Customers increasingly regret their buying decisions – that’s your opportunity!

Lost the contract with your best client? No worries.

According to new research from CEB, customers that regret their buying decisions are increasing. CEB’s research says that in over 40% of all B2B buying decisions post-purchase anxiety occurs.

That’s your opportunity!

winback

The reason for decision makers asking themselves questions like: “did we buy the right thing”, is that too many alternatives are presented to them and they’re flooded by information from too responsive sales reps, which makes customers’ buying process “awful”, customers say.

Besides that, we should look into the opportunity of customers’ post purchase anxiety and how that may turn up to be your opportunity.

Many years ago I had a sales process evaluation meeting with one of my valuable clients. We sketched their new process on the white board; Qualify to Quote to Negotiate to Close. A simple, traditional sales process which is working very well in most businesses.

oldprocess

“NO, NO !”, my client almost shouted; “You forget the most important phase”.

“Ehhh, what phase ?”, I said, slightly surprised.

“The WIN-BACK phase of course, that comes after you lost the deal.

“But if the deal is lost and contracts are signed, that shouldn’t be a sales process phase. It wouldn’t be possible to tear their contract?”, I opposed.

“Well, not really”, my client said, “but we are selling a lot more just after we lost a contract with a large existing client. That revenue are really important to our profitability, so we cannot ignore sales activities after we lost any deal”, my client explained.

So we just added the “Win-back” phase to the end of their sales process.

newprocess

But why was my client selling a lot more after they lost their big contract?

The meeting with my client was many years ago, but adding a win-back phased to their sales process was valuable even then. My client explained their newly lost client was struggling to implement the new contract with your competitor, new contact channels were to be set up, new processes were to be implemented.

Those things are not easy to fix and takes time. During this period you can become the “good guy” and with just a little more attention you may get a star status of service. All your processes are in place, all contact channels are tuned, you are in a favorable position to make them happy.

Like in a guerrilla war, you may with a very little effort make a lot revenue, until your competitor has learned how to make service excellence at your client – but that takes a while and cost them big money. If you’re great and lucky they will not succeed until next purchase round is to take place.

According to the new research I believe the reason to add the extra win-back phase now has just become more important since customers are increasingly anxious making the right decisions in a world of information overload. There are too many options, too many alternatives, too many suggestions, too much information available, too many…of everything. And it’s expected that customers’ are doing more than 57% of the entire buying process before they even get in touch with a sales rep. So they stumble, trying to get the right information, not getting any help from intrusive sales reps.

And worse, great sales reps that earlier was promoting and pitching about their specific product and features, are – nowadays – banned to make sales pitches in social media since they are just transformed to become experts, not sales reps, anymore!

Ambivalent, yes. Confused, yes. I leave that to another blog post. But if you lose, be aware of the revenue after you lose. That revenue seems to be increasing nowadays…

Good luck losing 😉

 

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Being analogue take you further in sales

I’m just reading a book about the possible danger of always being connected. The innermost sentence of the book is to illustrate the importance of being offline – analogue – from time to time, in an online, digital world. More than having a sense when to disconnect and relax in these times of summer and vacations, you need to develop skills to float between being digital and analogue during your sales process, which contains elements of high pace, unexpected events and intense competition combat, just like rafting in white water.

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The book is not in the category of business literature, but most of the book’s contents are definitely applicable in business.

The book points out that today’s standard of always being online is not necessarily good for your health. Nor in sales as well.

My thought is that if we go all-in and always use the internet, social media or e-mails for prospecting , as many sales experts nowadays are suggesting, and not feel when to switch from digital to analogue, then I think you would lose more deals.

I know, prospects are much more researching vendors online today, before they get in touch with you, leaving you offside of their buying process. The obvious answer on this has for some years now been the concept of social selling, where you’re supposed to create and nurture prospect relations. Social selling lets your prospect being able to make their investigations according to their extents, timings and relevance, without being distracted by intrusive sales people. Being an expert to them, you’ll become (one of) “the man to talk to” when it comes to an eventual procurement.

Using social media and other digital tools for taking care of your first selling phase is great, but not necessarily in all phases. My feeling is that the further you raft along the white water stream, your sales process, the more analogue you have to be. Much of the job in early phases of selling is to create visibility and existence, but not to provide solutions to complex prospect problems. That belongs to the upcoming phases where insightful discussions have to take place to be competitive.

To win sales deals, you need to get to the selling phases where “talking” takes place, and need to get much deeper in your conversations than you possible can with help of digital tools, such as social media or sending e-mails. Most conversations on those type of tools are mostly too general or too public to really manage helping your prospect solve his problems, but also for you to win the deal.

The phases of talking includes physical meetings, where emotions, body language and nuances are central things that counts. Here’s where the real sales takes place, even if it’s activities often are initiated as social selling activities.

In the phases of talking, you may be able to consider in-depth relations based on feelings that unveil situations and implications you really can help to solve and put yourself ahead of your competition. BTW, did you know that we are equipped with 24 different muscles in our face, optimized to express different feelings? To translate all these expressions, you need a lot of training which is only obtainable by plenty of prospect meetings.

The tricky part may be to get the feeling of how to handle a certain activity – digital or analogue. Social media is an excellent way of getting in touch and convey prospects through early phases of why they should invest and what, but seldom how to get the business value.

My recommendation is when it comes to more detailed questions from your prospect, always consider to switch to analogue tools, by just picking up your phone and call them. Start a more detailed discussion, and try to book an on-site workshop. Further on, use the opportunity to use efficient digital tools as chats or Skype sessions for additional minor questions, but always have your eyes open when to shift being analogue again – especially when it comes to deeper discussions. These discussions require an analogue approach to develop your deal forward.

You need to learn when to switch from digital conversations to in-depth on-site activities, and maybe back again, as the white water stream flows further on. Also, when you’ve made the switch, train your skills in empathy and body language, to get the discussion to a deeper level.

Sales managers also need to look for a new skill. They should look for individuals that master the combination of being both digital and analogue, to really drive your sales processes forward, and take the rafts and deals safely down the stream.