Who is buying? Targeting your ideal buying personas

In the complex world of B2B sales, closing a deal often involves navigating a maze of decision-makers. Unlike B2C, where the buyer is usually the end user, B2B sales often involve multiple stakeholders with varying priorities and concerns. This is especially true for high-ticket items, where collective decision-making is the norm. Research suggests that an average of 6 to 10 people are involved in complex B2B buying decisions, but this number can easily climb to 11 or more in larger organizations.

Understanding the Buying Committee

To succeed in B2B sales, you need to understand the diverse roles and responsibilities within the buying committee.

• Users: These are the individuals who will directly use and benefit from your product or service. Their concerns typically revolve around usability, features, and the overall value proposition.

• Managers: Managers oversee the teams using your product and are responsible for ensuring it aligns with departmental goals and budgets. They're often interested in performance metrics, ease of implementation, and potential for scalability.

• Financial Controllers: These individuals scrutinize the financial implications of the purchase, focusing on return on investment (ROI), budget constraints, and the overall financial health of the company.

• CFOs: The Chief Financial Officer is the ultimate financial gatekeeper, ensuring the purchase aligns with the company's broader financial strategy and risk tolerance.

• Buyers and Procurement Specialists: These individuals negotiate terms, manage contracts, and ensure compliance with procurement policies.

• C-Suite Executives: The CEO, COO, and other C-level executives often have the final say on significant purchases. Their concerns are strategic, focusing on the long-term impact on the company's growth and competitive position.

Each of these stakeholders has different priorities and pain points. Understanding their unique needs is crucial for tailoring your sales approach and building a compelling case for each individual.

The Importance of Buying Personas

Buyer personas are detailed profiles of your ideal customers, representing the different stakeholders involved in the buying process. These personas help you:

• Target the right people: By understanding the different roles involved in the buying process, you can tailor your messaging and outreach to resonate with each stakeholder.

• Tailor your message: Each persona has unique needs and concerns. By understanding these, you can craft personalized messages that address their specific pain points and demonstrate the value of your product.

• Build relationships: By understanding your prospects' motivations and challenges, you can build rapport and trust, which are essential for closing deals.

Here are examples of available personas in a mining company for reference:

Note: Just an example as they are many other roles in these companies. The key takeaway is to have you map who your target personas are, according to your business and industry.

Building Buyer Personas

Start by analyzing the org chart of your target companies. This will give you a clear picture of the decision-making hierarchy and the roles involved. Next, conduct research to understand the specific needs, challenges, and motivations of each persona.

Here's an example of two buyer personas for a mining company:

Persona 1: Mine Operations Manager

Name: Peter Stone

Age: 48

Position: Mine Operations Manager

Company: MineCorp, a large international mining company

Location: Headquarters in France, operational mines in West Africa

Goals:

• Optimize the efficiency and profitability of mining operations

• Ensure worker safety and minimize environmental impact

• Improve productivity and reduce operating costs

• Integrate innovative technologies to modernize processes

• Ensure compliance with mining and environmental regulations

Challenges:

• Shortage of skilled labor and high turnover

• Fluctuation of raw material prices and market instability

• Logistical constraints and supply difficulties

• Aging equipment and costly maintenance

• Increasing pressure from stakeholders for responsible mining

Needs:

• Technological solutions for automation, monitoring, and operations management

• Training and skills development programs for staff

• Consulting services in process optimization and cost reduction

• Partnerships with reliable and responsive suppliers

• Support in the implementation of responsible mining practices

Decision Criteria:

• Fast and measurable return on investment

• Reliability, durability, and performance of the proposed solutions

• Supplier expertise and reputation

• Quality technical support and after-sales service

• Respect for environmental and social standards

Persona 2: CFO of a large mining company

Name: Isabella Lefevre

Age: 55

Position: Chief Financial Officer (CFO)

Company: MineCorp

Location: Headquarters in France

Goals:

• Ensure the financial health of the company and maximize profitability

• Manage financial risks and optimize cash flow

• Attract investors and maintain shareholder confidence

• Ensure compliance with financial and tax regulations

• Implement a sustainable long-term financial strategy

Challenges:

• Volatility of financial markets and exchange rate fluctuations

• High operating costs and significant investments

• Competitive pressures and investor demands

• Complexity of international taxation

• Need for transparency and financial responsibility

Needs:

• Financial management and reporting tools and software

• Consulting services in tax and financial optimization

• Innovative financing solutions tailored to the company's needs

• Support in the implementation of good governance practices

• Strategic monitoring and analysis of financial risks

Decision Criteria:

• Cost reduction and efficiency improvement

• Supplier expertise and reputation

• Compliance with regulations and accounting standards

• Transparency and ethics of financial practices

• Alignment with the company's overall strategy

Putting Buyer Personas to Work

Once you've created your buyer personas, use them to guide your sales and marketing efforts. Tailor your messaging, content, and sales pitches to address the specific needs and concerns of each persona. Build relationships with key stakeholders and use their insights to refine your approach.

By understanding the nuances of the buying committee and tailoring your approach to each persona, you'll be well on your way to mastering the art of B2B sales.