Knowing and using buyer psychology has become essential in helping companies connect and communicate more intelligently in business-to-business (B2B) marketing. B2B marketers are now skillfully weaving data-driven psychology through all facets of their partner-led campaigns and landing messages that drive conversions more effectively than ever before. With help from artificial intelligence (AI) and analytics, software vendors and their partners are engaging with target audiences in ways that are increasingly real, caring, and solution focused. We anticipate this trend will magnify in 2024.

A framework for understanding buyer psychology

Understanding potential customers' motivations, challenges, and actions are essential components of B2B buyer psychology. To quickly advance from lead to close, marketers are embracing these purchase drivers and thinking beyond transactional encounters to ensure their promises meet buyer and user demands throughout the customer journey. Today, we’ll share key components of our buyer psychology framework for B2B marketers and their channel partners.

1. Adopt an empathic marketing approach

Empathy maps and similar rubrics are crucial to understanding buyers' hopes, desires, and fears. By charting and analyzing what buyers say, do, think, and feel across a variety of circumstances, marketers can address specific challenges, provide sincere answers, and strengthen ties with their brands and customers. When we at Knack think about empathy, we begin by comparing current and desired perceptions and consider what we want B2B marketers and their partners to say, do, think, and feel when exposed to the marketing campaigns we run. We then use what we learn to help our clients and partner ecosystems put a finer point on their ideal customer profiles (ICPs). At Knack, empathy is not a process; it’s a lifestyle with big rewards for those who follow it.

2. Apply data-driven insights

To keep their budgets aligned with buying trends, engagement histories, and customer feedback, leading B2B marketers are getting more out of their analytics and customer relationship management (CRM) solutions. They're tightening connection points between available data and how it can quickly be used to reach buyers with the right message at the perfect moment. They’re also adding propensity modeling to their toolboxes. With propensity modeling, marketers are better able to prioritize leads and opportunities, understand complex buying motions, and optimize their marketing spend. These and related uses of modern software for buyer psychology are helping marketers and partners improve the value of their data and do more with less. This is the type of win-win we like to see.

3. Put behavioral economics principles into practice

B2B marketers are also infusing behavioral economics into their campaigns because they recognize that businesses, much like individual customers, are not as predictably rational as many perceive. Marketers with a firm grasp of the cognitive biases and heuristics that drive decision-making are continuing to improve how they forecast and influence buyer behavior. They know, for example, when and how to nudge customers into action or inspire the next step in their journey. With psychology as an essential asset, these marketers can put the best available content in front of their target audiences when it matters most. This is especially helpful for mid- and lower-funnel conversions, which often fade from focus without an informed plan for driving more of them.

4. Create customized experiences

Integrating personalization in marketing initiatives, guided by in-depth buyer persona research, continues to improve how marketers drive awareness, interest, consideration, and purchase. Informed by data and insights, B2B marketers are carefully selecting content and communications that connect with buyers on a personal level, addressing both their overt wants and their underlying aspirations and worries. They’re generating and converting leads by crafting dynamic engagement plans for unique solutions and multi-partner offers that were previously unattainable. With improved customization, one size and one message doesn’t have to fit most buyers, regardless of where they are in the customer journey.

5. Invest in thought leadership to help make buyers better at their work

Delivering thought leadership remains vital to building trust and authority in B2B markets. An important reason is that thought leadership offers ideas designed to make buyers better at what they do. With thought leadership, marketers connect with the business needs of their target audience, their core values, and long-term goals. Investing in thought leadership helps B2B marketers capture the curiosity of buyers and earn a higher level of brand perception than might otherwise be possible. In addition, while thought leadership can be a powerful advantage in driving demand, it’s also an asset that performs post-purchase when used for retention and sustained engagement.

6. Use technology to improve interactions

An increasing percentage of marketers are automating their communications using AI and machine learning algorithms. With chatbots and virtual assistants available 24/7, buyers and customers can immediately access timely, pertinent, and contextually relevant information and have many of their questions answered on the spot. From a buyer psychology point of view, virtual assistants not only show customer commitment, but also provide marketers with real-time insights into everyday customer needs.

7. Embrace user reviews and marketplaces

It’s also vital to encourage and promote independent user reviews, as well as marketplaces where buyers can transact without intermediation. The reason is that modern buyers, the majority of whom are self-serve in their research and purchase behavior, require empowerment. For B2B marketers, the path to maximizing buyer empowerment—and validation and trust (both contributors to buyer psychology)—runs through reviews and marketplaces. To optimize reach and impact, B2B marketers must work with their partners to clearly articulate their joint value propositions and point buyers to precisely what they need, when they need it. Mastering these tactics will remain a priority in 2024.

Looking ahead

Thanks to broader implementation of buyer psychology, B2B marketing in 2024 will become increasingly targeted, timely, and resonant. For marketers and their partners who use empathy, data-driven insights, and technology to establish genuine connections and solve customer problems, revenue growth awaits.

Achieve bolder aspirations

Whether it’s evolving your partner marketing programs to be more impactful, shortening your co-sell cycles, or driving deep demand gen campaigns, Knack is here to help. Our strategic methodology and operational processes enable our clients to unlock greater value and efficiency across their partner sales and marketing programs. In this new era of tech marketing, we enable our clients to embrace bolder aspirations—we help you go beyond incremental change, so you can be ready to win today and continue to evolve no matter what comes.

How to activate your partner channels with buyer psychology