Have you ever been overwhelmed by the number of choices you have for a purchase that is seemingly simple? It could be at the beach, buying an ice-cream and you cannot pick between the 10 flavours on offer. Maybe, you’re planning a family holiday, but all the travel agents are selling the same package at a very similar price.
It is likely you come away feeling dissatisfied with your decision, or even didn’t purchase at all. This is known as buyer’s choice paralysis, the idea that the fear of either making the wrong decision or forgoing a superior solution, outweighs the potential value of success in a decision made in a timely manner.
In B2B sales, this feeling can be magnified further because products or services are much more complex. Furthermore, the choices impact the decision-makers work, their relationship with managers and colleagues, social status and career. This often leads to B2B buyers suffering buyer’s choice paralysis, suspending deals and the growth of their business.
“Choice can no longer be used to justify a marketing strategy in and of itself. More isn’t always better, either for the customer or for the retailer. Discovering how much assortment is warranted is a considerable empirical challenge. But companies that get the balance right will be amply rewarded.” – Barry Shwartz, Harvard Business Review
The Three Dimensions of Buying Choice Paralysis:
- Vertical – difficulty of estimating a product or service
- Horizontal – choice between many similar offers
- Internal – the desire to pick the perfect option along with the fear of failing
These three dimensions can all contribute to the B2B buying process grinding to a halt. For B2B buyers, there is the problem of consensus decision-making. Gartner calculated that the average purchasing group consists of 6.8 people. Aside from the inner conflicts of each group member, there’s also the ‘collective mind’ which can be susceptible to the paralysis of choice.
It is good to have choice, however as humans we become overwhelmed and different aspects of our psychology begin to take over. Although we try to see the decision-making process as a choice between several, equally desirable, competing offers the number of choices can cause conflict and lead to buyers’ remorse. This is the feeling of regret after purchase, even when the right decision was made. The number of options leaves you feeling like you’re missing out.
As a result, each option makes the feeling worse. B2B buyers experience a variety of conflicting thoughts, desires and emotions overwhelmed by masses of information in the digital era.
The more common this becomes can lead to high stress levels when B2B decision makers are presented with the proposition of making a choice. It’s now down to the seller to help.
If you try to offer everything, you are deterring purchase opportunities and decreasing satisfaction.
Ilex understands how it can feel to be stuck in the B2B choice paralysis position and as a seller how difficult it can be to refine your offering. We can offer consultancy to identify which products or services are your strongest and then help you communicate them.
Our expert team will promote your core offerings through Global PR, Social Media, Inbound Marketing, Branding and Messaging and more.
Become a master of your trade.
