Understanding Buyer Personas: The Director of Purchasing and Corporate Buyer
It’s natural to think that the only thing a corporate buyer cares about is price. However, there is much more to this buyer persona than just an interest in the price of your widget. Your marketing data contains all kinds of information about what makes these individuals tick.
You need a clear understanding of their motivations if you want to win them over. So, what really moves these buyer personas?
Inventory Costs Are a Constant Concern
There is the price of your product and then there is a price to buy from your company. Corporate buyers and purchasing agents are really concerned about how much it costs to hold inventory. The longer they hold it, the more costly it becomes.
Offering a corporate buyer the lowest possible price for volume they can afford to take won’t increase your sales. In fact, it will lower your customer’s expectations. They’ll pursue that lower price at a much lower volume. Your marketing data will show you how often you offered a lower price but couldn’t secure the volume. Inventory costs are a reason for this. Appealing to this buyer persona involves showing how you can help them reduce their company’s costs to have inventory. Here are some ideas.
- Does your packaging protect against inventory damage?If you protect your product against damage, then it might be easier to get corporate buyers to take larger volumes.
- Do you offer blanket orders and contractual supply agreements that help corporate buyers lower their inventory costs? Long-term supply contracts are a win-win situation where purchasing can secure lower prices in return for larger volumes shipped at different times.
- Do you offer extended payment terms or prepayment terms? Either option will help purchasing reduce costs and it’s a great way to secure larger contracts.
- Do you offer any guarantees, warranties and do you support your product with return policies? Corporate buyers will be more inclined to buy from you if you can stand behind your product or offering.
Vendor Selection Criteria
Corporate buyers and purchasing agents have a process for vendor selection. It’s not reasonable to assume that you can generate a lead and win the business the next day. Your marketing data shows you how long it takes to win that first order, how long it takes to win the second, and how long it takes to grow a given account to an acceptable level. That time is managed by corporate buyers. They aren’t going to give you everything you want just because you want it.
When you show corporate buyers that you understand their vendor selection criteria, then you show them that you understand their journey. Your marketing data should have all kinds of information about how vendors are chosen in your market. Use that marketing data to your advantage. Bringing this buyer persona along his or her journey means showcasing your knowledge and understanding about how the buyer brings new vendors on board.
It’s easy to think that the quickest way to bring on this buyer persona is to offer the lowest price. However, it doesn’t work. Your existing marketing data will show that there is much more to this particular buyer persona than your sticker price.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.