The B2B Buying Process
B2B buyers of complex, high-dollar sales go through a process that is long and complicated. Multiple decision makers are involved and the selection and evaluation process is extensive. There are three stages that the buyer, or buying committee, typically goes through. And, each stage has its own requirements.
Stage 1: What’s out there? In the first stage, the buyer is looking to find all of his options. He wants to start a long list of possible vendors so he can get to his short list or “hot list.” During this phase, you need to be giving him info that shows your capabilities for his basic challenges, you need to educate him as to what his problem really might be and you need to give him the range of possible solutions.
Step 2: Why should I put you on the short list? In this phase, the buyer is looking to de-select you from the long list. He’s looking for any mistake you might make or any sloppiness in your responsiveness. If he has any inclination that you might not be able to perform, you’re gone. This stage of the game is about shortening his list, so that he can get to the real work of finding the key player on the short list.
Step 3: Why should I pick you first? In this stage of the game, the buyer wants to have complete confidence in you. As the B2B sales professional, you need to continue to build credibility in your product, your company and your team. You need to introduce your people to their people, your CEO to their CEO, your technical people to their technical people. You need to help your buyer write you into the specifications. At this stage of the game, your true differentiation has to be, without a doubt, the true answer to his problem. If you’ve proven it throughout the process, you’ll get the inside scoop and when you get the account, it won’t be a surprise.
I know you’re thinking about where does the low price come into play…look for that next week.
Talk to you soon,
Kae Groshong Wagner
CEO, Founder — North Star Marketing
Award-winning Author, Speaker
Brand Consultant
CEO Advisor for Sales & Marketing