Buyer-First Mentality: Overcoming Challenges Caused by Economic Insecurity
An important misconception salespeople have is that successful sales depend solely on their capabilities. While this is partially true, the buyers also play a crucial role in the equation. To increase their chances of closing a deal, especially in times of economic insecurity, your sales team should adopt a buyer-first mentality.
The COVID-19 pandemic caused buyers to reassess their needs, which led to decreased sales for most companies. Businesses failed to consider their buyers and the steps they take to make a purchasing decision. As a result, sales plummeted and the sales team’s credibility tanked.
Adopting a buyer-first mentality is vital to successfully navigating times of economic insecurity. It allows salespeople to understand the psychology of buyers and develop a new strategy to overcome the challenges holding up sales. Read on to see how your team can start putting buyers first.
Economic Insecurity and the Buyer’s Decision
Economic insecurity is defined as “the anxiety produced by the possible exposure to adverse economic events and by the anticipation of the difficulty to recover from them.” These economic insecurities can manifest in the form of anxiety about losing a job or fear that one’s financial condition may worsen.
This is easily one of the biggest adversities salespeople face. Scarcity changes buying patterns and forces consumers to reassess what’s essential enough to fit within their salary.
Adopting a buyer-first mentality starts by understanding the chain of steps buyers consciously or unconsciously follow before making a purchase. There are typically four steps in this process: recognizing a need, searching for information, evaluating and, finally, purchasing.
The first step is the realization that there is a problem, like a broken laptop or a need for better software. As a salesperson, your focus should be on helping them define their needs based on the recognized issue.
The second step is the process of digging for information about a product that would address their need. Optimize your website and other online content so your product or service shows up in the buyer’s research. Think of the common keywords someone would use when searching for a product you’re selling and use them on your website and in product descriptions.
After gathering information, the buyer will start evaluating their options. In a time of economic insecurity, you’ll want to highlight the cost-effectiveness, availability and features of your product. To do this, you must know what consumers need and what you can provide for them. During an economic downturn, people will be looking for products that are reasonably priced, so zoom in on that.
Purchasing is the last step of the buyer’s decision-making process, where the deal is considered successful.
Why You Should Put the Buyer First
Due to the pandemic, buyers have been shifting to different vendors because some salespeople fail to meet their needs. For instance, the salesperson might come across as too desperate to close the deal, or they might try to sell the customer something they don’t need. But focusing on the buyer and their preferences instead will keep them coming back.
When communicating with potential buyers, your sales team should be attentive, prepared, responsive and smart. The concrete value you offer should be at the forefront. By putting the buyer first, you’re placing a sense of importance on the deal and getting to know their needs and budgets.
A buyer-centered approach means helping the buyer make the best purchasing decision at their own preference. You don’t just sell your products; you offer feasible solutions to their challenges. Adopting this technique will increase your sales—especially in a period of economic insecurity.
Developing a Buyer-First Mentality
The buyer-first attitude is an important aspect all salespeople should learn. This mindset sees a buyer not as a sale but as a human being looking for answers to an issue. Most salespeople fail because they don’t have this mindset. But by understanding why a buyer needs to make a purchase despite the economic insecurity they’re facing, you can respond appropriately.
When adopting this way of thinking, you must remember that your goal is not to sell but to offer suitable solutions to the buyer’s needs. Practice these four habits to develop this mentality:
1) Ask questions that are centered around your buyers.
Instead of focusing on your abilities and your product, start by asking the potential buyers about their problem or challenge. You can follow the SPIN method in questioning: Situation, Problem, Implication, Need-Payoff. Then, show how your product can meet their needs.
2) Don’t forget to research.
Learn as much as you can about your potential buyer, including their behaviors and spending patterns. This will help you anticipate every possible question they might ask about your product so you can be sure you know the answer. Then, reach out to customers who use the product to learn more about their first-hand experience with it. It’s always smart to have a few customer testimonials in your back pocket.
3) Personalize the buyer’s journey.
Make it about the buyer—this builds a personal relationship that guarantees continuous sales. You should also develop a personalized marketing strategy to help your product stand out. Using effective presentation tools like those offered through Ingage will make your pitch even more memorable.
4) Don’t focus too much on numbers.
Most companies set goals based on meeting sales quotas. Instead, your sales team manager should instill the mindset that the prime goal is to fulfill the buyer’s need. This approach will allow the sales team to develop genuine concern and empathy for potential buyers, which is an important asset in overcoming economic insecurity.
Seal the Deal With an Amazing Sales Pitch
A buyer-first mindset paired with a powerful product presentation will go a long way in closing any deal. Ingage offers cloud-based presentation software that lets you pitch your product in an innovative way.
Equip your sales team with tools that are creative, interactive and easy to share so they can better help potential buyers address their needs. The right software allows you to quickly design successful sales presentations that highlight a product feature for your personalized marketing strategy.
When economic insecurity heightens the competition and threatens low sales, Ingage lets you get ahead.