COVID-Influenced Changes in Buyer Behavior(New Study)



A new survey from Demand Gen Report highlights key changes in Buyer behavior and to the purchasing process in the new COVID-influenced economy. 

These include:
  1. 76% expect MORE from potential vendors, specifically personalized attention
  2. 73% are expanding the number of sources they use in pre sale research
  3. 71% conduct a detailed ROI analysis before making a final decision
  4. 61% are asking more stakeholders to get involved
  5. 92% are looking for an extensive menu of thought leadership content from vendor
In addition these Buyers found sales reps influential in their decision to purchase in the following key ways:
  1. 69%-rep demonstrated a strong understanding of the buyer's business, industry, competitive landscape
  2. 65%-rep demonstrated a strong knowledge of buyer needs
  3. 62%-rep provided content that made it easier to build a business case for the purchase
  4. 54%-fast response from rep
  5. 54%-rep delivered a better mix of content through each phase of Buyer Journey/process

What does this mean for us?

Changing/evolving business needs and priorities was identified as the #1 driver of new purchases. 

This means that the already challenging selling process has become more even more difficult to navigate. What can we do? What should we do?

Research and discovery now need to be a continuous and fluid process
As I have been saying on my weekly podcast, Sales Is King (subscribe here) the value of effective research and discovery is critical to our success and after reading this study, I would say that we need to keep the discovery going beyond the initial call and that we need validate and re-validate the prospect's priorities to see what has changed during the purchase process, whether it be new challenges, new adjustments that are being made, new solutions that are rolling out, etc. We will likely need to pivot and be flexible along the way and change up how we position ourselves or risk losing out because we did not stay connected to potentially rapidly changing buyer priorities.

Show them the money
With most buyers requiring a business case and ROI analysis, you need to be armed with the tools and expertise to tackle this. Value focused tools for marketing campaigns and websites in addition to value storytelling and financial justification tools for sellers are now a must.

Pull the correct levers
Deliver an effective mix of content during the process, bring in the appropriate members of your team, keep the meetings on the calendar and the momentum going. Identify all of the potential stakeholders and make them champions and commit to supporting you. Yes, actually ask them if they will support you and your solution within the organization.

Differentiate
With more stakeholders come more potential competition and past relationships we may need to fight against, so differentiating through the buying experience we deliver, the homework we do, the expertise we demonstrate, the tools we use, the value we bring as a thought leader and the understanding of how we compare and where we are better are all critical in this high stakes environment.

To be continued...!


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