🔗 Link
Out of Sight, Almost Out of Time
We start with this awesome survey conducted by MarTech company 6sense. It shows a ton of data they collected from B2B buyers across several verticals and roles, all making purchases over $10,000.
Some of it confirmed what we’re already feeling. For example, that most of the buying journey is over before we get contacted. (They found that about 70% of the purchase is complete before they contact us.)
But some of the other findings were extremely revealing, including:
🔥 Hot Take
Long Sales Cycle? You’re Just Not Important.
The survey found many factors that lengthen the sales cycle. Some are obvious, like the purchase cost (higher = longer). Another was the importance of the purchase. But not the way you might think.
Important purchases are made faster than unimportant ones.
If you’re seeing lengthy cycles in your organization, it’s likely a sign that your prospects just don’t think you’re too important. What can you do to change that?
💡 Big Idea
Your Competitors Are Getting In Your Prospect’s Way, Too.
The survey found that the modern buying committee for purchases over $10,000 was nine people. Crazy, right? But, you probably see this in your own day-to-day. One of the major factors influencing the size of the buying committee is the number of vendors being evaluated. More competition means bigger committees.
One thing you can do to change that? Meet your prospects earlier. When you reclaim the time before they make contact with you, you’re also reclaiming the time before they contact your competition. It’s one of the most powerful ways the seller can keep the buying committee to a smaller size.
But that means you’re going to have to start hunting – marketing and sales, working together – to find them sooner. The survey found that 83% of buyers make first contact. What can your organization do to bring that number down?
🔥 Last Take
We Owe It to Our Clients and/or Customers to Do Better
78% of the respondents said that their requirements changed only slightly or not at all after making contact with sales.
That makes sense if they’re 70% done with the purchase. They probably know what they want. But here’s the thing: that salesperson they talk to is likely more of an expert than the prospect is. Their requirements should change after talking to that expert, right?
As sellers, we have a duty of care to make sure what we sell is the best solution for the people we sell to. What might your customers be missing out on when they contact you late in the journey, with a list of requirements? What can you do to help them more than we are, today?