Developing & Implementing Your Sales Process & Selling Strategies
5. The Buying Cycle – What Should You Be Doing?
While the salesperson has a sales process, the buyer follows a buying cycle. The Buying Cycle has six stages. Each stage describes what the buyer is doing during the process of making a purchase decision, and dictates what the seller should be doing.
Stage 1: Changes over time, recognition of need and buying strategy.
This stage reflects that over a time period, from very short to what might be an extended period, changes are taking place that will impact a company’s performance, either negatively or positively, and therefor creates the opportunity / need for new solutions.
Changes may be within the company’s control for example – business strategy (e.g. organisational structure, mergers and acquisitions etc.); marketing planning (e.g. entering new markets): products (e.g. new product introductions, lifecycle issues); business process changes.
Other changes will be external such as competitive actions (e.g. new product introductions, aggressive sales and marketing activities, mergers and acquisitions) and other changes outside the companies control e.g. Brexit!
Alternatively there may be opportunities to be more competitive and improve business performance through the introduction of new systems and processes.
What are your Sales Strategies at this stage?
Research, gaining access (approach), understanding the clients business - building your network, building rapport, and identifying opportunities
Nothing remains static. Changes are constantly taking place. This is the ideal time to be working with your client. If you identify changes and opportunities that impact their business performance you have the ideal approach piece!
- Keep yourself informed: -Research your customers, their industry, competitors, business direction - read the journals, work with industry consultants, listen to clients for clues.
- Help the client identify what the changes and opportunities mean to them and develop the need and value for addressing them; identify thought leadership opportunities and provide valuable insights and link the changes and opportunities to their business strategy.
- Help the customer develop a vision of the future and their plan and strategy for moving forward.
- Build and keep close to your network and create your sales account plan aligned to their priorities.
- Start to create and influence solution features and benefits and selection criteria
There are a number of key issues for this stage they are:-
- Building the value of a solution and the need for the client to take action
- Talking with the right people in the account (key People)
- Qualifying the opportunity (before you allocate expensive resources)
I will deal with these in future posts
For more information about Advanced Sales Training and Coaching, Developing Selling Strategy and the Buying Cycle,Selling Process and Sales Models,
contact Roy O’Neil:
Email: firstname.lastname@example.org Tel: 07958 614398