In the book Dealstorming, Tim Sanders describes how deals are becoming more difficult to close because there are more decision-makers, there is more information at a prospects fingertips, there is an increasing complexity with the technology of products and services, and there are more competitors in the marketplace. The number of decision-makers involved in deals are increasing by 15% each year in the tech industry with an average of 5 decision-makers in the process of most deals. Selling to a committee is hard.
What is also more challenging is the fact that customers are being involved later in the buying process. They are often 60% into their purchasing decision before talking to sales. Buyers don’t need a sales person to explain the details. They will look it up on their own because they think they know the problem, solution, and fair price for this solution. Gone are the days of presenting a problem and providing a solution. The purpose of sales is to “re-educate” the buyer to make corrections to their presumptions.
To be successful in sales, we need to understand how consumers find, vet, and buy products. And at today’s competitive age, we need to be more concerned about retention in order to keep buyers coming back. Retention is more important than the number of new sales.
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- Book, Dealstorming, Tim Sanders