What Is Modified Rebuy?
Modified rebuy is a type of business-to-business buying decision process that occurs when a customer decides to purchase an existing product or service from an existing supplier, but with some modifications. This is different from a straight rebuy, which is when a customer decides to purchase the same product or service from the same supplier without any changes.
Benefits of the Modified Rebuy
The modified rebuy process can offer many benefits to both buyers and suppliers. For buyers, the modified rebuy process allows them to purchase the same product or service with modifications that better meet their needs. Additionally, the process can help to streamline the buying process, as the customer is working with a supplier they know and trust. For suppliers, the modified rebuy process can help to retain customers, as the supplier is able to keep the customer’s business. It also allows the supplier to build on the existing relationship and identify new ways to meet the customer’s needs. Furthermore, the modified rebuy process can help the supplier to increase their sales, as the customer is likely to make additional purchases from the same supplier.
Examples of Modified Rebuy
There are many examples of modified rebuy in the business world. Some of these include:
- A customer purchasing a new version of an existing software product from the same supplier.
- A customer purchasing a customized version of an existing product from the same supplier.
- A customer purchasing additional services from the same supplier to go along with an existing product.
- A customer purchasing upgrades or add-ons to an existing product or service from the same supplier.
Conclusion
Modified rebuy is a type of business-to-business buying decision process that can offer many benefits to both buyers and suppliers. This process can help to streamline the buying process, retain customers, and increase sales. There are many examples of modified rebuy in the business world, including purchasing new versions of existing products, customized versions, additional services, and upgrades or add-ons.References:Investopedia: Modified RebuyHubSpot: Modified Rebuy Sales Strategy