In the course of any sale the prospective customer makes five critical buying decisions. These decisions are always made in the same predetermined order, and a prospect will not seriously consider a later decision until the earlier ones are made. However, most salespeople don’t know what these five decisions are, and they don’t have a plan to address them in their sales process.
The Five Buying Decisions are:
- The prospective customer decides whether to “buy” the salesperson (You).
- The prospect decides whether to “buy” your company.
- Then the prospective customer considers “buying” your product or service.
- Then they decide about “buying” your price.
- Finally, they consider whether this is the “time to buy.”
It’s common for prospects to start out sounding like price is the primary factor in their decision, but no one is going to commit to any price until they have bought you, your company, or your product’s ability to meet their needs.
So ask yourself, how do we specifically influence each of these buying decisions in the sales process?
- Buying the Salesperson – is not just the first decision a prospect makes, it’s the most important one! Remember, people buy from people … people they know, like, and trust.
- Buying Your Company – you should describe the company’s reputation and its capabilities, but throw out the canned presentation. Use customer testimonials to help re-enforce the Company’s past performance and successes.
- Buying Your Product or Service – you need to demonstrate how it will address their key needs.
- Buying Your Price – you need to add value in the prospect’s mind, and you also need to differentiate your product/service.
- Time to Buy – you need to help them determine when they need your product, and when does the buying decision actually need to be made. By helping them to “work backwards” on the timing for delivery you will create urgency
If you create a plan to assist your prospects with each of the five buying decisions, and include it in your sales process, you will sell more!
Here is a quick, three-step process you should follow after a sale to insure against buyer’s remorse. It can be summed up by the terms assure, appreciate, and future event.
1) First, assure the customer they have made the right decision.
2) Then thank them and tell them you appreciate their commitment.
3) And schedule a future event they can look forward to instead of worrying about the decision they just made.