Half your sales battles can be won by knowing your buyer. Tracking your company’s buyer journey will help strategize and implement sales more effectively. Pen and paper aside, in the age of cognitive computing, a simple tool such as Intelligent Data Capture comes in handy when tracing buyer journeys.
How do you define a buyer journey? Say, your company is in the business of selling a B2B product. Your company’s buyer journey constitutes all the enquiries, deliberations, negotiations, evaluations, and decisions a buyer makes before purchasing your product or service.
When it comes to B2B products such as CRM software, the questions may range from
In the case of a retail product such as a microwave, the questions may range from cost, quality, durability, credit interest if purchasing on credit, warranty, and of course, competitive comparison that differentiates your product from the rest.
Buyer intent is also a critical factor that companies need to know to be able to offer the best products and services to the buyer. Buyer intent may include such factors as
Whatever the product, whether B2B or retail, making a note of the queries a prospective buyer puts forth will help you design a selling strategy for that buyer segment.
Knowing your company’s buyer journey can help you model your sales accordingly for better results. Mapping a buyer journey starts by recording customer data during any transaction or contact with your company. You can then study the data and match it to a relevant demographic based on the buyer’s age, socio-economic status, as well as geography, and replicate the sales strategy for the entire demographic the buyer belongs to. So, with customer data, you can build an entire buyer portfolio, and segment different buyer personas based on demography.
In a globalized market economy, with plenty of options for the buyer, getting a buyer to narrow down his options to include your product or service is a difficult task. This is exactly why you need to identify and document your company’s buyer journey to be able to reach out to the right consumers before anyone else does.
Just look at the Gartner statistics depicting a typical B2B buyer's journey— 77% of them claimed to have had difficulty purchasing or finalizing on a purchase. It follows that knowing buyer preferences from customer data and strategizing sales accordingly will help you improve your sales margins.
Pen and paper aside, if you want to differentiate from your competitor, you must invest in an end-to-end automation solution that captures and documents customer transactions. In the age of transformative technologies, the best way for companies to get ahead of their competition is to invest in an automation solution that provides intelligence-specific workflows for mission critical operational processes such as procure-to-pay, order-to-cash, or record-to-report— these processes essentially tie your business to external stakeholders including vendors and buyers, making it easy for you to gauge the external market environment and deliver accordingly.
A major part of these transactions involve collecting data on these external stakeholders— by using a robust capture tool such as intelligent data capture software, businesses can collect valuable transactional data, which can be extrapolated by plotting or mapping them in ERPs, Accounting software, or other business applications to find insights on your customer.
Intelligent Data Capture helps you collect credible and accurate customer data that you can extend to an entire demographic, enabling you to outline as well as detail strategies for better sales.