Well, hello,
We've been involved in a whole lot of new business conversations recently. It's still tough out there, and no-one seems to be able to nail down why.
In any B2B sale, you're dealing with a central contact, but within an organisation, you're dealing with, on average, 5.4 people. At the start of the process, everyone agrees on the problem. It may be something like, "We need a new website" or "We need a new brand". All 5.4 people agreed.
The challenge arises about 30% through the sales process. That collective 'We' need state fractures into individual "Me" wants. The 5.4 starts to look to their departments and define what they want from the sale. This entire purchase process is in jeopardy at around 30% as the 5.4 can't agree on what's important. It's all "Me", not enough "We". At this stage, all eyes return to the status quo, and 38% of the time, it turns out that what's already there is good enough; it's preferable to dealing with internal dysfunction.
But for some, the journey continues. Around 60% of the way through the journey, the supplier is brought in for discussion. The usual way to look at this is for the supplier to be brought in to share their solution. However, the biggest challenge has nothing to do with the supplier’s solution. It's all about trying to build consensus amongst the 5.4.
At this point, you have to go beyond your product or service's features or benefits. It's not that the client doesn't care. You're hoping that the features and benefits you share will inspire the client to build consensus themselves. That is not going to happen.
The number one thing senior decision-makers care about in a complex deal isn’t the supplier solution; it’s their own company’s buy-in.
We've been working with clients on product positioning to understand what's required to build that consensus. It moves us away from looking at direct competitors and dealing more with the customer’s status quo. It shifts us from the direct sales contact and considers the other 4.4 people we need to take on the journey. It focuses on the service's value, how it makes money or saves money, rather than just the list of neverending features. Lastly, and most importantly, it gives us that point of view that positions the service in the market and a clear definiton against the status quo.
This approach isn't intended as a silver bullet, there is a lot that needs to be lifted into best practice. This is fighting for every inch. But it does give you the best chance of success.
I would never sully this insight with a blatant call to action. But you know where I am.
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