When your neighbor buys that shiny new minivan, consumer marketing and sales professionals appear psychic-like when they predict your neighbor’s future purchases of diapers, car seats, life insurance and a constellation of other child-centric products.
As with consumers, the manner in which companies spend their money speaks volumes about their priorities and direction. The details and trends revealed by a company’s purchase behavior can tell you if a company is experiencing growth or decline, if it is expanding and adding personnel, or contracting and treading water financially. Most importantly, a company’s purchase behavior can help you forecast what they’ll likely purchase in the future.
This intriguing concept has drawn the interest of a number of savvy industry analysts, including Bill Warmington of Raymond James and Associates, who said, “B2B purchase behavior data — what businesses buy and how their spending patterns change – is the next-generation B2B sales and marketing tool, which will fundamentally transform the way businesses market, sell and evaluate risk.”
Until now, the notion of capturing and analyzing B2B purchase behavior was a theoretical exercise. Purchasing data simply hasn’t been available for tracking and analysis. Fortunately, Cortera has opened this treasure trove and made it accessible to growth-minded companies for the first time.
In a recent Technology Industry Brief, Raymond James and Associates stated: “We believe that the new products and pricing are significant because: 1) the new category spend product offers analysis on purchase behavior information that is highly predictive of commercial credit risk, 2) the category purchase behavior data represents, in our opinion, the next generation of B2B sales and marketing tools, and 3) the new reports continue the trend of price compression in the commercial credit space..”
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