Friday, December 29, 2017

Before Any Sales & Marketing this New Year, Consider The B2B Biases - Sponsor BJ MANNYST


Would you agree with me that you can decide you really like someone before you are consciously aware you are into them? For example, you see a pretty-curvy-7’ 2 woman with a beautiful smile, bitching eyes, and wearing a sexy tight red dress that hugs all her curves from top-to-bottom at a New Years Eve party. If you really find her more attractive than other women, chances are you will disregard any other woman. Even if it turns out the less attractive woman, you call your wife, would be better suited for you at the “after party”.

When it comes to business, specifically b2b, it comes down to almost about the same biases. In the business world though there are many more preexisting biases that are under the surface. And those biases influence concerns and criteria for decision makers. Such concerns and criteria are: Cost,Payment terms, Price, Discounts, Alternatives, Combination, Establishment, Technology, Process, Contracts, Negotiations, Rules / Processes, etc. Those are just some. 

So this insight is designed to answer the questions that founders and businesses wonder about but never bother to ask: “Where are the B2B biases?”,“Is this Industry filled with biases?“, “Does our sales and marketing tactics benefit from biased decision making?” “How do you get on the right side of the biases if possible?”

CONTENT SPONSOR: BJ Mannyst + Founders Under 40™ Group currently serves founders and b2b around the world with creating / improving their service marketing and helping them connect with other founders.

To learn how to handle and deal with b2b biases, pickup Full eBook Version or contact myself. It has many tools  and suggestions to help discover the hidden biases. It is basically a way to find out why your clients buy from you and why some prospects avoid you and your business.


WHERE THE BIASES COULD BE?

[Consider this: Less than 15% of American men are over six foot tall, yet almost 60% of corporate CEOs are over six foot tall. Less than 4% of American men are over six foot, two inches tall, yet more than 36% of corporate CEOs are over six foot, two inches tall. Why does this happen? ] ----Source: Unknown

[We are generally convinced that our decisions are “rational,” but in reality most human decisions are made emotionally, and we then collect or generate the facts to justify them. When we see something or someone that “feels” dangerous, we have already launched into action subconsciously before we have even started “thinking.” Our sense of comfort or discomfort has already been engaged.]----Source: Unknown

ECONOMIC B2B BIASES: Size, Upgrade-ability, Safety, Cost reductions ,Flexible payment terms, Price, Discounts, Alternatives, Combination, Technology, Process improvements, Contracts, Negotiations, Rules / Processes, Support, Efficiency, Specifications, Quality,  Competency, Credit Worthy,  No conflict of interest, Measurement System, Emergency, Authorization, Conditions, Agreement, Billing, Milestones, Reimbursement, Time sheet,  Location,  Change, Quality Control, Finishing, Delivery, Performance, Gift Policy, Differentiation, Etc.

EMOTIONAL B2B BIASES: Pleasure, Confidence, Convenience, Personality, Reciprocity, Lifestyle, Politics, Professionalism, Relationships, Reputation, Ethical standards, Behavior, Trust,
Language, Culture, Generational differences, Ethnicity, Friendliness, Niceness, Charming, Education, Team, Experience, etc.


B2B BIASES EXIST EVERYWHERE

The fact is a organizations’ culture are basically cult like. Basic behaviors, norms, values, and decision processes have developed overtime to address internal and external situations. Usually anyone internally and externally who doesn’t fit into a designated profile is sometimes scene as a possible threat to the norm. And those norms are entrenched overtime and have a enormous influence on concerns and criteria for decision making. When in fact the world outside never stays the same. In any community, there’s always a majority of any demographic that will do anything to maintain the status quo. Which unfortunately leaves a minority of a population angry & fighting for change.

When it comes to B2B, a company like Amazon may be provided all the facts and information to make decision about going with a particular saas provider but the true reason the organization went with a competitor could be as minor as the confident the presenter sounded about the ROI or just because the company name lacked prestige..


[“Where diversity is concerned, unconscious bias creates hundreds of seemingly irrational circumstances every day in which people make choices that seem to make no sense and be driven only by overt prejudice, even when they are not. Of course, there are still some cases where people are consciously hateful, hurtful, and biased. These people still need to be watched for and addressed. But it is important to recognize that the concept of unconscious bias does not only apply to “them.” It applies to all of us. ‘]----Source: Unknown


MORE BIASES TYPES


Present Value Bias. Present bias is the tendency to over-value immediate rewards at the expense of our long term intentions - a trait that can have big implications later on. For example a business can choose to buy an equipment for $10000 today or wait one year and get it for $9000 a year from now.

