Buyers are more empowered, skeptical and frugal than ever before requiring new B2B sales and marketing strategies to Fight Frugalnomics such as increased content marketing investments, value selling and marketing programs, and new tools such as interactive white papers, provocative diagnostic assessments, ROI calculators and TCO competitive comparison tools.
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The economic buyer reigns
1. The Economic Buyer Reigns
With two recessions over the past decade, research
shows that B2B buyers have become more frugal - Over 90% of buyers rely on vendor content to
requiring each investment to deliver quantifiable help identify issues, set strategy and make
purchase decisions
bottom-line benefits, a quick payback and significant
However, less than 1 in 4 are satisfied with / trust
return on investment (ROI). this content
Empowered by the Internet, these frugal buyers have 90% of buyers require a business case on most
investments
taken control of the decision making process, which
81% of buyers expect vendors to quantify ROI /
makes it more difficult for sales people to engage and superior value of proposed solutions
every deal is more competitive. rd
However, 85% require 3 party research /
validation for credibility
The condition termed Frugalnomics, where the
economic buyer is firmly in control of the buying cycle,
is not expected to end, even as the recovery takes hold.
This trend is forcing marketers to rethink the content they produce and dictates changes in how sales
needs to engage and facilitate the buying lifecycle. To fight Frugalnomics and meet the challenges
of today’s more empowered, skeptical and frugal buyer, B2B sales and marketing needs to
evolve from the current product / solution selling approach to an outcome/ value-based
methodology.
Meet Buyer-Frugalnomicus:
Overloaded:
Challenged to
do-more-with-less
Skeptical:
Thinks sales isn’t adding
enough value
Demanding:
Seeks the best value from
every investment
Frugal:
Requires every investment
deliver bottom-line impact
3. 2. Diagnose to Provoke Change
Buyers have been forced to do-more-with-less, and as a result often
don’t have the time necessary to properly assess issues and identify
projects which could deliver savings and competitive advantage. At the
same time, budgets have been slashed, leaving <15% discretionary
funding for new projects / proposals. It is easier for buyers to maintain
the status-quo, than invest in innovation and change.
Vendors can help buyers pinpoint where it hurts most, and consult on the
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available remedies. Diagnostic Assessment tools provoke buyer action by
benchmarking best practices, spending and performance to help identify
ailments, and delivering a roadmap of prioritized solution remedies- helping
drive executive level engagements earlier in the buying cycle, as key strategic /
discretionary budget decisions are made.
3. Justify Proposed Investments
Buyers are inclined to not make significant investments in a time of
austerity, and as a result, sales and marketing needs to prove there is a
“cost of doing nothing”, and justify the bottom-line impact of proposed
projects.
Sales and marketing needs to justify proposed investments to ever more
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economic focused buyers in order to advance stalled sales cycles. ROI tools and
campaigns can be used to engage and convince economic-focused buyers of the
benefits of proposed solutions, fast payback and significant return on investment
(ROI).
4. Differentiate Your Value
Buyers today are focused on purchasing only what they most need, at
the lowest possible price. The focus on value from each investment has
never been higher, forcing sales and marketing to quantify the
advantages of their solution versus the competition, or stand being
knocked-out in later critical buying decision cycles.
Differentiating your competitive value is key with buyers often only focused on
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the lowest price solution. Tools that prove your superior value and lower total cost
of ownership can help counter discounting and drive competitive wins.