Whatever Your B2B Buying Motivation Is, iovox Delivers Powerful Results
In our everyday lives, we make purchasing decisions for a variety of reasons. Maybe it’s a healthy choice at lunch because you have health-related goals you’re aiming for, and just like we have motivations as individuals, B2B buyers have similar motivations (OK, maybe not carb counting) when considering corporate purchases. This article focuses on 5 reasons B2B buyers make purchase decisions, and we’ll provide call tracking examples of each buyer type from our years of experience.
In a well done post about “The 5 Reasons B2B Business People Buy”, Ian Dainty highlights the following reasons corporate buyers purchase from vendors:
- Improved Performance
- Increased Opportunities
- Competitive Advantage
- Risk Mitigation
- Personal Wins
Here at iovox as a global call tracking provider, we work collaboratively with our prospects and customers to think through all the economic benefits they’ll receive when implementing our service.
We want our customers to make more money, generate more leads, save money, achieve some other tangible goal, or all of the above from the use of our service.
Without measurable gains, the services we provide are simply an added cost, not an essential investment, and that’s not good business.
Over the years, we’ve had many opportunities to work with prospective customers in creating measurable outcomes based on unique motivations.
Improving performance can be a variety of operating metrics, including revenue, profit, cost reductions, or productivity gains.
At iovox we love sharing quantifiable wins that our customers have made from using our wide range of call tracking platform features. Two huge wins that fit into the “improving performance” category are an insurance and a restaurant use case.
In the case of the insurance company, Aviva.fr, they were looking for a boost in productivity and ideally a cost savings to go along with it. Using a combination of Dynamic Number call tracking and our WebCallBack feature, they turned in an impressive 20% increase in leads and a 20% decrease in costs. Mission accomplished!
In the restaurant use case, the challenge faced by Mitchells & Butlers was how to best improve utilization of their booking platform and staff. With an integration of the iovox API, we helped Mitchells & Butlers add 27,000 phone bookings per week and reduce costs at the same time.
These are just two simple, but transformative examples of how iovox call tracking can tangibly impact the performance of a business. For more examples, check out the Customer Stories section of our web site.
Let’s look at some other ways we’ve helped buyers achieve goals for their companies.
Increasing opportunities means the introduction of a new product or opening a new market for business expansion.
At iovox, we’re always happy to operate quietly behind the scenes and help our partners white label our solutions so they can extend new services to their clients. We’re proud to support some truly amazing brands.
One of our branded partners was struggling with the high cost of labor related to booking ad renewals. When diagnosing the problem in greater detail, we helped them create a new product solution to address renewals using an automated workflow. The solution relied on our SMS API. Now, when an ad is about to expire and the item remains unsold, the advertiser is sent a text message asking if they’d like to renew. If they respond affirmatively, the integration between iovox and the ad platform allows the account to be automatically renewed and billed for the next period.
New product. More revenue. Expanded opportunities with existing customers.
That’s just one of dozens of ‘new product’ enablement possibilities that are available to customers through the integration of our API and their systems.
This economic benefit happens when a challenger brand is trying to capture more market share, and the incumbent leader may want to enhance their offerings to keep well ahead of the pack. Both companies are trying to distinguish themselves among customers.
As most of you know, we support some of the most well-known marketplaces in the world. Among them is Zoopla, one of the UK’s premier property portals, and a very forward-thinking innovator when it comes to maintaining their competitive edge. At iovox, we love working with customers who want to push forward advances in technology that have tangible outcomes on the business. We’ve done, and are doing, some very innovative and sophisticated things with Zoopla, but two of our earliest implementations created a significant competitive advantage.
The first was Call Whispers, which is simply a pre-recorded message that can be played to the called party anytime an iovox Number or WebConnect call is initiated. Call Whispers are a fantastic way to remind a new lead recipient that the source of the call was Zoopla.
The other early important feature was Missed Call Alerts which allows an email or SMS to be sent to the called party anytime they miss a call. When response time is the difference between landing a new client or not, these missed call alerts make a huge impact.
Mitigating risk is about protection; either protecting your company or your customer.
For marketplaces, trust is the name of the game. Without it, buyers and sellers won’t interact. As part of their transition from print to digital, Auto Trader UK was focused on finding a solution to protect the identity and privacy of their private sellers. Using various elements of the iovox platform including SMS enabled iovox Numbers, the identity of the private sellers was protected. The net result as part of this digital transformation was a 39% boost in Trust Pilot score. Again, mission accomplished with a quantifiable outcome.
Ian Dainty in “The 5 Reasons B2B Business People Buy” talks about the “Personal Wins” category in the context of achieving a win-win between the buyer and seller, but the real focus is on what some of the psychological wins are for the buyer internally at their company. This is a powerful force in the B2B buying process that can’t be overlooked.
You’ve probably all heard the phrase “There’s a new sheriff in town”. In business, when a new leader is placed in charge, he or she often wants to make their presence felt by getting some wins (and inversely, not looking foolish).
The idea of “personal wins” doesn’t only apply to new leaders, it applies to anyone in a place of responsibility who is trying to do their best to honor the company’s goals *and* at the same time, maximize their career progress through getting some ‘wins’.
At iovox, we see this all the time and it’s a super important part of our process to understand the people that we’re working with, what their own objectives are in addition to the those of the company and we always work hard to make sure we serve both purposes whenever possible.
An example of this (on a no-names basis of course!) was a deal with a prospect who had been using a competitive call tracking company that was not very innovative. The prospect was also under market share pressure and had new leadership in their marketing and product teams. After our first two meetings together, we identified 18 different call tracking projects that, if successful, would have positive and measurable outcomes on their business. After those projects were identified, they were graded based on degree of implementation complexity and tangible impact to the business and prioritized accordingly by their business team.
This is a winning formula for any leader, let alone a new one coming in to improve lackluster performance. We’re proud of all our achievements in these areas and excited to see where all our current projects go. We are always motivated to help leadership teams get some wins for the company and some personal wins along the way.
If you are considering an investment in a call tracking solution, we encourage you to think about what your quantitative goals are for your project and push your vendor (hopefully the great people from iovox!) to help you design a solution that achieves those goals.
Investing in call tracking solutions like those we’ve discussed above can have a transformative impact on a business.
We’d love to talk with you about your business and how we can help. To learn more about iovox, click the call button below and our team will be in touch with you shortly. We look forward to learning more about your business and how we may help.
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