Tag: selling

Binge Buying

I’m a “binger.” I’m “all in” when it comes to consuming content and I’m not alone. Netflix reports that of it’s 40 million US subscribers, over 60% report bipad-820272_1280eing “binge watchers.” We also know that our personal habits influence our professional habits, so could there be a group of “binge buyers” who are currently being underserved with our content efforts, and could that be hurting our sales efforts?

For example, I’m working with a client to help them “digitalize” the organization. As part of the effort, I’m evaluating software tools to help improve the performance of their content marketing efforts. So I’ve been binging on vendor content, going deep into their sites and watching hours of video to evaluate their fit for our client’s needs. However, one of the vendor’s limited the information on their site forcing me to request a demo to learn more about their tool.

Ten days after I requested the demo the vendor finally reached out to me. It then took another 3 days to align our schedules. The day of the “demo” was disappointing. I didn’t get to see the tool, but instead I got a 10 page powerpoint pitch. Running out of time that day forced me to set up yet another call more than a week away. Needless to say, they didn’t make the short list of vendors to consider.

Here’s the point we know from CEB, Sirius Decision, and Forrester decision makers are more than half the way through the buying process before they engage a sales person. If you are an organization that is trying to insert a sales person in upstream, you run the risk of slowing the buying process and/or being eliminated from it.Your prospects maybe “bingers” like me. Let them go deep and gather all of the information they need on their own. It will accelerate your sales cycles, increase lead volume, and lower the cost to sell. I know it will set off alarms with your lead tracking process, but the fact is, buyers control the process and they will let you know when they need to talk to someone.

Still skeptical? Atlassian, an open source provider of project management and app software sold over $300 million in enterprise software without a single sales person. The keys to their success: a great product, word of mouth and letting buyers sell themselves. “Customers don’t want to call a salesperson if they don’t have to,” says Scott Farquhar, Atlassian’s co-chief executive officer.

“They much rather be able to find the answers on the website.”

Don’t get me wrong. I believe sales people can serve a very valuable role for the buyer, and for organizations. But that role has shifted, instead of being the product “spokes person” they should now focus on better understanding what information buyers need to drive a consensus on a decision within their organization.

Unsatisfied with my first call with the rep that left me without seeing the tool, I found a product demo video on Vimeo. I doubt they even knew it existed, so by second call, I was already well versed on the tool. I knew how it differed from the other tools being evaluated, but what I didn’t know was why my client would need that functionality. That is where the sales person could have been helpful, and could of earned themselves a shot at the sale. The lesson; bingers are out there and growing, if you throttle bandwidth on content you could be limiting, or in this case, eliminating opportunity.

Telling is Selling?

My first job out of college was selling office equipment. The first thing I ever learned about selling (from my very Southern sales manger) was that “Telling ain’t selling.” In layman terms, stop telling customers why they need your product and start listening to their needs.

For years this simple phase remained in my memory. It guided me as a way to engage prospects in advisory-like sales dialogue, probing for a need to sell to. But, after attending CEB’s Sales & Marketing Summit last week, where new research highlighted the increased complexity in reaching a purchase decision, I’m now considering rethinking my whole approach.

Why? Because buyers have become overwhelmed by the potential choices, IMG_1220and the involvement of other decision makers in the process, according to Brent Adamson, co-author of The Challenger Customer. Too much information, too many options and too many people involved in the process are making it more difficult than ever to reach a consensus, let alone a purchase decision. Given the complexity, stalled deals are no longer a sales issue; they’re a buying problem.

The question is: Are marketers contributing to that problem? Is it possible our content marketing efforts, aimed at helping buyers make an informed choice, are becoming part of the “too much” problem? According to Psychologist Barry Schwartz, author of The Paradox of Choice, too much choice often results in no choice at all.

Dr. Schwartz’s research has shown that limiting choice is often necessary to reach a decision, and/or to speed up the buying process. As he said, “When you make choice easier, or more simple, you will sell more.”

For business-to-business sales and marketers, the key is to become “prescriptive,” according to Adamson. Customers need a “trusted advisor” to help guide them through the complexity of the decision making process, in particular in driving a consistent point of view on the problem, and the best solution. Schwartz suggests focusing on the following three areas:

  1. Be the “expert” or “simplifier.” Help reduce the complexity of the problem, process and/or solution. Smart content should help to explain and simplify solutions to complex problems.
  2. Create an “anchor.” Help customers understand how to assess the value you offer. Buyers may have a hard time assessing the true value of a new purchase or a new vendor. Help them by giving them context. Find a relatable anchor comparison. Think: ”Platinum service at a standard price.”
  3. Understand the impact of “no decision.” If no decision is the right decision, then find a way to make it the default answer. This approach is commonly seen in software or subscription-based services where membership/licensing automatically renews.

Do we now dictate to customers/prospects? Not according to Schwartz. Asking probing questions that lead customers to convince themselves that they need your product is the path to goal attainment. Help them understand how your product/service uniquely solves their problem by guiding their path to purchase.

The words of wisdom given to me years ago were right, but given today’s increased complexity it needs an updated “Telling ain’t selling…until it is.”