The Anchor Bias. Prior to clients approaching your business they may already be reasonably educated about the norms in an industry. They likely now rely on a piece of information that’s called an anchor. For example, If your prospect first encountered a competitor’s product priced at $490 per month (that’s their anchor), they’ll be less likely to accept your $890 per month price. Now your two options is to compete on price or demonstrate the value you bring.

People’s Attention Bias. Decision makers can pay more attention to other stimuli and neglect other information. So the more something feels good the more attention. [Familiarity can go a long way. The more often a person sees your name, logo or call to action, the more likely they are to purchase from you.]

People’s Perceived Positive Momentum Bias. If your business is gaining more and more positive reputations and public goodwill, chances are more people will embrace your offering.This goes hand-in-hand with attention bias. The more people talk about you in a positive way, the more likely they are to buy from you. Conversely, the more people talk about you in a negative way, the less likely they are to buy from you.

The Belief Bias. Your prospects are going to have their own beliefs and no amount of evidence can alter their beliefs. Deeply held beliefs can work to your benefit or against your marketing. For example, some culture believe certain colors are more symbols of prosperity while others are frown upon. Emotional persuasion can help in this area.

Group Bandwagon Bias. This form of biases is based on the herd mentality. If many people are buying or using the services then it must be okay. That’s why social or peer proof is so important to getting you more sales.

It Sounds Too Good Bias. Many of you have likely heard the expression, “if it sounds too good to be true, then it…”. Meaning everything that you’ve claimed your service can do for a prospect is just not not believable. Most people don’t want to buy from a dishonest service provider. So show them how it will do what you claim.

Prejudice Bias. This is when someone has already made an assumption about you, your business, or your service without a neutral perspective. They are just simply waiting for you to confirm their prejudice so they can then use the confirmation of their biases as justification for their decision. Once you have an idea in your head, you subconsciously begin to seek out information that confirms that idea or belief.

Comparison Bias. Almost every decision process we have involves some form of comparison. So prior to meeting or speaking to a sales person / account manager/ advisory most are trying to perform apple-apple comparison. In this situation you will need to make a convincing case why you are better and offering better value.

Different Knowledge Bias. Sometimes you may encounter an organization who suddenly thinks they have become an expert in your service category or industry and think any further clarity or education is not necessary. They have gone overboard with information that they ended up confusing themselves into indecisiveness or could have been presented a highly technical service when the users are not that sophisticated.

Emotional Bias. Everything about good sales and marketing involves elements of quality emotional messaging. The fact is people are all about feelings even if we don’t want to admit sometimes. A BMW is not different from a GM car because they are made from the same raw material, However with more attention to detail, desire or price point a consumer develops more attachment to their cars. So understanding the emotions that help and hurt your marketing is crucial.

Framing Effect Bias. Everyone sees the world in slightly different ways. One message on a billboard might say. “Conquer the World”. One person sees that as permission to be ruthless and another person sees that as winning in life by being responsible. So in some way you can manipulate people or allow others to manipulate themselves.

First Bias. Sometimes being first to court a prospect can work to your advantage. It’s basically being the one to educate them, put them at ease, the one that looks and feels a certain way. And if  you capitalize on it, any other competition would have to work much harder to dislodge you from the first position.

Blind Spot Bias. Some people don’t have the inner strength or the desire to recognize when they are making decisions based on biases. It’s simply intentionally or unintentionally failing to see the rest of the picture.

Head In Sand Bias. Like an Ostrich, some people just want to ignore the negative information by consciously or sub-consciously avoiding it.

Risk Bias. Some decision makers can;’t stand the thought of decision situations that involves risks. And some just love decision situations that has elements of gambling.

The Authority Bias. Have you ever bought something because a creditable institution told you they recommend a product/service? We all have. So basically decision makers are not talking to you till an authority figure has validated your service or claims.

Funny & Satirical Bias. Who doesn’t like to laugh and be in the presence of a charming personality? This bias falls into the emotional and social biases mentioned earlier. It’s just that people sometimes look at something or someone who can make them feel good.

Smokescreen Bias. Also known as the decoy. People will pretend to hint at purchasing an item by talking endlessly about it’s good qualities but really they are sure they are not going to buy the product. For example, some consumers talk about getting the iphone X as if they will save up and buy it.But secretly because of the price and possible theft they buy an alternative that’s five times cheaper.

In Conclusion, there are many other cognitive biases to consider when you plan and execute your marketing. I’m unable to go through all of them but the thing is it could be anything real or not real that can alter a decision makers decisions.




To learn how to handle and deal with b2b biases, pickup Full eBook Version or contact myself. It has many tools  and suggestions to help discover the hidden biases. It is basically a way to find out why your clients buy from you and why some prospects avoid you and your business.

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