In Part 1 of this series, I covered three key trends influencing our buyers in the new sales economy. This post digs into four more influencers for modern sellers to be aware of with our prospects and clients.
Decision By Committee
There are more people involved in decision-making processes today, and the more complex the decision, the more people will be involved. Research from CEB indicates that there is now an average of 6.8 stakeholders involved in each major B2B buying decision.
In the past, sellers could focus their efforts on the one department responsible for the buying decisions of their product or service. Because of the growing influence exerted into complex buying decisions, it challenges sellers to get beyond those silos. We can’t be missing a key relationship. It becomes critical to build broader and deeper relationships, both inside and outside of the organization.
Think about the apps you have on your phone. There’s usually a very low barrier to entry, free or a few dollars to install. If you don’t like the app, you delete it with just a swipe of your finger. Install. Test. Keep or delete. It’s fast, and that’s the app mindset.
Our prospects and clients can behave in much the same way. When something is low-risk or there’s a low barrier to entry, they’re more willing to experiment with that solution. If the solution doesn’t show promise in a short timeframe (usually a quarter or two at most), they’ll “delete” it and move on.
Sometimes competition comes out of left field. I once interviewed a sales leader in the technology space, and she shared a surprising story. One of her clients, in the automotive industry, is being upended by an unexpected force. Uber.
How? Uber is hiring talent from the same pool as her client. That talent drain has a downhill effect. It’s delaying projects, and those delays are affecting her sales. Next time you assess your competitors, there may be several that aren’t obvious, but could become big disruptors.
The Commoditization Tipping Point
I recently read some research stating that the human brain can make up to 35,000 decisions a day. I can barely wrap my mind around that figure, but it got me thinking about how we make decisions. Our brains look for ways to simplify decision making by creating patterns. Because our brain makes so many decisions, and because it’s looking for patterns, things can start to look the same.
Another word for same? Commoditized. When things look the same to a decision maker, he or she will likely do one of a few things: delay the decision, stay with the status quo, try to negotiate price, or choose your competition.
In looking at your prospects and clients, which of these trends is most influencing them? That can give you some insight on how to best serve them in the new sales economy.
About Amy Franko
Amy Franko is a sales leader turned entrepreneur, sales keynote speaker, and author. She’s passionate about two things professionally: sales and leadership. She works with insurance organizations and professional services firms to improve sales results and build future sales leaders. Learn more about Amy and download a chapter of The Modern Seller, a #1 Amazon new release