So, with an up-to-date buyer, who has little in the way of time and resources to spend, what do we need to do to assist them to make a decision to choose us and our offering?
Well, our research has shown that there are probably a small number of over-riding drivers to decision-making that affect the majority of purchasers.
We recognise that these will be used in different levels and amounts by each person, so there is no one-size-fits-all approach that can be taken.
But if we realise that most buyers tend to be influenced by these specific drivers, we can align what we say and do to match these ways of thinking.
In the modern-day buyer’s mind, what are the major factors that influence their decisions?
And how can we mirror them so thebuyerfeels we are the best choice for them?
Firstly, and naturally, it’s Money.
But in a slightly different way to how you might have anticipated it.
Most salespeople think that when a buyer asks for a discount or a lower price, it’s because they don’t see the value in your product or service.
However, it goes down to a deeper level than that.
We have to remember that most of our B2B buyers want a lower price because:
1) They want to get more repeat business from their customers
2) They want to offer something better than their competition
So their rationale in asking for a lower price may revolve around their ability to offer their customers a better deal.
And the reason for that could be they are looking for greater profits themselves.
The way to discuss this with the prospect is to confirm the real reason why they want a lower price from you.
Sometimes it may be they simply want to get a good deal.
But it probably really means they want to have lower costs so they can pass the savings onto their customers and beat their competition while making more profit themselves.
So the underlying reason is for them to make more money.
This enables you to highlight the benefits and advantages of your products and services that will enable your prospect to prosper.
Discuss how you can help him to improve his profitability.
Point out the benefits over the competition’s offerings that will make his company look good.
Determine how your back-up and warranties will build long-term loyalty and allow your prospect to gain more from existing and new customers.
Always determine the real reason behind the request for price reduction.
Most times it will be to enable the prospect to make more profits, and that ultimate goal could be achieved in different ways than simply by reducing your prices.
Secondly, a buying influencer may be Reduced Risk.
What I mean by this is that they may want to have greater confidence they won’t miss their deadlines with their customers.
It could be they want greater confidence that the products they offer will actually do what they promise they will do.
And they want to give their customers more reasons to use them, so their reputation increases and they become more attractive to new clients.
So, one of the areas you can highlight could be how your products and services reduce the risks they have to take in their market-place.
This will give them more confidence and peace of mind when they sell.
Don’t underestimate the power of risk reduction.
Another key component in decision-making may be Time.
If you are able to offer confidence to your prospect that you will be able to deliver on time, there will be less time spent by them on worrying about customer complaints and issues of inventories.
It will also give them confidence that the value of dealing with you is greater because they can trust your promises and can get on with what they do best, without worrying about what’s happening in the background.
Remember, then, to concentrate on these three key buying motives (Money, Risk Reduction and Time) so that you match the needs and desires of your prospects and don’t get dragged in to surface-level debates about costs and other incidentals that hide the real reasons why they may be buying from you.