Tweet By now most companies realize that they are competing on customer experience.
At each stage, different decision makers may be involved, depending on the cost and strategic importance of the purchase. To navigate the buying decision process successfully, you need to provide the right type of information and ensure that your sales representatives are contacting the right decision makers.
You can also strengthen your position by offering customers advice and guidance at each stage — a process known as consultative selling.
Awareness and Recognition The process begins when a company identifies a need for a purchase. It may want to replace an existing item, replenish stocks or buy a new product that is just available on the market.
You can also stimulate a need that the company may not be aware of by advising them of issues and challenges that other companies in their industry face. The buying team next works with the requesting department to firm up on the requirement. Your sales team can provide advice and guidance at this stage by offering discussion papers or inviting decision makers to workshops or seminars on the topic.
Specification and Research When the buying team has agreed requirements, it prepares a detailed specification that sets out quantities, performance and technical requirements for a product.
Your sales team can support this stage by advising the buying team on best practice or collaborating with the buying team to develop the specification. Buying teams then use the specification to search for potential suppliers. Request for Proposals When the buying team has identified potential suppliers, it asks for detailed proposals from the suppliers.
The team may issue a formal document known as a request for proposal, or it may outline requirements and invite potential suppliers to make a presentation or submit a quotation.
If the product or service has a precise specification, the buying team may simply ask for price quotations. If the product is more complex, it may ask for proposals on how a supplier would meet the need. As well as evaluating the product, they assess the supplier on factors such as corporate reputation, financial stability, technical reputation and reliability.
You can influence decisions at this stage by providing company information, case studies and independent reports that review your company and products. Order and Review Process Before the buying team places an order with the chosen supplier, they negotiate price, discount, finance arrangements and payment terms, as well as confirming delivery dates and any other contractual matters.
When the order is complete and delivered, the buying team may add a further stage by reviewing the performance of the product and the supplier.
This stage may include imposition of penalty charges if the product fails to meet the agreed specification.• Business-to-business (B2B) marketing: process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers.
Own your future Buy and sell your business with GMO. GMO is the largest and most established business broking agency in Western Australia, offering a buying and selling service for small to medium size businesses. As Perth’s preferred business brokers, we are referred by accountants, bankers, law firms and Western Australian migration agents.
The analytical customer relationship management applications use analytical marketing tools like data mining to extract meaningful information like the buying patterns of the customers, target market, profitable and unprofitable customers, etc., that help to improve performance of the business.
CRM is described as a cross-functional e-business application that integrates and automates many customer-serving processes in sales, direct marketing, accounting and order management, and customer service and support.
Aligning business intelligence (BI) infrastructure with strategy processes not only improves your organization's ability to respond to change, but also adds significant value to your BI infrastructure and development investments.
processes of customer scoring and lead management, customer profiling and segmentation, and, feedback and International Journal of e-Education, e-Business, .