Buying decisions can vary from person to person, and often, they are dependent on what the person is purchasing. But, are there any decisions that are shared among all buyers? Some believe the answer is “yes.” An article from LeadG2 covers this topic, noting that there are at least five decisions that 100% of buyers make during their buying journey. “There are five buying decisions everyone makes when they are being sold to,” the article states. “These decisions always come into play even if the prospect is not fully conscious of them. Also, even if the buyer understands what elements are part of a decision, they are not always openly expressed.”
Understand buying decisions to make sales
Citing the late author Roy Chitwood’s book, World Class Selling, LeadG2 explains that in order for salespeople to sell better, they need to have a clear understanding of what impacts buying decisions. This understanding can help reps nurture prospects through their journey and end with a closed deal. According to Chitwood, the five decisions impacting every purchase are about:
- you, the salesperson
- your company
- your product or service
- the price/value
- the time to buy
Not only do these occur during each and every purchase, LeadG2 points out that they also occur in that very order.
This buying decision is the first to take place, and it involves you, the salesperson. First and foremost, before even knowing the product or service, the buyer is going to make a decision about the seller. This decision is based on:
- Your integrity
- Your judgment
First, when judging your integrity, the prospect is determining whether or not you truly care about them and their business. They will decide if you legitimately care about them or just making the sale. You can influence their opinion by doing research and showing the buyer you understand their business, needs, etc. Further support your integrity by asking probing questions and then actively listening to each response.
Buyers are also sizing up your judgement, which will impact their buying decisions. “Judgment is whether you understand and can show how what you offer matches the true needs and desires of the client,” LeadG2 writes. “The more you understand your company, the market you serve, the market segment of the prospect and their potential customers and reflect that knowledge with credibility and confidence, the stronger position you are in to satisfy questions in the mind of the prospect.”
Another buying decision every seller faces involves their company. The seller won’t be the only thing under the microscope at the beginning of the buyer’s journey; their company will be looked at with a critical eye as well. You, the seller, will be tasked with establishing your company’s credibility and trustworthiness. So, be thoughtful about how you present them, focusing on any aspects that will promote credibility and authenticity.
Your product or service
This may be the most obvious buying decision factor. Buyers are determining whether what you are selling fits their needs or not. This is where your knowledge, research and questions will come into play. Demonstrating that you understand what they are looking for and how your product or service helps with that will showcase value.
Price and value
Perception of value has a major impact on buying decisions, especially among price-conscious prospects. “The more credibility you have established on the first three buying decisions, the more the sale will be about value vs. lowest price,” the article explains. That is why it is imperative to avoid the ‘So what does it cost?’ question until you have built as strong a foundation of value as possible.
Not sure how to demonstrate value? Check out previous SalesFuel blog posts, which discuss various ways to do so, including storytelling, using testimonials and establishing rapport.
The time to buy
While this buying decision factor tends to be more prospect-controlled than others, it can still be influenced. LeadG2 explains, “…if you have a legitimate reason for sooner timing, then the prospect deserves to hear it from you." There may be time-sensitive aspects to your offer that necessitate a decision by the prospect, such as a current promotion or a temporary bundle.
“Don't miss out on an opportunity to generate qualified leads and nurture qualified prospects because you don't know what decisions they're making and when they're making them,” the article asks. With its list of common buying decisions that every seller makes, you will be prepped and ready.