Encouraging prospects to change their behavior is one of the greatest challenges facing marketers and sellers. Behavioral economists call this phenomenon “status quo bias.” How can sellers overcome this inherent yet irrational desire to keep something the same, even if it’s less than optimal?
Economic indicators are sending mixed signals about the health of today’s economy. Inflation is on the rise and whether we’re in (or will be in) a recession is up for debate. Through it all, B2B sales don’t have to slow down if you understand how an uncertain economy influences buyer behavior.
I recently met with the marketing manager at a new ROI Selling client. While reviewing a draft of their new value selling tool, the manager commented, “Customers don’t think about it that way and they would never say that. That’s our internal language about our product.” Oops. How did that happen?
In B2B buying decisions and consumer purchases, humans do not always make optimal or even rational economic decisions, as predicted by Rational Choice Theory. If this is true, why do we continue to preach value-based selling? The fascinating and evolving study of Behavioral Economics may hold the answers.
The buyer's journey has evolved from a linear, predictable process to a complex expedition with twists, turns, and multiple decision points. Unfettered access to information puts the buyer in charge but something important is missing: a clear perspective of a product's value to the business.
A key stop for many on the buyer’s journey is understanding the value of an offering. Does your marketing or sales organization know which buyers would benefit from knowing your solution’s value? If they do know, how well do they communicate your value proposition to those buyers?
The concept of the buyer’s journey seems to have lost some of its appeal. Some B2B pundits now contend that the journey is a convoluted route with many twists, turns and dead-ends instead of a neat, linear process. How can sellers nurture sales if they’re not sure where buyers are in their process?
Has your organization built its marketing and sales programs around selling your product? Well, here’s a news flash. B2B customers don’t buy features and functions; they buy solutions to their problems. So not only should you be selling your solution, you should also be “selling money.”
When meeting with C-level executives or a VP of Sales or Operations, I am often asked how and when to introduce selling value to their sales team. They all believe in the importance of creating a value-based sales strategy, but they struggle with its implementation.
As COVID-19 spreads across the globe, millions of workers have been quarantined and are working from home in an effort to slow the rate of infection. And while employee safety is paramount, organizations are still responsible for marketing and generating revenue to keep their business healthy.
