Building Trust and Brand Loyalty Throughout the B2B Buyer's Journey

Marketing funnel

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Harvard Business Review reports that 90% of B2B buyers choose a vendor from their initial shortlist. This highlights the importance for B2B marketers to prioritize salience: creating strong positive associations in the minds of buyers so they are top of mind when decision-making time comes.

But what comes after that? What role does marketing play 'beyond the shortlist'?

Has the decision already been made, as suggested by this statistic? Can the entire sales and marketing process truly be attributed to 90% brand and 10% effort?

Should we rely solely on sales? We might say, "We've done everything we can here. You have the edge as the most recognized brand, customers are more likely to trust you. In truth, it's yours to lose."

I have witnessed how marketing can impact performance in the later stages of the buyer journey. Despite claims of quick fixes, there are no shortcuts here. However, with effective collaboration between sales and marketing, I have seen significant improvements such as reducing pipeline time, increasing win rates, and growing deal sizes.

On the other hand, even if you are the top choice from day one, you can still mess things up. This is a reality that any experienced marketer is familiar with.

The Bottom of the Funnel: A Closer Look

When it comes to marketing, the bottom of the funnel is often seen as a different beast compared to brand building. While building a brand focuses on long-term goals, reaching a wide audience, and evoking emotions, the bottom of the funnel, also known as 'demand,' takes a more short-term approach. It is all about targeting specific audiences and making rational decisions.

In the complex B2B sale, the final stage is often misunderstood. The individuals involved in this phase are still prone to making decisions based on emotion, using shortcuts, and justifying their choices afterwards. They are not the rational 'homo economicus' they may have seemed at the start of the buying process. However, the situation has shifted, impacting our marketing strategies.

The importance of risk in decision-making

Business decision makers are often more focused on minimizing the risk to their jobs rather than maximizing the benefits to the business. This mindset is influenced by the potential impact of any sponsored project on their career prospects. As a result, they tend to opt for the low-risk option to play it safe.

This extreme fear of losing out emphasizes the significance of having a shortlist right from the beginning. Being a well-known brand with a good reputation makes it a safer choice.

However, the B2B buying process is lengthy, lasting several months and involving numerous individuals (typically ranging from six to 17). Considering that decisions are often made to reduce political risks, it becomes evident that the level of risk can shift significantly during this time.

When the preferred brand in a major enterprise deal appears confusing during an in-person meeting, the level of risk increases. This introduces uncertainty and undermines the preference built through salience because the most recent experience with that brand was not positive.

In smaller deals, the political element may be less important compared to the buyer's mental and physical capacity. A lesser-known brand that is easy to understand and easy to buy may win over the initially preferred brand, which is now seen as overly complex.

Applying the Same Rules at a Lower Elevation

I have dedicated a significant amount of time collaborating on one-to-one account-based marketing initiatives with sales teams. When discussing the aspects they appreciate most about our work together, they often mention the importance of "optics" and the creation of a conducive environment that facilitates the development of strong relationships with customers.

Decisions are often based on the instinctive preferences of buyers rather than just features, specs, or pricing. Shortcuts are taken to simplify the decision-making process and help a group of people come together around a favored choice. Anecdotes are commonly used as the medium through which this process unfolds.

At my previous agency, we introduced the concept of 'swagger stories': these are anecdotes, usually about past successes, that circulate within a group and help reduce perceived risks. During this stage of the buying process, similar to brand building, it is advantageous to share stories that are memorable and easily retold.

Joining a story halfway through

Your approach in this scenario is akin to building a brand, creating positive memory structures across a wide audience over time. However, there is a notable difference as you are now focusing on a smaller target market and utilizing different mediums such as salespeople, subject matter experts, pitches, demos, and coffee chats. This shift in strategy requires operating at a different level of engagement.

The characters involved in any buying process are part of a ongoing narrative that has been unfolding for years and will continue long after the process is over. It's like stepping into a story that is already in progress, so it's important to understand the storylines and use them to your advantage.

In her insightful book Sales Pitch!, April Dunford points out that one common mistake marketers make is crowding the sales pitch with their own storytelling, without allowing room for the seller to ask important questions and gather information.

To build salience at a 'lower elevation', it's important to pay attention to the language used by the prospect and the underlying agenda of internal initiatives. By aligning your story with these factors, it becomes more memorable and impactful as it connects with existing memory structures.

This is why 'warm data' - accounts that have been consistently engaged with over a long period - tend to result in higher conversion rates compared to 'cold data'. Understanding intent requires a combination of quantitative data, such as contract end dates, and qualitative insights gained from real-life conversations.

A brand is like a promise kept

According to Roger Martin, a brand is a promise made to customers that is consistently kept. It is an ongoing cycle of feedback. In B2B brand building, it is not just about getting on the shortlist. The experience for the buyer must consistently support and fulfill the promise.

The results mentioned earlier are achieved by applying the same principles to establish and strengthen preference at various stages of the sales process. It is valuable to view the intricate B2B sale as a continuous journey of creating and reinforcing preference at different levels.

Our current model of separating brand and demand overlooks the efforts made at the end of the sales funnel, undervaluing the hard work of marketers in the final stages. However, there is still creativity, strategic positioning, emotional appeal, and all the elements that make good marketing effective. It just requires a closer examination.

Editor's P/S:

The article highlights the importance of marketing beyond the initial shortlist in B2B sales, emphasizing that 90% brand recognition is not sufficient to secure wins. Despite the perception that decisions are made based on logic, buyers are still influenced by emotions and risk aversion. This underscores the need for effective collaboration between sales and marketing to optimize performance throughout the buyer journey.

Moreover, the article suggests that marketing efforts should be tailored to the specific stage of the sales funnel. While brand building focuses on long-term goals and wide reach, demand marketing targets specific audiences and employs rational decision-making. By understanding the risk-averse nature of business decision-makers and the role of storytelling in simplifying complex choices, marketers can create compelling narratives that resonate with buyers and reduce perceived risks. This approach ensures that marketing continues to play a vital role even after the initial shortlist is established, ultimately increasing win rates and deal sizes.