your approach accordingly. Your focus should be on providing content, resources, and services that support the buyer’s stated goals and help them progress through their buying journey. This will not only increase your chances of closing the sale but also build rapport and trust with the buyer. A critical moment in any B2b buying journey is at the point of justifying the purchase. When a potential buyer decides to invest in your product, they need to be confident that it will meet their needs and provide a real ROI. To assist them in making this decision, you can provide testimonials, case studies or demos that demonstrate the value of your product. By doing this, you can help buyers feel secure as they move forward in the buying process and ultimately make a confident purchase decision.
Also, it is crucial to understand that researching the solution is an essential part of the B2b buying journey. Prospective buyers invest a considerable amount of time and effort into evaluating different options before making a decision. As such, being proactive in anticipating their needs and providing relevant information can go a long way in building trust and establishing a long-lasting relationship with them. By taking the time to address their questions and concerns, you can ensure that they are fully informed and confident in their decision-making process. Ultimately, by being attentive and responsive throughout the B2b buying journey, you can demonstrate your commitment to delivering value to your customers and help them to achieve their business goals.
Utilising Strategies to Navigate Each Stage
Successfully navigating the b2b buying journey is crucial to the success of any business. Understanding and addressing the various stages involved in the process is the key to achieving this. The first stage is evaluating the purchase, which involves determining the specific needs of your business and identifying potential solutions that can meet those needs. The next stage is identifying potential vendors and reviewing their products or services to determine which one will best meet your needs. This stage often involves researching and comparing different vendors, analyzing their pricing models, and looking at customer reviews or testimonials. Once you have found the right vendor, it is important to develop strategies to negotiate the terms of the contract and finalize the deal. Finally, post-purchase evaluation is essential to ensure that the product or service is meeting your business’s needs and that the vendor is providing adequate support. By understanding and addressing each stage of the b2b buying journey, you can ensure that your business is making informed decisions that will drive growth and success.
Researching the solution is an essential part of the B2B buying journey. To achieve success in this journey, businesses must adopt strategies that enable them to identify the needs of their customers and provide solutions that meet those needs. One such strategy is evaluating customer needs by engaging with them to understand their pain points and goals. In addition, conducting detailed research on the market and competitors provides businesses with valuable insights that enable them to make informed decisions. Creating customized content is also crucial in providing relevant information to potential customers, which helps in building trust and establishing credibility. Finally, offering special discounts can be a great way to attract and retain customers by providing them with cost-effective solutions. By implementing these strategies, businesses can gain a competitive edge in the B2B buying journey while ensuring customer satisfaction.
However, it is important to keep in mind that the B2B buying journey does not end after potential customers have been presented with a solution. Researching the solution is a crucial step in the process for decision-makers, and it can be difficult to navigate without the right guidance. Leveraging marketing automation tools can help ensure that potential customers are not only presented with the right solutions, but are also guided through the research process in a way that is personalized and consistent. This can ultimately lead to greater trust in a brand and increased chances for conversion. By focusing on providing a seamless and efficient journey for potential customers, B2B companies can build stronger relationships and drive revenue growth.
In conclusion, understanding and navigating the six stages of the B2B buying journey is key to success in selling to other businesses. By knowing each stage and what your potential customers are looking for during that stage, you can better position yourself to meet their needs and ultimately guide them towards making a purchase. Remember, the B2B buying journey is a complex process, but with this knowledge, you’ll be better equipped to navigate it successfully. Start by identifying where your potential customers are in the journey and tailor your approach accordingly. With time and practice, you’ll become an expert at guiding buyers towards making a decision that works for both parties.