Archive for August, 2009

Online Reviews Highly Impact Purchasing Decisions

Thursday, August 20th, 2009 by Heather Carr

When it comes to purchasing decisions, the recommendation of a trusted colleague goes a long way toward closing the sale.  The rise of social media on the Web has opened up an easy-access forum for industry-specific reviews.  The Forrester Study published by American Business Media reports that business decision makers rely most heavily on the reviews of their peers along with vendor’s websites for the information they need to make purchasing decisions.

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Consumer reliance on online reviews is nothing new.  Opinion Research Corporation achieved similar results in a survey the company conducted last year.  Nearly two-thirds of respondents reported consulting online reviews, blogs and other sources of online customer feedback before purchasing a new product or service.  Eighty-three percent of consumers polled indicated that online product evaluations and reviews had at least some level of influence on their purchasing decisions.

The survey narrowed in on three critical stages in the purchase decision-making process at which respondents turned to online product or service reviews: when they begin their shopping research, when they are trying to decide between two or three products or services, and at the narrowing down stage to confirm that they are buying the right product or service. 

Still not convinced?  Check out Jennifer Laycock’s article at Search Engine Guide.

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The Benefits of Demand Generation

Friday, August 14th, 2009 by Heather Carr

Demand generation may be a buzz worthy term to any self-respecting marketer, but what exactly does this mean for the rest of us?  Ultimately, demand generation entails the streamlining of  marketing programs to boost interest in a company’s products or services.  In the article B2B Demand Generation in the Age of Accountability, Measurability, and Automation, author Mike Zavershnik outlines six key benefits of integrated demand generation.  According to Zavershnik, companies who embrace this integrated marketing strategy can look forward to the following benefits:

  • Optimize marketing spend.  Analysis allows marketers to determine the best strategy to maximize return on investment (ROI).
  • Target and reach the right prospects in the right way.  Profiling customers based on demographic information along with their interests and behaviors allows marketers to deliver the right messages to the best prospects.
  • Nurture and qualify leads more effectively.  Review of the stages of a lead’s development assists marketers in determining when a lead is sales-ready.
  • Measure and report results in a credible fashion.  Modern marketing tools produce clear and compelling evidence of a campaign’s effectiveness.
  • Define, automate, and scale marketing processes.  Once a successful strategy has been identified, marketers can leverage their strengths yielding greater results with less effort.
  • Align marketing with sales.  Effectively bridge the gap between marketing and sales to boost overall performance.

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Lengthy B2B Purchasing Cycle—Is It Worth the Wait?

Friday, August 7th, 2009 by Heather Carr

Sometimes people buy on impulse, but for many business decision makers, purchasing can be a lengthy process.  According to the Business to Business Survey 2007 released by Enquiro Research, nearly half of survey respondents spent more than one month making their purchase decision.  Another 37 percent of those surveyed took one or two weeks before making a purchase.

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What’s the hold up?  Business decision makers spend their time researching solutions to their specific needs.  Once a satisfactory solution is found, careful comparison between specifications, cost and brand will likely follow.  All of this adds up to a lengthy buying process, and multiple opportunities to reach potential customers.  The upside: an educated customer is more likely to build a long-term relationship.

This was among the findings of Andreas B. Eisingerich, a marketing professor at Imperial College Business School in London, and Simon J. Bell, a marketing professor at the University of Melbourne.  The pair surveyed more than 1,200 retail clients of Goldman Sachs JBWere Pty Ltd., a financial services company based in Melbourne, Australia. Their research indicates that there are considerable advantages to working with educated customers, including improved customer trust.

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