Potential opportunity for a sale or transaction, a potential customer.
Similar to consumers, B2B purchase influences encompass different variables that affect business customers' buying behavior. The purchase influences of business-to-business (B2B) customers differ from those of the consumer market due to the high time and cost investments of B2B transactions. Customer behavior study, which is based on consumer behavior, is helpful in analyzing how B2B sales and marketing activities reinforce the purchasing behavior of B2B customers.
Customer retention, customer relationship management, personalization, customization, and one-to-one marketing programs are instrumental in encouraging new and repeat purchases in B2B companies. For example, sales and marketing professionals may implement promotional initiatives such as appreciation events, product discounts, and free upgrades to prompt word-of-mouth referrals. Depending on the industry, customer referrals can generate significant leads for B2B businesses.
The option of a straight "re-buy" can help to encourage customer retention. A straight "re-buy" occurs when a customer buys the same product, in the same quantity, from the same vendor.
Unlike consumer buyer markets, business customers are less emotional and more task-oriented during the buying and decision-making process. The potential risks that can result from a poorly executed B2B transaction often produce lengthy and complex sales cycles. To facilitate the evaluation and selection process, B2B customers specifically look for product attributes such as economy in cost and use, productivity, and functionality. Often, these variables are assessed during face-to-face, online meetings, or demonstrations with sales professionals.
Ultimately, B2B customers seek to partner with reliable, fair, consistent, responsive, and cooperative businesses. Quality, price, and delivery mechanisms, rather than emotional motives, tend to dominate the purchase decisions of B2B buyers. Customer testimonials, trade reviews, and industry analyst firms are all resources B2B buyers use to determine whether these factors are in line with the reputation and performance of B2B sellers.