The key buying influential (KBI) is an important role in the marketing mix. This person is responsible for making the buying decisions of the company or organization, and as such, is responsible for selecting the products and services that will be purchased. The KBI needs to have a deep understanding of the needs of the organisation and how to effectively purchase the products and services to ensure they are the best fit for the organisation.
In the era of digital marketing, suppliers and customers have to become more aware of the importance of the KBI. Without a key buying influential in the mix, it can be difficult to keep up with the technological trends, digital avenues, and the ever-changing market demands. The KBI is the person who is responsible for making sure the right products and services are purchased at the right time and at the right price.
Identifying the KBI in an Organisation
Identifying the KBI in an organisation is a critical step in the marketing process and must be done carefully. The KBI will often be the person or organisation that is responsible for making purchasing decisions, such as the chief executive officer, the head of operations, or the finance department. It is important to identify the KBI to ensure that the right products and services are purchased and at the right price.
Researching the KBI
In order to effectively purchase the right products and services, it is important to do research on the KBI. Researching the KBI can involve market research, surveys, interviews, and any other method of gathering information to obtain an understanding of the needs and desires of the KBI. For example, it could involve understanding the KBI's budget, how they like to purchase, and understanding the competition. By doing research, it will become easier to properly identify the needs of the KBI in order to purchase the right products and services.
Understanding the Purchasing Process
The purchasing process is the series of steps taken in order to purchase new products or services. These steps involve the identification of the KBI, the research into the needs and desires of the KBI, the understanding of the competition, and the evaluation of the various options.
When the KBI has been identified and the research on the needs and wants of the KBI has been completed, the next step is to evaluate the options. This involves considering the available options and analyzing the benefits and risks associated with each option. This process helps to ensure that the right products and services are purchased.
Negotiating and Closing a Deal
Become a Sales & Marketing Rainmaker
Learn valuable skills to win more customers, grow your business, and increase your profits.
Once the potential options have been evaluated, the next step is to negotiate and close the deal. Negotiating a deal involves getting the best price and terms that fit the requirements of the KBI, while ensuring that it is a fair deal for both the buyer and the seller.
The key to successful negotiation is to focus on the needs and demands of the KBI. It is important to be prepared and know the competitors' prices and terms so that the deal reflects the best value for the KBI. During the negotiations, it is also important to be flexible and to take into account any concessions that the KBI may require.
After the deal has been negotiated, it is important to close the deal. This means that both parties need to agree and sign the deal, legally binding it. In order for the KBI to feel that the deal is fair and equitable, it is important to ensure that all of the details of the deal, including the price and the terms, have been clearly and accurately established.
Best Practices for Dealing with the KBI
When dealing with the KBI, it is important to take into account the following best practices:
• Respect the KBI and the decision-making process. The KBI needs to feel that their opinion is respected and that their decisions are valued.
• Understand the needs and wants of the KBI. It is important to research and understand the KBI's needs and wants in order to determine the best course of action.
• Negotiate and close the deal. Negotiating and closing the deal is essential to ensure a fair and equitable agreement between the buyer and the seller.
• Provide ongoing communication. It is essential to maintain ongoing communication with the KBI in order to maintain a good relationship.
The key buying influential plays a critical role in the marketing mix. They are responsible for making purchasing decisions and thus need to have a deep understanding of the needs of the organisation and how to effectively purchase the products and services in order to select the best fit for the organisation. In order to effectively identify the needs and wants of the KBI and to purchase the right products and services, it is important to understand the purchasing process, to research the KBI, and to be prepared and flexible when negotiating and closing the deal. By following the best practices outlined here, it is possible to ensure that the right products and services are purchased at the right price.