The process of deciding to purchase a product or service sees the consumer go through a series of steps in creating the need for what it is that is being offered. The best businesses are identifying their leads through a qualification process that determines an established pain point and then offer an attractive solution.
The most common questions that summarize the thought process associated with mentality of the purchaser are:
How do you make your product or service the answer to their frustration/concern/annoyance, or become the thing that they need? The answer is often great marketing.
We know that the focus of a purchase decision is fundamentally based on the consumers' wants and needs, it is our job as business people and marketers to identify those needs and propose a valuable solution. How do you establish your solution as the solution? The approach outlined in the consultative sales model lays out exactly how this works. Your sales process should adapt to the buying psychology of the modern consumer. Some components you'll want to consider are:
When it comes to larger purchases there is a tendency to research and price compare with people offering something that is similar or appears similar to what you are offering. The thing to be aware of in this instance is what a large purchase means to your target customer. For some a larger purchase is anything over $100, while for others a several thousand dollar service agreement is par for the course. Knowing your customer is essential.
If you are in a line of work that facilitates a posted pricing model, that is a great way to weed out prospects that are not prepared to pay for what you have to offer. It also runs the risk of scaring away prospects that may be on the fence. To weigh the balance of this is a fine line and only a decision that can be made by someone familiar with your industry and your company.
To appease the researching consumer you need to offer plenty of valuable content to keep them coming back to your site. You want to be the resource that builds trust and becomes the natural solution to do business with.
The ask phase is when you will focus on questions that begin with the five W's: Who, What, Where, Why, When. These are open-ended questions, meaning that a yes or no answer will not suffice. Who will be your ideal client? What is your goal? Where could this take your business? When would you like to achieve this by? Why is this of benefit to you? How will this help you in the future?
When you focus on these key elements the conversation with a prospect or customer will naturally flow. When they are talking, you are learning. Your sales process will become dramatically more refined as you continue to implement these questions. You will naturally learn to retain key components of their discussion and regurgitate them as you offer a solution.
This stage involves understanding, as in, really understanding your prospect and knowing what they need. You can very easily do this by practicing active listening. This is the practice of repeating back to the speaker what has been detailed in your own words.
Ex: "I am frustrated because I am not growing my business fast enough through the marketing that I am doing and I feel like it is costing me more money than it is earning me"
"So what I am hearing is that you are currently doing some marketing but are having trouble capturing the return on investment. You need a solution that will correct that issue and continue to generate income for your business for a dollar value that makes sense for your growth plans."
When you reach this stage in the process of facilitating a purchase you will want to begin to call on the information that you retained in the listening stage. Do not take this opportunity to flaunt your professional prowess, but in stead focus on the answers you have for the precise issues that they detailed when you asked them the 5 W's. Bring them closer to their goal by explaining how you can help them to meet the clear objectives that you have identified in your conversation with them.
Now that you have identified an opportunity, it is time to decide if it is a qualified or unqualified lead. With unqualified leads you will start to see the signs of their inability to close as you have your discussion with them. With a qualified lead the process will naturally progress to the sales opportunity. As you detail your opportunity to solve the problem you gain their attention to your specific solution.
The close is the final stage in the sales process, the one that will make or break your continuing success. Once you have a qualified lead, it is a matter of reinforcing your value and asking for the sale. Your qualified lead will have the power and the budget to make the purchase.
Purchase decision-making is a process that will come more naturally with practice, and while the above sounds complicated and drawn-out it is often a quick process that converts and closes clients with ease. In the retail environment it is being friendly, answering questions thoroughly and knowing your inventory. In the consulting business it is a robust content publishing schedule, excellent referrals, knowledge of client industry and ability to execute. The consultative sales process is rewarding and will change the way you look at the sales process. In short, you don't sell anything, you solve problems.
Ready to kick-start your lead generation? We're here to help you develop a plan to nurture your leads through a buyer's journey that solves their problems and creates a loyal customer. Give us a shout to see how the inbound marketing methodology will change the game for our business.