For the sake of argument, let’s say we’re looking at buyers who are at the very beginning of their journey. And let’s say that they’re exploring new ERP software options. The odds are that they’re in contact with several potential vendors, not just you!
What does that mean? Well, it means that if your competitors understand the buyer’s journey better than you do, then they have a competitive advantage. Which leads us to this…
Five Things Your Competitors Know about the Buyer’s Journey
Your competitors know that a demo is usually not the best place to start. Why? Because you need more information before you can create a practical solution demonstration. You need to understand the buyer’s pain. What has prompted this buyer to search for new ERP software? Are they kicking tires or do they actually have a mandate to replace their existing ERP system? If your competitors know this and you don’t, then they won’t be wasting time and money on demos. But you will.
Your competitors know how to qualify a buyer. This can be determined based on the tried and true BANT formula – Budget, Authority, Need, Timeline. If your competitor has established that a buyer does not meet the BANT threshold and you have not, then they won’t be wasting time and money on this buyer. But you will.
Your competitors know that buyers at different stages of their journey need to be treated differently and require different marketing touches at each phase. At the beginning of their journey, when they’re just exploring, establish trust and credibility. Send them to specific pages on your Web site where they can read about you and the solutions you implement. As they move into the evaluation phase, offer testimonials and product trials. As they approach the purchase phase, then it’s time to demo. Our competitors are nurturing these prospects as they move from stage to stage in the buyer’s journey. You should be doing that, too.
Your competitors know that once a buyer has decided to purchase a specific product or solution, then the negotiation phase kicks in and price may become a key factor. If your competitors know that they will not be offering the lowest price, they’re prepared to cut their losses by stepping away from this prospect. You would do well to do the same!
Your competitors know that the buyer’s journey never ends. Take a look at this IDC schematic.
After a purchase is finalized, it’s already time to start nurturing your clients toward expansion, which could involve cross-selling or even up-selling. And before you know it, it will time for the renewal process. And if the client is happy with your solution, it’s time to turn them into your advocate. Ask for testimonials. Ask them to participate in a case study. Ask them to serve as a reference. If your competitors are savvy, they’re nurturing clients back into the infinity loop above, almost as soon as the ink has dried on their first purchase contract. Don’t get left behind. Do as your competitors do.
Get Savvy
If you need help developing a marketing strategy around the buyer’s journey, we’re happy to help. Visit us at Marketing Monarchs, email us at info@marketingmonarchs.com, or call 617.256.6178.