Even if you don’t plan to participate in The Bachelor or Bachelorette, there are proven rules of how you win hearts and B2B deals. One of the basic rules is to stick out in the game, or buying process, from the start.
Although the B2B buying journey is long and can take months, if not years, before a contract is signed, 86% of buyers already have their choices predetermined on day one. Of all the thousands of brands that B2B Buyers could consider, they typically only shortlist 3 to 4 brands to evaluate. On top of that, 92% of buyers will give the deal to one of the brands they shortlisted from day one.
The figures come from the LinkedIn Institute, a fantastic source for B2B inspiration and knowledge.
Just as brands don’t have equal chances of being evaluated, neither does their advertising. According to the theory of Selective Processes, when we’re overwhelmed with information, our preexisting beliefs influence how we select which information guides our decisions. Although this theory originates from the world of political communication, it can be helpful to extrapolate these insights into the world of brand communication. For example:
- Selective exposure: Buyers are more likely to pay attention to ads from brands on their shortlist while overlooking (or even avoiding) ads from other brands
- Selective perception: Buyers are more likely to interpret messages from their shortlisted brands in a way that confirms their shortlist, while misinterpreting (or even challenging) messages from other brands that may contradict their preexisting beliefs
- Selective retention: Buyers are more likely to remember messages that support their shortlisted brands while forgetting (or even downplaying) messages from other brands
This phenomenon helps us understand why the B2B buyer’s consideration set is a foregone conclusion before day one of their evaluation journey. Nevertheless, so many brands end up wasting the majority of their media budget trying to “steal” the buyer’s fragmented attention with free product trials, guides and whitepapers.
Trying to intercept a buyer on their journey with this type of demand advertising without first investing in brand advertising does rarely work and it’s often a waste of time and resources. If you’re not on the Buyer’s List from day one, all the advertising you do towards the bottom of the funnel is too little, too late.
There are three simple rules of how you get into the game:
- Follow the 95-5 rule and spend at least 50% of you budget to communicate with potential buyers that is not in the market today
- To be able to grow, you must be seen more that your competitors. Share-of-Voice is a linear function of Share-of-Market
- Invest in communication that makes you stand out from the competitors
If you want to discuss effective communication, just reach out to ulf@sfinxconsulting.se
