For a sales campaign to be effective every approach at various stages needs to be well planned and every phase should have an impact. Every company should try and understand buying behavior of their target audience. A consumer electronics maker will have to ascertain when their target audience may shell out a few hundred bucks for the latest tab or smart phone. Companies that make toys for infants clearly aim for the holiday seasons as that is the busiest shopping time. There is a right time to do everything and that has to be understood by companies to increase sales.
If your company is selling its products or services to other businesses, then you need to understand B2B buying behavior. That is significantly different from consumer buying behavior. Keep in mind these key takeaways from this infographic.
1) Business Workdays.
Businesses conduct their research during the first few hours of a workday and decisions are often taken during or at the lunchtime. As the day progresses, fewer decisions are taken. In other words, your company will have much better luck targeting businesses during the first few hours. If you are trying to qualify a lead after lunch time or trying to close the deal, then you would have less success. This is in sharp contrast to how consumers approach buying. Consumers are more likely to buy after the lunchtime and later in the evening. Mornings and lunchtimes or late afternoons and early evenings record the least activity from consumers.
2) Timely Action.
Buying behavior also has to be assessed from the perspective of qualifying and conversion. Business leads have to be qualified in the first few hours and then the sales teams must come into play immediately after. It has been seen that companies responding to queries or requests for proposals immediately have much greater chance of success than those who delay it.
3) Important Days of Week.
In regards to buying behavior through the week, businesses are more likely to research what they need on Tuesdays and would end up buying on Wednesday and Thursday. Mondays and Fridays are not good for sales. A company should plan its lead generation and sales strategies accordingly.
4) Certain Times of Year.
In regards to buying behavior through the year, winter and spring are the busiest times. The week after the New Year marks some of the highest sales in B2B. Christmas records higher conversions but owing to fewer qualifications which imply that B2B sales don’t really get a boost towards the year end.