Revenue and net profit are getting hammered
There is no denying that self-educated buyers have disrupted enterprise sales. And with almost 60% of forecasted deals never closing in your favor, it’s easy to see why 45.4% of reps will miss their quota in 2016.
Self-educated buyers are spending a huge amount of time making sense of vendor solutions, without the direct involvement of the vendor. And this is leading to prolonged sales cycles and no decision made as buyers wade through the information deluge trying to find what it is they should be looking for and the questions they should be asking. And if they do manage to actively engage your salespeople, you’re likely to be 1 of 3 suppliers chosen to respond to an RFP or compete on the basis of price.
24% + 35% = Trouble
- Forecasted deals that end in no decision made. 24%
- Forecasted deals that are lost. 35%
- Sales people that will miss their quota 45.4%
Self-education is all about buyer leverage.
More choice has led to more in-depth research. Self-educated buyers turn to online resources to discover their options, research pricing, and gather expert and peer recommendations. Before buyers ever pick the phone and call a rep, they’ve formed strong opinions, evaluated and eliminated vendors and made dozens of decisions about their purchase.
At this point, no marketing persona in the world is going to help you. Self-educated buyers are coming to the table armed to the teeth with a deep understanding of their problem and a well-scoped RFP for a solution. The only thing left to discuss is how deep you’re going to discount your offering.
It’s essential in this world of the self-educated buyer that you hit the nail on the head quickly and succinctly for the few seconds that you have your buyer’s attention. If you’re able to speak their language and understand their problems better than anyone else, you’re much more likely to get them to call, request more information and help them find a solution before they discover it on their own.