Drivers of B2B purchase decisions – the head or the heart?
In Bain and Co's recent work on analysing the drivers of purchase decisions in B2B transactions, it's perhaps not surprising that emotional factors, not just rational factors, figured highly. Bain and Co analysed three decades of qualitative and quantitative data in relation to purchasers decisions and identified 40 fundamental “elements of value” under five categories: table stakes, functional, ease of doing business, individual, and inspirational. Arranged into a pyramid, elements at the base are the most objective - price, acceptable standards etc - whereas at the higher levels, elements become more subjective and personal - reputational assurance and reduced anxiety. Understanding what elements your clients most value is key to achieving long term client loyalty (Bain - Elements of Value).