The reason 50% of B2B buyers will be more likely to purchase your product
In the technology space, it’s easy to get lost in the clutter. If you can demonstrate real value by telling your story however, B2B buyers will be 50% more likely to purchase from you.
B2B buyers are nearly 50% more likely to purchase when they see personal value in a product. Not only that, but they’re far more likely than B2C buyers to have an emotional connection to their vendors and service providers.
This research isn’t new. In 2013, Google and CEB’s Marketing Leadership Council partnered with research firm Motista to uncover the reality of B2B marketing and its effectiveness.
And yet even though these findings are not new (ancient even, in the world of tech), they not only remain true today, but so few companies are able to tap into the human side of their B2B customers.
Shifting mindsets and educating B2B customers
At Digital Kungfu, we focus on helping tech companies share their stories. In our experience, most technology solution providers face two key challenges. First, their customers don’t understand what they do and the value their technology solutions, and second, those same customers are resistant to change.
Shifting their mindset and educating them on what’s available and how it will solve their problems is critical – which is where storytelling comes in.
B2B customers want to know that you understand the pain they’re going through and that you can transform their pain into the dream – more leads, more efficiency, better productivity or whatever the dream is to them. The ability to do this not only builds trust, but if done right it provides proof points that minimise the risks of change.
The reality is that most tech companies either rely on first-mover advantage, but this very rarely works when they are marketing their solutions in a similar way to their competitors. Talking features and benefits is no longer enough, you have to prove that your solution is different and that you can solve a new problem your customer has and ideally one that they don’t know they have yet. This is called category design.
But it’s one thing to market a problem that your customers don’t know they have yet, but it’s an entirely different challenge if the market isn’t ready to pay for the solution you’re offering to that problem.
We’ve seen this first-hand with many of our reseller clients who specialise in cloud services. One of the biggest challenges they face is switching their customers from on-premises servers and data centres to the cloud. Businesses still prefer to sweat the tin servers they have on-site instead of moving over to significantly more efficient solutions like Microsoft Azure or Amazon Web Services (AWS). Why? There’s a risk to change, and they aren’t comfortable trusting the new solutions on offer.
Address pain points and build trust
The good news for these resellers is that the cloud services space is evolving quickly. Microsoft is imminently going to release two new data centres in South Africa, which will open a radically different market opportunity for distributors and resellers alike, mainly because local companies will finally be able to use Azure without the burden of compliance and the constraints of sending sensitive customer information and business data to data centres held outside of South Africa. It’s going to represent a significant land grab opportunity except many non-tech-based businesses either don’t trust or don’t understand what this development means for them.
There are approximately 4,000 companies in South Africa that are resellers of cloud services like Azure. The distributors and resellers that can effectively educate their markets the best will be well positioned to grow their market share – provided they can move quickly, build trust and market the problem and the opportunity better than their competitors.
Making the complex simple, understandable and relatable
This is where market education comes into play. The problem is that it’s very difficult to educate a market in the real-estate of a single advert. Businesses need to consider which mediums most lend themselves to education and then they need to execute a compelling story on that medium.
Stories are designed to make something complex, like Azure’s offering, simple, understandable and relatable. They do this by creating a compelling vision around why and how Azure can change a customer’s business today – not tomorrow. In short, the hero of the story is the customer – not the product’s features and benefits.
We’ve learnt that there are three key components to creating a compelling story that B2B customers respond to.
Telling your story
If you’re playing in a competitive tech landscape with customers who either don’t understand your offering or don’t think they should care, you need to tell your story. Stories are not only compelling, but they build trust. They reveal how well you understand your customers, their needs and challenges, and link your existence to their own. In short, storytelling is one clear way to differentiate yourself.
Download the full white paper “Inside B2B Lead Generation 2019”, researched and produced by Digital Kungfu, a purpose built lead generation company for tech businesses.
The report reveals the following findings:
The three proven methods that are delivering real results for lead generation for technology businesses (software vendors, distributors & resellers):