Up Your Price Potential by 8X
It’s easy to assume that B2C is more emotional than B2B — as more consumer goods have hedonistic appeal, while B2B products have utilitarian appeal. But that’s not true.
Research by Google and Motista shows that 10 to 40 percent of B2C customers feel emotionally connected to a brand while 50 percent and higher of B2B purchasers feel emotionally connected to the brands with which they do business. And when you create the right emotional reactions, you can increase your chances of getting a premium price by eight times. Strange, but true.
Think about it. When we buy that $30,000 luxury handbag, we are emotionally connected to how we feel having bought a luxury brand item that few people can afford. We feel superior, awesome and like we've arrived at a place in society where others have not. Yet, in time, that wears off, and you replace that "uber awesome" handbag with another one which often puts the first one on the back shelf and the back part of your mind.
Yet when you buy that $30,000 CRM system to automate your email campaigns, analyze customer behavior — and are thus able to sort customers according to propensity to buy sooner than later, and thus get higher response and results and sales on a marketing campaign — that feeling lasts a lot longer. It hits much deeper chords in our emotional vessel — security, actualization, and aspirational fulfillment, and a sense of comfort that we will be able to maintain what we have earned vs. lose what matters most: our ability to survive and provide for our families.
The coolness factor of the handbag doesn't add to our sense of security or help us achieve higher goals, like a job promotion, praise and recognition that lead to job security, potential end-of-year bonuses and so on. These outcomes from a wise business purchase can help us achieve outcomes that last far longer and have much stronger applications for our long-term wellbeing than a trendy luxury item. When you can strike these emotional chords among B2B purchasers and then deliver customer service and products that fulfill the implied promises, you are far better poised to generate sustainable sales and increase existing customer value.
To achieve success in B2B marketing and up your chances of getting a premium price by eight times, think of daisy chains. Big choices that are associated with big outcomes are often made up of decision daisy chains of which the purchaser is not even aware. Back to purchasers of marketing technology or marketing services, such as consulting or agency work. It is not as simple as buying the coolest brand, trendiest design or the lowest price. The choice is complex and influenced by a chain of "what ifs."
- What if I buy something that doesn't work or takes too long to implement?
- What if I waste my budget and can't buy what else I need to perform and reach goals?
- What if the agency doesn't deliver new ideas that beat past programs?
- What if I look bad to my bosses?
- What if I don't get recognized for doing a good job?
- What if I lose my job because I didn't reach my goals?
- What then will happen to my job security, income, ability to pay my mortgage, car payment and support my kids' dreams?
- ... and so on.
While you don't want to craft messaging that creates the fear of the "what ifs” happening, and position your brand as the fear monger or a manipulator, you do want to subtly project your brand's ability to dismiss all the unconscious and conscious "what ifs” that come to mind during any B2B purchasing process that has substantial implications and outcomes.
You can do this by tapping into psychological drivers and influencers such as:
- Authority: Who are the authorities who support and align with your category and/or brand? How can you use their allegiance to attract others? Better yet, who are the authorities within your brand and how can you elevate their voices?
- Social Proof: Share case studies as part of your “thank you” follow up after a sales call. Showcase brands that reflect your prospects’ brands and show results that you can help new clients achieve, as well.
- Actualization: Tell a story about how your brand helps clients’ achieve the emotional goals they strive for within their jobs. Whether they are purchasers of marketing technology, IT, educational systems or medical devices, there’s always a deeper purpose or "why" behind what they do. In most cases, it is not about the products they buy for their companies, but their ability to influence positive outcomes for the people they serve, like a better education, smarter way to work, or medical devices that deliver an accurate diagnosis the first time.
When you can do even just the above, you take price out of the equation, and put partnership in the process, which lasts a lot longer than the joy of a quick sale for low price, and much much longer than the joy of having a beaded crocodile handbag that will be forgotten in a few months’ time.
Jeanette McMurtry is a psychology-based marketing expert providing strategy, campaign development, and sales and marketing training to brands in all industries on how to achieve psychological relevance for all aspects of a customer's experience. She is the author of the recently released edition of “Marketing for Dummies” (Fifth Edition, Wiley) and “Big Business Marketing for Small Business Budgets” (McGraw Hill). She is a popular and engaging keynote speaker and workshop instructor on marketing psychology worldwide. Her blog will share insights and tactics for engaging B2B and B2C purchasers' unconscious minds which drive 90 percent of our thoughts, attitudes and behavior, and provide actionable and affordable tips for upping sales and ROI through emotional selling propositions. Her blog will share insights and tactics for engaging consumers' unconscious minds, which drive 90 percent of our thoughts and purchasing attitudes and behavior. She'll explore how color, images and social influences like scarcity, peer pressure and even religion affect consumers' interest in engaging with your brand, your message and buying from you. Reach her at Jeanette@e4marketingco.com.