Why do our prospects buy from us? As we move prospects through the stages of a sale, we know that the buying process can be complicated. Much of the time, we are dealing with more than one decision maker. We are always dealing with complex emotions (remember, people buy emotionally and justify it with logic). So, what is it that finally compels them to buy from us?
People will finalize a sale when they believe that their opportunity for reward is greater than their fear of risk. It's that simple and that complex. Today's economic environment makes fear of risk higher than it normally is.
If you asked your current customers why they buy from you, you might get answers similar to these:
- I believe in the value of the station.
- My sales representative inspires my confidence.
- I perceive the difference in this marketing plan and the others I've looked at.
- I believe that this advertising program will meet my needs.
- The price seems fair.
- I believe that this advertising plan will increase my profitability.
As a prospect moves through his buy cycle, he goes through several steps in his decision-making process. The first step is to admit that he has a problem. Unless your client will admit to having a problem, and commit to fixing it, you do not have a prospect.
Once the prospect admits to having a problem, he begins to formulate a way to solve the problem. In this phase, he begins to investigate options. Your prospect may call several radio stations and ask them for information. Once the prospect has this information, he begins to evaluate the risk involved in buying. Now is the time to help your prospect "manage the risk" so that the "reward" is greater. Your prospect may become negative as he asks himself, "What might go wrong if I buy this advertising program?" At this point, your prospect needs to be reassured that this program will, indeed, meet his needs.
One aspect of risk is the price. At this stage, your prospect is not necessarily looking for the lowest price, but he is looking for the "best" price. Expect him to test your price at this point.
Next, the buyer will make a decision to either:
- Say, "No"
- Not make a decision
- Say, "Yes"
Whether or not the buyer perceives your proposal to be in his best interest will determine which of these three happens. If the buyer says, "Yes" it is because he believes that your proposal best meets his needs and how he sees those needs being met.
Once the prospect has said, "Yes", it is time to implement the solution. This is the time to assist your prospect. If the prospect feels that the implementation of the program is too complex, he often will not consummate the sale. You have the opportunity to differentiate yourself from the other stations by walking with your client every step of the way.
After the program has been implemented, your client will want to measure his results. How the plan actually meets his needs will determine if you retain his business or not. It is important for you to know how he intends to measure the success of his advertising program. Make sure that the measurement is objective and make sure to find out how the program is performing against his expectations.
We know that people move toward pleasure and away from pain. This selection of emotion is constant with all people, in all interactions. Risk represents pain. Reward equals pleasure. By managing the sales process at all stages, we can manage and remove much of the perceived risk. We can insure that our prospect views our program as a solution to his needs. We can create an environment in which both the client and the salesperson achieve their goals.
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