In B2B buying decisions and consumer purchases, humans do not always make optimal or even rational economic decisions, as predicted by Rational Choice Theory. If this is true, why do we continue to preach value-based selling? The fascinating and evolving study of Behavioral Economics may hold the answers.
The buyer's journey has evolved from a linear, predictable process to a complex expedition with twists, turns, and multiple decision points. Unfettered access to information puts the buyer in charge but something important is missing: a clear perspective of a product's value to the business.
The concept of the buyer’s journey seems to have lost some of its appeal. Some B2B pundits now contend that the journey is a convoluted route with many twists, turns and dead-ends instead of a neat, linear process. How can sellers nurture sales if they’re not sure where buyers are in their process?
Most security standards require a “regular review” of policies, which many companies do with an annual cadence. What could be more ho-hum and boring? But US and international regulations have changed over the last year, and that pace of change is likely to continue for at least a couple of years.
Has your organization built its marketing and sales programs around selling your product? Well, here’s a news flash. B2B customers don’t buy features and functions; they buy solutions to their problems. So not only should you be selling your solution, you should also be “selling money.”
When meeting with C-level executives or a VP of Sales or Operations, I am often asked how and when to introduce selling value to their sales team. They all believe in the importance of creating a value-based sales strategy, but they struggle with its implementation.
I recently read a couple of articles about marketing during a downturn. Both urged businesses to resist the natural temptation to cut marketing during this, or any, crisis. They got me thinking about what marketing should be doing to prepare the business for the eventuality that things recover.
Few people like to talk about money during the sales process. Eventually, though, buyers will ask, “How much does it cost?” If the price is more than nominal, they probably need budget approval. How well can your sales team shift the conversation from finding and solving customer problems to money?
When selling to well-informed buyers, your sales team needs to skip the “features and functions” pitch and get straight to the point: the value your solution delivers relative to the problems it solves. Do they have the right tools and training? Do they understand what’s most important to buyers?
I am always happy to provide value-selling training, but I hesitate when the organization hasn’t already invested in value selling tools or integrated value selling into its overall sales process. Why? Because in my experience, three critical components must be present to ensure a successful value-selling initiative: people, process, and technology.
