Today’s buyers have plenty of challenges to overcome, from information overload to economic uncertainty. An increased risk of failure has impacted budgets and continues to affect businesses. On the whole, this has made buying far more complicated and ultimately will affect the way buyers and sellers interact in 2023 – and beyond…
In this post, we’ll take a closer look at the specific obstacles faced by sales teams, the silent assassin that’s killing your close rate, and the different factors to keep in mind when talking to buyers in 2023.
It’s difficult to say exactly why buyer groups have grown so much, but one likely explanation is that today’s buyers are more risk-averse. When there are more buyers involved in a purchase decision, there’s less chance you’re going to pin the blame on any one individual if things go wrong.
Building multiple champions
Aligning as many stakeholders as possible
Getting agreement on the problem they’re trying to solve
Prioritising that problem above other competing incentives
Businesses also tend to be more (Zoom, matrix, global) siloed, which means more divisions and departments need to get involved in a buyer group.
If you’re trying to run a sales process, you have to be cognizant of the fact that the buying group is bigger and take appropriate action. This includes:
These activities are absolutely non-negotiable when it comes to servicing our buyers in 2023.
Businesses have been fairly comfortable talking about the status quo for many years now, using things like ROI justifications to validate why they should be moving from their current state to a future solution and what the cost-benefit is.
However, customer indecision is often a deeply personal and emotional fear. It’s essentially the fear of failure manifesting in different ways, something that the customer is far less likely to verbalise openly. This goes back to the principle that buying is actually based on emotions, not logic. You need to understand the emotions that are driving those decisions and the motivators behind them.
When we realise this, it fundamentally changes the way we interact with our customers.
Once we grasp that 95% of buying is emotional and only 5% of it is rational, then it becomes clear that the way that we build relationships, the way that we demonstrate our expertise, the way we demonstrate that we are a safe pair of hands, and the way that we alleviate customers’ fears is non-negotiable in selling in 2023.
You can watch our interview with Matt Dixon author of The Jolt Effect here: