How Purpose-Driven are Today’s B2B Buyers?
In this article, we’ll explore what motivates today’s B2B buyers, why businesses should become more purpose-centric, and how companies can achieve that goal.
Today’s B2B buyers have more purchasing power than ever before. The internet enables them to do their own research and seek out the brands they find most useful for their needs. They demand more than quality products at great value. Today’s consumers are purpose-driven B2B buyers.
A company driven by purpose has a competitive edge over those who don’t. In fact, purpose-driven companies grow three times faster than their competitors. By leading with purpose, a company can make deeper connections with their customers and have more of an impact on their communities, all of which boost lead generation, sales growth, and revenue.
Keep reading to learn why purpose is important and how to shift your company’s focus from profit to purpose.
- Visibility has empowered today’s consumers to not only stand up for their beliefs, but to choose to work with businesses whose values are in alignment with their own.
- Businesses who prioritize purpose set themselves apart from the competition, give customers a sense of ownership in the company’s success, and elicit more customer engagement.
- By following three simple principles, businesses can become purpose-driven and meet the needs, expectations, and demands of today’s purpose-driven B2B buyers.
Why Has Purpose Become Important to Consumers?
In today’s marketplace, purpose is driving organizational change. That’s because visibility is huge. People have access to platforms that enable them to publicly proclaim and defend their beliefs and opinions. This power has even impacted purchase decisions.
There was a time when a business simply needed to provide useful products at low prices to succeed. Today, consumers are less concerned about value and more concerned about the world around them. They want to work with businesses who are socially and ecologically responsible. People want to engage with companies who have a clear purpose and whose goals, values, and beliefs are in alignment with their own.
Today’s purpose-driven B2B buyers value businesses who have a strong, defined direction toward their mission. A company’s purpose explains why the business exists, what it aims to achieve with its products and services, and who it strives to be. Today’s buyers are concerned with environmental, social, and governance issues, like:
- Treatment of employees: Consumers want to know that workers are receiving fair wages and are conducting business in comfortable conditions.
- Impact on the environment: Buyers want to work with companies who reduce pollution, minimize waste, and decrease their carbon footprint.
- Support of the community: Consumers want to make sure businesses work to build strong relationships within their community and give back to the people in their neighborhoods.
Essentially, today’s buyers are more concerned about doing good, and they want to support, defend, and promote businesses who feel the same way.
Why Prioritize Purpose?
Companies today are prioritizing purpose in their business strategy for these main reasons:
- Purpose sets companies apart: While many companies still focus on price as a differentiator, businesses who prioritize purpose see more growth, higher productivity, and greater employee retention. Purpose provides impactful opportunities for businesses to connect with consumers on a deeper level.
- Purpose is a universal language: Since today’s consumers are more concerned with their impact on the world around them, purpose means something to more people. By developing meaningful relationships based on shared values and beliefs, companies can make buyers feel a sense of ownership in the company’s efforts and overall success.
- Purpose elicits engagement: When a business is truly focused on purpose, they strive to make a positive impact on everyone they touch. As such, buyers are more driven to help these businesses achieve their goals. By centering business around purpose, organizations can propel their operations toward results people (and stakeholders) value.
Businesses who make purpose a priority will see an overall better response from their customers.
That’s because these brands can strengthen relationships that yield the best lead generation and develop customer partnerships for continued success. Ryan Hillier explains in more detail why purpose-led organizations are thriving in his TEDx Talk.
3 Principles to Live Up to Your Purpose
For a company who wants to earn more business, build meaningful connections with B2B buyers, and attract and retain top talent, leading with purpose is imperative. You can set yourself apart from the competition and drive demand generation by following three guiding principles.
1. Put People First
As you establish your mission and purpose, it’s important to remember to put people first. Include customers, staff, and stakeholders in identifying areas in which your company can really make a difference. Tackle hard questions, like:
- What’s your promise to consumers and the community as a whole?
- What does your following want you to stand for?
- How can you improve the lives of your buyers, workers, and suppliers?
When you ask the right questions and connect emotionally with your buyers, you’ll succeed in earning a loyal following who continues to purchase from your brand.
2. Be Authentic
Today’s consumers are clever, and they can recognize when a company is insincere in its efforts to do good. They also recognize authenticity and will support companies that speak out and take action for what they think is right.
It isn’t enough for a business’s executives to lead this charge. Every employee in the company needs to buy in. You can achieve this by clearly communicating to all staff members the company’s position on important topics and genuine reasons for why it’s important. After all, the words, values, and actions of a company’s employees influence 65% of buyers’ purchases.
3. Be Innovative
In the recent mindset shift from “me” to “we,” today’s consumers want to be part of your efforts in doing good for your customers, the environment, and society as a whole. Find innovative ways to include them in your mission through co-developing products and experiences. This increases engagement and boosts their investment and loyalty to your brand, thus providing ample opportunities for customer lifecycle marketing.
Encourage buyers to share new product ideas. Invite people to use their influence to become sales partners. Ask people to contribute funds for product development and business growth. Purpose-driven B2B buyers can be useful, valuable players on your path to success.
Become a Purpose-Driven Business to Better Serve Purpose-Driven B2B Buyers
Televerde is a global sales and marketing solutions provider that helps businesses develop strategies that can boost engagement, meet the needs of today’s consumers, and close sales. Let us help you find your purpose for continued success.
Need more resources? Televerde’s library of customer lifecycle insights houses webinars and tools to help you connect with today’s purpose-driven B2B buyers.