When selling to discerning B2B buyers, most sales reps focus on product or service attributes, an appropriate strategy since most selection decisions typically hinge on solution fit.
However sales teams can also distinguish themselves in buyers’ minds by knowing what non-solution factors are important to their prospects, including which factors are most important from an overall company perspective.
At Primary Intelligence, we recently completed research that examines which company-related criteria are most important to buyers, along with buyer perceptions of vendor performance in each criteria.
Industry Experience Most Important Company-related Attribute to B2B Buyers
Out of the eight company-related criteria measured in Primary Intelligence Win Loss programs, we found that the most important company attribute is experience in a buyer’s industry. Having deep expertise is overwhelmingly the most important company-related reason buyers use to determine if they should or shouldn’t do business with a vendor.
And what are buyer perceptions of vendors’ experience in their industry? 44% of buyers gave their vendors “excellent” ratings Click & Tweet! and 38% gave vendors “average” ratings when asked for feedback on vendor experience in their industries.
We found that buyers are generally happy with vendors in most of the company-based attributes overall. One notable exception, however, is “Future Direction,” which a high percentage of buyers say their vendors are merely “average.”
“Service and Support” and “Customer References” are other areas of concern for many buyers. In these two categories, along with “Future Direction,” we found that more than 1 in 5 buyers believe their vendors are doing a poor job.
Healthcare Buyers Rate Vendors Highest in Company Attributes
Another interesting finding: Healthcare buyers are the most satisfied with their vendors compared to four other major verticals we track. Roughly 75% of buyers in the Healthcare industry describe their vendors as “excellent” Click & Tweet! in 7 out of the 8 company-related criteria measured by Primary Intelligence.
Buyers in the Americas More Satisfied with Vendor Performance than APAC, EMEA Buyers
Geographically, vendors in North America and Latin America are doing better than their counterparts in Asia Pacific and EMEA when buyers were asked to judge company-related criteria. This is especially true in the categories of “Reputation,” “Company Size Fits Needs,” “Deliver What was Sold,” and “Experience in your Industry.”
It’s important to put these findings in perspective: buyers typically make vendor selection decisions based on product- or service-related factors. Click & Tweet! In other words, buyers are looking first and foremost for the best solution that will meet their organization’s needs.
But make no mistake, company-related criteria can and do tip the scales in important outcomes. Knowing how these factors can influence your buyers’ decisions is critical to staying ahead of the competition and winning more deals.
Want to read more about the latest research from Primary Intelligence? Visit www.primary-intel.com/industry-insights/b2b-vendor-success/