The iSoS© Buying Cycle
It is generally accepted that the most successful sales people have a customer centred approach to selling; they understand their customer's issues and needs and ensure that any solution provided matches those needs.
Understanding customer issues and needs is still crucial but it is only one part of the successful sales story. In today's world it is essential for successful sales people to demonstrate how their solution will deliver measurable value to their customers, delivering real transparent business benefits and change.
At Improve we have been successfully helping companies address these challenges for over 14 years across many different types of businesses. Our research has helped us to develop the Improve Buying Cycle, which is focused upon how customers buy measurable value.
"Successful sales people need to have the flexibility to operate effectively across all of the 7 stages of the Buying Cycle, adapting as required to their specific customer's needs..."
There are 7 major stages in delivering measurable value to customers. Different businesses may naturally emphasis certain stages within the Buying Cycle, indeed some of the stages may not apply at all to some organisations. However, successful sales people need to have the flexibility to operate effectively across all of the 7 stages adapting as required to their specific customer's needs. The Improve Buying Cycle explores the relationship between buyer and seller during this process.
Engage the customer
Customers don't want to have their time wasted so before a sales person engages with the customer it is essential that the sales person has developed an appropriate value proposition which demonstrates how the seller's company can deliver measurable value to the buyer. The sales person also needs to ensure that they speak to the right people about the right issues at the right time in order to develop a proposition that will deliver transparent value for their customer.
Value of Change
In this stage the customer starts to think about their issues and needs, do they need to change? If so what is the cost of staying in the present scenario? How much value will they derive from changing? Is this commonly understood across the whole organisation? Customers need to have a transparent, measurable need to change and know categorically that the solution they are discussing will bring this value.
Analyse Options
At this point the customer has decided they definitely want to change. They are now starting to examine their 'Buying Criteria' in order to choose an appropriate supplier. Once this Buying Criteria has been established the customer may start to evaluate different suppliers to see who can deliver the measurable value they require from a solution. Successful sales people can uncover customer's buying criteria and ensure that their value proposition is best placed to meet the customer's requirements.
How
It is now quite likely that the customer has a good idea with whom they want to do business. The buyer's attention will now focus on how the value of the solution will be delivered into their business and how the organisation may need to change. This can be an extremely difficult time for people who are making major decisions or buying something for the first time. Miss understanding the customers concerns at this critical stage can be a weakness for many sales organisations. Just when the client needs them to be at their most consultative to help them address all their concerns, they start to push for the close.
Successful sales people understand this scenario and behave in a consultative manner, ensuring the customer is comfortable with the way forward and has a clear understanding of how the value will be delivered.
Negotiation
The customer has now decided with who they wish to do business. All that remains is for the two parties to negotiate the terms under which they will do business - how they will both 'win' from working together. Many deals can be lost at this stage. Inappropriate behaviour or bargaining may mean that the customer's perception of the deal changes, indeed sometimes it may lead them to withdraw altogether. Successful sales people ensure they prepare and act in an appropriate manner to realise a WIN-win scenario for both parties.
Decision
All parties have now agreed the terms under which they will conduct business together. The decision is made to go with the supplier and appropriate legal documentation is filed. The customer can now look forward to receiving the benefits of the proposed solution.
Implementation of Value
The solution is now being delivered. If the HOW stage of the Buying Cycle has been undertaken effectively, the implementation stage should run smoothly. The selling organisation has to ensure that the value discussed is successfully delivered. Successful sales people understand this and ensure it happens; they also know that within the 'Implementation of Value' stage the seeds of their next sale may possibly lie.
If you would like to know more about the Improve Buying Cycle and Steps of Sales Process© please click here or the icon on the bottom of the screen.
The Sales Conundrum
So what is the sales conundrum?
The sales conundrum shows the difficulties that many organisations have when trying to successfully forecast their sales pipeline. This presentation takes you through a familiar story of forecasting realistic revenue streams and managing the customers progressions to obtaining the sale. Use the link below to download the presentation (pdf) or if you wish to discuss how this approach will enable you to have a transparent sales pipeline of realistic value then please click here to contact us.
