Consumers are private individuals buying for themselves and their families but how do they choose what to buy out of all their options?
Obviously it is going to vary based on the product. Someone won’t buy a car using similar value attributes to buying pet food for their dog.
Are there common value attributes for these B2C deals and relationships? (B2C refers to business-to-consumer.)
Strategy consultants Bain think so and shared their thoughts in an article in the Harvard Business Review.
The Elements of Value by Eric Almquist, John Senior and Nicolas Bloch from the September 2016 Issue. (You can read the full article on the HBR website and two others for free.) [continue reading…]
Buying has changed a lot since the Internet became popular, both for consumers and for B2B buyers. I’m looking at consumers in a separate article so here I want to answer the question…
What Do B2B Buyers Value When Making Buying Decisions?
To answer it, I’m summarising an excellent article in the Harvard Business Review:
The B2B Elements of Value by Eric Almquist, Jamie Cleghorn and Lori Sherer from the March–April 2018 Issue (You can read the original here).
Bain, the strategy consultants have produced 40 elements of value which they fit into five major categories. They have also look at what consumers value when buying.
The Main Categories of B2B Values
The Propensity To Buy Matrix contrasts the uniqueness of your product with the customer’s knowledge of your business to create four sectors with different propensities to buy.
I read about it in the book, Marketing by Matrix by Malcolm McDonald and John Leppard and wanted to share it with you.
What Is The Propensity To Buy Matrix?
This is presented as a two by two matrix, effectively forcing High/Low choices but I don’t see why it can’t be used in a three by three matrix with High, Medium and Low options. [continue reading…]
The full title of this book by Dan Ariely is
Predictably Irrational: The Hidden Forces that Shape Our Decisions
In my review posted on Amazon.co.uk, I gave the book Four Stars which means it is Good and Well Worth Reading.
Here is my book review.
A fascinating subject
The strange way our brains can be “tricked” into making certain decisions is a fascinating subject.
While behavioural economics is a new discipline, Dan Ariely is the popular guru, charismatic in interviews. [continue reading…]
The full title of this book by Peter A Schaible is
The secret weapon of a master direct response online copywriter: How to position your brand for success, based on the research of Swiss psychiatrist Carl Jung
In my review at Amazon.co.uk, I gave the book Four Stars. This means it is Good and Well Worth Reading.
Here is my book review.
Very interesting way to think about customers
The book explains how the three parts of the brain – reptilian (primitive fight or flight survival), limbic (emotions) and neocortex (rational thought) – are affected by marketing.
It then goes on to explain the 12 archetypes based on the work of the early psychologist, Carl Jung. [continue reading…]
The full title of this book by Greg Nanigian is
In my review at Amazon.co.uk, I gave it a FOUR star rating, meaning I consider it to be good to very good.
Here is what I posted.
More details of the Sandler Pain Step
I find the Sandler Selling System appealing in many ways although I’ve seen it used to bail out of potential relationships too early and recognise that it can be used to manipulate buyers or to give the appearance they are being manipulated.
This book provides a detailed look at the pain step, used to uncover emotionally powerful reasons for the buyer to buy. It also explains where pain lies in the “Sandler Submarine” so that you have a brief understanding of the entire system. [continue reading…]
The full title of this book by Amitav Chakravarti and Manoj Thomas is
“Why People (Don’t) Buy: The Go and Stop Signals“.
In my review at Amazon.co.uk, I rated it as a FOUR stars book, meaning it is good to very good.
This is what I wrote.
Fascinating but quite academic
In my business coaching, I sometimes talk about the Buy or Don’t Buy Scales where buyers weigh the reasons to buy against the reasons not to buy consciously or subconsciously.
This book takes the same principles in terms of buying go and stop signals but adds more more meat to my simple analogy. [continue reading…]
As marketers I think it’s vital that we understand the buying decisions of our prospective clients and customers. I’ve used the idea of the Buy / Don’t Buy Scales in my coaching to help understand what tips the balance towards or away from a purchase.
Imagine an old fashioned set of weighing scales where you weigh one item against the other, and the heavier side tips down.
That’s what I think goes on in the mind of a buyer and a recent book, Why People (Don’t) Buy: The Go and Stop Signals by A. Chakravarti and M. Thomas (available from Amazon.com or Amazon.co.uk) has helped to clarify and extend my own model.
The Buy / Don’t Buy Scales
Have you noticed how some buying decisions you make are so obvious that they need little thought, how other possible deals just scream out “No” and some leave you conflicted and unsure. You want but you’re nervous and the more you think about it, the less clarity you get in your mind.
This is the Buy / Don’t Buy Scales at work in your own mind as you consciously and unconsciously weigh the factors that are in favour of buying and the factors against buying.
The presence of that feeling of uncertainty sometimes shows that there’s some resistance in the scales. Buying is not a case of knowing which side is heavier but feeling that the buying side is significantly heavier. [continue reading…]
The full title of this book by Brian Burns is
How and Why Large Companies Make Product Selections: You Know How to Sell, Now Learn How Companies Buy
In my review posted on Amazon.co.uk, I gave the book Three Stars, meaning it is Worthwhile.
Here is my book review
Best for complex or large items
This is an interesting book that aims to explain the issues involved with selling to large businesses.
It starts with six myths but I thought they were stretched to make various points. I find it hard to believe that any are widely held. [continue reading…]
The full title of this book by Roger Dooley is
“The Persuasion Slide – A New Way to Market to Your Customer’s Conscious Needs and Unconscious Mind: Use Psychology and Behavior Research to Influence and Persuade“.
In my review of the book posted on Amazon.co.uk, I rated it at the Four Stars level. This means I consider the book to be good to very good.
Here is my book review.
A nice mental model of the buying process
Copywriters have talked about the slippery slope or greasy slide for many years. It’s a metaphor for building up momentum as the copy is read, as the person moves from “this looks interesting ” to “I must have this in my life, right now”. [continue reading…]