The focus of B2B marketing is increasingly shifting from lead-centric to buying group-centric. A buying group refers to a collective of individuals or decision-makers within an organization who are responsible for making purchasing decisions.
Buying groups are essential in B2B marketing because they influence the purchasing process and can have a significant impact on a vendor’s ability to close a sale. For example, if you are selling enterprise-grade SaaS, there is a fair chance you will have to sell it to not just one person, but to a group of different stakeholders.
Who makes up a buying group?
A buying group is typically composed of members from different departments or roles, such as finance, IT, operations, and management. They collaborate to evaluate, select, and purchase products or services that meet the organization’s needs.
Not all members in the buying group may be intended users of your software. Some members may have limited understanding of how the software works, or how it compares to the competition.
Understanding the dynamics of a buying group helps marketers and sales teams tailor their messaging and approach to address the unique concerns, preferences, and pain points of each member, ultimately increasing the chances of a successful sale.
If we extend the SaaS example, your buying group may include developers, a IT manager a CIO, security professionals, procurement, and even accounting or finance. You have to make sure your marketing collateral answers all their needs and questions.