|Mapping the BuyerSphere Webinar from Enquiro
|Tuesday, April 28, 2009
Earlier today Enquiro hosted our latest webinar entitled "Mapping the BuyerSphere" presenting some of our latest research findings. We wanted to get back to the idea of really understanding your target market and understanding what makes that market unique and understanding their buying decisions and why they do what they do.
We found that it all comes down to risk. Risk is important because risk leads to fear. As a result there is a longer purchase cycle with more people being involved, requiring more research with more touchpoints and more risk control mechanisms being required. The higher the risk, the higher the fear. If the risk goes up the vendor needs to counteract that in some manner.
We identified three types of purchases:
More risk means more resources. As a vendor, you'll want to allocate your resources to the prospects that present the least risk to get the highest odds for success.
- Repeat - This is the lowest risk category. These are the things you buy all the time that seldom change. Supplies and raw materials fall into this category.
- Repeat Modified - These are purchases that are made repeatedly over time, but due to the changing nature of the product or service, requires periodic evaluations to make sure the preferred alternative is still best matched to the need. Computers, software, phone systems and other technology purchases are examples.
- Blank Slate - These are riskiest purchase scenarios. This is purchasing something where you have no prior experience in the product or service category. Brand new technologies, major capital
expenditures (buildings or equipment) are examples.
The BuyerSphere has three dimensions:
Gord described a couple of examples to illustrate the differerent types of purchases and how to establish a map to "map the buyersphere". Mapping Resources include prospects and conducting interviews, competitive analysis, product placement, value position and evaluate your value proposition.
- Product - elements include price, differentiation, disruption, is the product critical or non critical. All of these factors have an impact on the amount of risk involved.
- Market - the amount of risk is impacted by brand domination through market share and thought leadership. Face to Face and physical presence (critical mass and established relationships), value position (differentiated value and product value reputation) are all huge influencing factors that vendors need to be considerate of.
- Buyer - understanding who you are talking to includes items such as number of people involved, size of the organization, nature of the organization, how do they deal with risk internally, risk control mechanisms and how aligned are the risk definitions within the organization. Do the users have different risks than the buyers?
The remainder of the panelists discussed some tools and tips that can help vendors map their buyerspheres. Panelists included Mark McMaster Senior Planner, B2B Markets from Google. He discussed Google tools such as Google Insights (google.com/insights/search), Google Analytics (google.com/analytics) and Google Ad Planner (google.com/adplanner) that are all free tools that can help you acquire information to help you map the buyersphere.
Matthias Blume Chief Analytics officer from Covario was up next. Matthias discussed the importance of identifying and monitoring metrics to track satisfaction of "doers" and "buyers".
Ben Hanna from Business.com was up next and he discussed the fact that when trying to map the buyersphere, it will take a big effort and it is critical that you start with your target audience and your primary responsibility. Mapping your buyersphere gives you the appreciation of understanding your audiences and their risks.
Jon Miller of Marketo then discussed the importance of tracking online behavior and identifying risky vs. non-risky buying situations.. You can identify and establish risk profiles and target nuturing content on these risk profiles.
Chris Golec from Demandbase finished up by mentioning that in today's business world, providing value is a requirement.
For more information on "Mapping the BuyerSphere" please see:
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Labels: Enquiro, Mapping the BuyerSphere
|posted by Jody @ Tuesday, April 28, 2009