B2B decisions and purchases affect budgets, operations, reputations and careers. In that scenario the product’s performance and price is just a small part of the decision. Especially when vendors seem equivalent, factors like trust and proof often tip the scale.
LinkedIn and Bain & Company have done extensive research around what drives buying group decisions and found that two-thirds of buyers preferred products and solutions offering peace of mind. This helps explain why being able to defend the decision if it went wrong was the leading reason buyers felt extremely confident, ranking slightly ahead of confidence that the product would do the job.
The top reasons that make buyers feel “extremely confident” in their decision:
- Could defend the decision if it went wrong, 34%
- Felt confident the product would do the job, 33%
- Could manage the downsides, 29%
- Buyer group was aligned, 28%
- Decision was easy to make, 21%
So in short, the buyers you want to convince is not only asking “Will it work?”. They are also asking “Can I justify choosing it, and can I manage the consequences if it does not work?”.
So, how can you tip the scale in your favour? LinkedIn and Bain & Company found that three sources carry the most weight in gaining trust:
- Positive first-hand experience, ie that any of the key persons at the buying company has worked with you before
- Recommendations from trusted sources, which is more than three time more important than price
- Proof that the solution has delivered to organizations like theirs, for example by a case film from a similar industry
These are attributes that in many cases comes naturally if you are a big company and seen as the leading brand on the market. It is often summarized by a famous quote from the 1980’s – “You will never get fired if you buy IBM”. For relatively smaller companies and/or challengers on the market there is a lot to gain by focusing on building trust, providing the buying group will arguments assuring that everything will run smoothly and choosing you don’t pose a risk.
More about how you build a strong brand and create trust on sfinxagency.se
And if you want to discuss how you build a strong brand and create trust, you are always welcome to contact ulf@sfinxagency.se
