How well do you know buying behavior of life scientists? A recent survey commissioned by Biocompare gives you an inside look.
The single buying activity that the majority of Biocompare’s web visitors is involved in is the initial vendor search stage. Seventy-two percent of scientists, researchers, lab managers and other life sciences professionals who are involved in the buying process are involved in vendor search.
Overall, 89 percent are involved in some capacity during the early by cycle stages of identifying needs, exploring technologies and tools, and searching for vendors.
These are just two of many insights gained about the buying behavior of life scientists, according to research conducted by Martin Akel & Associates of the Biocompare audience. The research also found that the Biocompare audience is involved in the buying process at every stage:
• 66% are involved in the evaluation and comparison of products and vendors
• 64% make purchase recommendations
• 46% are involved in the final selection of vendors and products
The Biocompare Audience Drives Adoption of New Tools
Whether they are sole leaders of a lab or organization, or part of team that provides leadership, life scientists use their expertise and influence to drive the purchase and adoption of new tools. Seventy-two percent has taken on a leadership role in a quest to find new ways in which technologies, tools, and services can help them meet organizational objectives.
Almost all of Biocompare’s audience makes an important contribution to the final purchase decision:
• 93% is involved in the buying journey for purchases of R&D tools
• 88% is involved with decision teams that determine tools and vendors
• 39% have management responsibility for those decision teams
These findings indicate that a potential buyer on Biocompare takes an active role throughout the buying process, from initial search to final selection. The takeaway for marketers is that you must reach buyers early, during their search phase, and keep nurturing them along their buying journey through subsequent stages so you earn the opportunity to win their business at purchase time.
Customers Face Challenges During the Buying Journey
Life scientists are active and engaged during their buying journey, but they face a challenging task to make the right purchase decision. One reason is they have more options to choose from than ever before.
Seventy-seven percent of organizations are now more likely to evaluate a broader range of alternative solutions before purchasing. If you feel like you are one of many possible vendors, you likely are.
However, many buyers report that it’s difficult for them to move through the stages of their buying journey when many vendors are considered:
• 87% report it is difficult to stay aware of the full array of products/systems available for purchase
• 84% say it is difficult to learn the attributes of various products/systems
• 81% find it difficult to learn the differences among products/systems and to compare features and benefits
• 82% have difficulty determining which products/systems to seriously evaluate for purchase
Buyers Often Rely on Brand Knowledge
Faced with the complex challenges of knowing and thoroughly evaluating their options for purchase, researchers and scientists often rely on the brands they know.
For example, when searching for potential vendors result among a range of alternative suppliers, 95% of researchers are likely to first investigate those vendors with whom they’ve previously done business. For the remaining vendors, buyers are more likely to examine those they haven’t had contact with but whose brands they recognize through exposure to the vendor’s online listings and promotion, newsletters, videos, ads, trade show exhibits and more.
• Specifically, 70% are likely to investigate companies that have promoted their brand through communication programs
• Only 25% are likely to seek more information about vendor’s they’ve “heard of but are not really familiar with”
Vendors that do an effective job of branding and advertising are more likely to make a buyer’s short list.
• 74% of Biocompare’s users indicate specific brands when specifying or recommending specific products, system or services
• 79% state that their brand recommendations are always or usually followed
How Vendors Should Respond
With competition among vendors increasing, the majority of your life scientists getting involved in vendor search, and brand recognition taking on a greater role in buying decisions, vendors that invest in building brand relationships with prospective customers will be among the first to be contacted.
The importance of that initial contact cannot be overstated. If you’re not in a potential customer’s mind at the beginning, it’s unlikely you will be near the end when it’s decision time. In other words, marketing investments aimed to get your brand noticed can help you achieve a major competitive advantage.