09 Apr Find the Real “Why” So You Can Improve Your Close Ratios
Does a corporate prospect purchase a product because they are thrilled with the features and functions of a product that your team has demonstrated? Is it because they have an immediate need to fix a problem? Or maybe an executive needs to accomplish a strategic goal this year? It could be any of these reasons your prospects buy – or none of them.
Buyers only take the risk and effort of purchasing (and later implementing) a solution because they believe that the benefits derived will outweigh the cost and disruptions. They have a vision of a successful outcome and believe your firm can deliver it.
Uncovering your buyer’s motivators is a key to understanding why they buy – or don’t. Each buyer has their own reasons to make a purchase. Sometimes, the real reasons are not clear to the salesperson, or maybe even to the prospect’s own staff members. In some cases, the prospect may lie or mislead, often because the truth is embarrassing to them or the company.
An effective salesperson will need to determine the following in order to determine the real motivations and ascertain buyer readiness:
- Have the buyers finalized their business and project requirements?
- Is there an apparent consensus amongst the project team?
- Does the team have expertise or recent experience with making similar purchases?
- Is the buying committee organized or disoriented?
- Do the key decision makers seem to have a sense of urgency about this decision?
- Is there an executive sponsor engaged in the process?
- Has your contact shared their stated motivation for the purchase?
features drive corporate purchases. They may help you gain the project team’s attention or differentiate your offering, but they will probably not even be mentioned in the internal funding request.
It is the salesperson’s job to determine what the real “why” is? That is the real reason why they are buying – now. This is often not apparent, and it is often not shared with the seller. Failure to do so results in “flying blind” and may result in a lost sale.
So how do you determine the real “why”? You can do so by asking clear, simple questions, to several people, and listening to the answers. Questions you might ask include:
“What is motivating you to investigate this option at this time?”
“How long have you been looking for a solution to this problem?”
“How much revenue do you think the company has lost so far without this solution?”
“Is there a sense of urgency to getting this done (this month, this year), or are you just starting to think
what you may have been told by your product managers it is rare that just the product’s
“Is this purchase part of a corporate strategy, such as expansion into a new market? Are you looking at other sellers besides us?
Your willingness to get to the root of their interests and determine the real “why” will inform how you can most efficiently and effectively guide the prospect into becoming yet another one of your satisfied customers.