By: Matt Sonnhalter, Vision Architect
When it comes to selling it’s important to keep your buyer in mind. Although it can be hard to please your buyer, sellers need to approach buyers, differentiate themselves from the competition, and demonstrate their value.
In their 2021 Buyer Preference Study, Korn Ferry answers these questions and more.
Here are some of the key findings that I found interesting:
1) Seller performance continues to decline – with the key to this decline being that buyers have continued to change faster than sellers, and sales organizations haven’t kept up.
2) Only 33% of salespeople are effective at selling in a “virtual” environment – the challenges of selling virtually, combined with longer buying cycles and changes in the buying process, mean that sellers have a more difficult path than ever to making the sale.
3) Buyers don’t view sellers as a valuable resource – respondents ranked sellers next to last out of 10 preferred resources used to solve business problems. Buyers are finding more value in using their past experiences with vendors, social networks and trade media or colleagues.
4) Buyers continue to engage sellers later and later in the sales process – over 79% wait until after they have full defined needs; over half (57%) identify solutions first. The earlier that sellers can be involved with the buyers then they have more time to influence the buyer’s decisions.
5) Factors influencing large purchase decisions – Features/Benefits, Ease of Use and Solution Value are listed as the Top 3, while “pricing” is seen as a secondary issue. Decision-making has many factors and depends on the buyer and for 27% they use analytical thinking and facts to make their decisions.
How has your sales team performed selling virtually?