Nobel Prize Winning Idea Speeds the B2B Buying Process
Make it easy. Why? Because that’s what your prospects want. Companies like Amazon and American Express built their empires on the same Nobel-Winning idea that you can use to increase your sales. Here’s what your prospects tell you through their actions:
- “I want it to be simple.” If it’s too hard to get what they want they’ll go somewhere else.
- “I want it to be easy.” The Nobel Prize winning concept of “Satisficing” shows that people will buy the easiest-to-buy product that minimally meets their needs.
- “I want it now.” It’s all about staying within increasingly shorter attention spans.
Watch the video to learn about the Buying Process
We’ve had many years of success in marketing, but it wasn’t until we started building to the customer’s buying process that our clients experienced 20 to 80 percent increases in revenue.
Previously, we’d watch as some leads would show initial excitement and then mysteriously drop from the face of the earth. Some made lightning fast decisions to buy and some never bought at all.
We’d create lots of sales-ready leads and scratch our heads when some wouldn’t engage with the sales reps.
Then three things dawned on us. First, contrary to what we wanted to believe, prospects don’t necessarily buy the best product. They tend to buy the easiest-to-buy product.
Second, we saw how easy it was for people to get sidetracked and end up on a dead-end street called “Not Now.”
Third, we discovered that for virtually every product or service decision, prospects follow a common series of steps, even for completely different products or services.
We and a few other marketers stumbled upon a conclusion already proven by Nobel Prize winner Herbert Simon in 1956 with his concept of “Satisficing”. People usually buy the first product that is both satisfactory and sufficient to meet their needs. In other words, they want it to be easy. And, if at any point they can’t find what they need, don’t get the answer they want, or if it is taking too much time, they stop looking at you.
People feel happy when they get what they want. They’re even happier when it’s easy. Imagine how YOU feel when you call a busy restaurant and get a table for the exact date and time you want.
When we made the buying process drop-dead easy for the prospect, we saw conversion rates go through the roof and the sales cycle time plummet by 50% or more.
So, what are the buying process steps?
Step one is Overcoming Status Quo. To move beyond status quo, you need a message or an offer that gets them to say, “Hmm… Maybe I should think about changing what I’m doing today.
Step two is when they commit to a change. They realize they need to change and the change will be worthwhile.
In step three, they explore their options and compare you against the competition.
In step four, they select and commit to your solution, but they still need proof that your claims are true.
Step five is when they justify their decision to themselves and to others in their company. They’ll justify the expense, demonstrate an ROI, and assure a smooth transition.
Finally, in step six they make the decision to buy… and if you’ve done everything else right, they’ll refer you to others.
We see people go through these same six steps, regardless of the product or service or the complexity of the buying decision.
The trick is to see the buying process through the prospect’s eyes and to make the hard parts easy and the confusing parts clear. Give them a Fast Pass to where they want to go… and pray your competition never figures all this out.
APG Buying Process Consultants are experts at helping you make your prospect’s trip through the buying process clear, credible, easy and defensible.
APG. We’re the buying process consultants.
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“To our utter amazement, simply by making the process easier for our prospects, our sales cycle time was cut almost in half.” ~ Fortune 500 subsidiary